Chinese policymakers have cut a benchmark interest rate by the biggest margin since the start of the coronavirus pandemic, as new data showed a further loss of momentum for the world’s second-biggest economy.

The disappointing growth in retail sales and industrial production, which undershot expectations in July, came as China’s official statistics bureau announced it would no longer release figures on youth unemployment, which had risen to more than 20 per cent.

The move is an indication of mounting pressures on Beijing as it grapples with a host of economic challenges, including a liquidity crisis in the property sector, a sharp fall in exports last month, flagging foreign investment and sustained weakness in consumption months after pandemic restrictions were lifted.