Steep plunge’: China’s economy flailing, new data shows

Beijing |China’s weakening economic momentum has failed to pick up as sluggishconfidence weighs on consumption and investment, putting the annual growthtarget for the world’s second-largest economy at risk.

Fixed-assetinvestment unexpectedly slowed to 3.6 per cent in the first seven months of theyear, while consumption remained weak despite a seasonal uptick last month.Capital spending by state-owned enterprises slowed to 6.3 per cent in the sevenmonths to July 31, from 6.8 per cent, while that of private firms stagnatedfrom a year ago.