More stimulus ‘desperately’ needed as China’s economic recovery slows further
China’s economic recovery continued to lose steam in the second quarter of 2023, prompting urgent calls for more stimulus from Beijing.
The world’s second largest economy expanded by 6.3% in the April to June months from a low base a year ago, according to data released by the National Bureau of Statistics (NBS) Monday. The figure was below the expectations of a group of economists polled by Reuters.
https://edition.cnn.com/2023/07/16/economy/china-economy-q2-gdp-intl-hnk/index.html
China's economy grew 6.3% in the second quarter, missing expectations even after near-stagnant growth from a year ago
China's economy grew 6.3% in the second quarter, missing expectations even after near-stagnant growth from a year ago.
China vows to ‘restore and expand’ consumption to boost growth
China’s top economic state planner vowed Tuesday to “restore and expand” consumption in a wide-ranging plan to bolster growth that includes boosting household income, improving business environment for private firms and stabilizing youth employment.
The Red Dragon Dragged Its Heels Last Quarter After kicking off the year with a bang, the world’s second-biggest economy started to feel the burn last quarter. And there seem to be three main culprits: first off, consumer confidence has taken a hit, with savings rates stubbornly high, suggesting folk are wary of splashing out. Secondly, the property sector, a hefty chunk of the economy, is still in a slump. And lastly, the West’s economic troubles have thrown a wet blanket on foreign demand for goods, dealing a blow to Chinese exports.
China’s Central Bank Confident in Economic Recovery
China’s central bank gave an optimistic outlook for an economic recovery, citing current challenges as “normal” for post-pandemic recovery, and says long-term fundamentals remain unchanged.
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