China39;s industrial output, retail sales growth slows
July data adds to recent raft of weak indicators, point to sluggish recovery
Central bank cuts oneyear MLF rate to bolster growth
Property investment extends fall for 17th consecutive month
Some analysts warn of downward economic spiral if support not ramped up

BEIJING, Aug 15 Reuters A broad array of Chinese data on Tuesday highlighted intensifying pressure on the economy from multiple fronts, prompting Beijing to cut key policy rates to shore up activity but analysts say more support is needed to revitalise growth.

Less than an hour before the release of a batch of July data, China39;s central bank unexpectedly cut key policy rates for the second time in three months, underlining the rapid loss of the postCOVID economic rebound that has shaken global financial markets.

Tuesday39;s batch of data released by the National Bureau of Statistics NBS, which comes on top of a raft of weak indicators from last week, showed retail sales, industrial output and investment all growing at a slower than expected pace indicating the engines of business and consumption in the world39;s secondbiggest economy were severely underpowered.

All the main activity indicators undershot consensus expectations in July, with most either stagnant or barely expanding in month on month terms, said Julian EvansPritchard, economist at Capital Economics.

And with financial troubles at developers such as Country Garden likely to weigh on…