- China's factories are firing again — industrial output rose 5.2% in August, helped by an AI-driven boom in high-tech items like batteries and robots.
- Households remain cautious: retail sales barely grew (0.4%) and property investment has plunged about 20%, dragging on overall growth.
- Beijing is rolling out targeted fiscal and lending support but has so far avoided a big consumption-focused stimulus, so more policy moves are likely.
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