Official data released on Wednesday showed that China's industrial output in July grew at 4.8 percent when compared to the same month a year ago. It is the slowest growth recorded since February 2002.

The slower than expected growth is a sign of faltering demand in the world's second-largest economy as its trade pressure continues to hurt the country's economic activities.

A Reuters poll of analysts had forecast an industrial output growth of 5.8 from a year earlier, slowing from 6.3 percent seen in June.

The data published by the National Bureau of Statistics showed that fixed-asset investment for the first seven months of 2019 had increased by 5.7 percent, compared with a 5.8 percent rise forecast by analysts polled.

Private sector fixed-asset investment grew at 5.4 percent between January and July when compared to 5.7 percent in the first six months. The sector accounts for about 60 percent of China's total investment.

Retail sales grew weaker than expected, increasing by 7.6 percent in July as against a year earlier and 9.8 percent in June. Analysts surveyed by Reuters had expected growth of 8.6 percent.

Clear signs of economic weakness has prompted speculation that Beijing is likely to initiate measures to stimulate growth.

Further, the Trump administration on Tuesday announced that it would be delaying the imposition of additional tariffs on some Chinese goods, raising hopes of a possible trade resolution between the two countries.