It's official: China's economy is faltering
China's Gross Domestic Product rose 6.3% in the three months ending June 30, up from 4.5% in the first quarter but well below the 7.3% figureThe Consumer Price Index, which tracks inflation, rose just 0.7% year-on-year over the first six months of 2023. .Disappointing trade figures showed exports – a huge economic engine for China – fell 8.3% year-on-year in June, while imports slipped 2.6% over the same period.
Beijing finally lifted its harsh zero-COVID restrictions at the end of 2022, sparking hopes of a rapid recovery for the world's second-largest economy. But this latest heat check suggests that's nowhere near happening right now, with the country's post-pandemic economic reboot falling well short of expectations so far.
"The pandemic hangover is plaguing China's recovery, Moody's Analytics economist Harry Murphy Cruise said in a research note.Investors also appeared to see Monday's data as worrying, with the
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