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China's YOY factory output growth slows to 6.4% in July

China's factory output grew 6.4% in July from a year earlier, 1.2 percentage points slower than June, National Bureau of Statistics of China data showed Aug. 14.

Fixed-asset investment in urban areas increased 8.3% year over year to July from January, up 0.2 percentage point from the same period in 2016. Retail sales rose 10.4% in July from a year earlier.

China is aiming for 9.0% fixed-asset investment growth in 2017 and expects retail sales to increase about 10%.

Growth of private investment slowed to 6.9% in the January-July period. Private investment accounts for about 60% of overall investment in China, Reuters reported.

Mao Shengyong, a spokesman for the statistics bureau, said China's overheated property market has cooled and stable economic performance should continue in the second half.

China created 8.55 million new jobs in the first seven months of 2017, while the July unemployment rate in major cities was below 5%, said Mao. China is targeting annual economic growth of around 6.5% this year, down from 6.7% in 2016.