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China: Economy Making Steady Progress Despite Weak Data

A Chinese official sought Friday to reassure companies and investors that the growth in the world's second-largest economy is stable despite unexpectedly weak July activity, but acknowledged pressure from lackluster global demand. Weakness in factory output, imports and other activity was due partly to summer flooding that caused 200 billion yuan ($35 billion) in losses and other one-time factors, said Sheng Laiyun, spokesman for the National Bureau of Statistics. The poor...

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