China’s industrial production expanded 4.5% yoy in July 2026, slowing from a 5.3% rise in June, which was the fastest growth in three months, and below expectations of 5.0%. The deceleration came amid softer growth in manufacturing (5.5% vs 6.0% in June) and electricity, heat, gas, and water (5.0% vs 7.4%), while mining output fell 4.2%, after a 2.2% drop in June. For the first seven months of 2026, industrial output increased 5.3%. Monthly, industrial output rose 0.11%.