Growth in China slows on all fronts in July, leading to unexpected rate cut

SINGAPORE – The Chinese economy stumbled in July as the two-month boost from easing lockdowns faded, prompting the country’s central bank to unexpectedly cut two key interest rates in a bid to support faltering growth.

A series of data released Monday showed that economic activity slowed across the board in July, including factory output, investment, consumer spending, youth recruitment and real estate, highlighting the magnitude of the economic challenge facing policymakers in a politically sensitive environment. year for leader Xi Jinpingwho is expected to break recent precedent and aim for a third term in office this fall.

Add a Comment

Your email address will not be published.