Industry data signals soft landing

Growth in industrial output slowed for the fifth consecutive month in the year to July, but the People's Bank of China said it would not loosen its tight grip on credit to ensure the economy achieves a soft landing. Production had increased by 15.5% in the period, compared with 16.2% in the year to June, the National Bureau of Statistics said on Tuesday. Economists said they expected the slackening to continue to 15% as credit curbs and government orders to halt investment in overheated sectors continued to impact the economy.