Together the latest readings on the two components of total investment pointed to tightening in both the state and private sectors after a sudden boost for the latter near the end of Q2, undercutting hopes that private businesses might finally be taking off as state spending continued to ratchet down.
Industrial production rose 6.4 per cent in July, missing expectations it would only slow to a year-on-year rise of 7.2 per cent after growth of 7.6 per cent in June.
Online sales growth in the year to date accelerated to 28.9 per cent in July from growth of 28.6 per cent in the six months ended June. But year-to-date sales growth at larger enterprises slowed markedly for the period to 8.7 per cent, from 10.7 per cent at the end of the previous month.
Urban fixed-asset investment rose 8.3 per cent year on year in the first seven months of 2017, likewise coming up short of expectations it would remain unchanged from the pace of 8.6 per cent seen during the previous two months.
Official gauges of retail sales, industrial production and fixed asset investment in China started the third quarter on a downbeat note, with all three decelerating more than expected in July after outperforming in June.