New data suggested China was struggling to contain the fallout from the Iran war.

Growth in industrial output and retail sales slowed as producers and buyers grappled with higher energy prices stemming from the closure of the Strait of Hormuz. Investment contracted too, prompting analysts at several banks to urge Beijing to take bolder measures to kickstart growth.

The poor economic figures come just days after a US-China summit, where the countries’ leaders failed to agree to any major economic breakthroughs. China has limited capacity to support its economy, with national debt as a share of GDP jumping in recent years. “Beijing has no room for complacency,” analysts at Japanese bank Nomura said.