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The Chinese economy is still suffering from the 'triple shock' of Covid-19 and prolonged lockdown measures, its ailing property sector and a swathe of regulatory shifts associated with President Xi Jinping's 'common prosperity' vision, according to Rory Green, head of China and Asia research at TS Lombard.Īs China is still within a year of reopening after the zero-Covid measures, much of the current weakness can still be attributed to that cycle, Green suggested, but he added that these could become entrenched without the appropriate policy response. Either way, it's not particularly reassuring for the near-term outlook.' Triple shock 'But the absence of any major announcements or policy specifics does suggest a lack of urgency or that policymakers are struggling to come up with suitable measures to shore up growth. This suggests that some further policy support will be rolled out over the coming months,' Evans-Pritchard said. 'All told, the Politburo meeting struck a dovish tone and made it clear the leadership feels more work needs to be done to get the recovery on track. Evans-Pritchard noted that the latest readout mentions 'risks' seven times, versus three times in the April readout, and that the leadership's priority appears to be to expand domestic demand. These include domestic demand, financial difficulties in key sectors such as property, and a bleak external environment. Julian Evans-Pritchard, head of China economics at Capital Economics, said in a note Monday that the country's leadership is 'clearly concerned,' with the r eadout calling the economic trajectory 'tortuous' and highlighting the 'numerous challenges facing the economy.'

Chyneez fews nere me series#

Over the past few weeks, authorities announced a series of pledges targeted at specific sectors or designed to reassure private and foreign investors of a more favorable investment environment on the horizon. The ruling Chinese Communist Party has set a growth target of 5% for 2023, lower than usual and notably modest for a country that has averaged 9% annual GDP growth since opening up its economy in 1978.

On a slightly more positive note, the pace of industrial production growth accelerated from 3.5% year-on-year in May to 4.4% in June, comfortably surpassing expectations. Meanwhile, youth unemployment hit a record high 21.3% in June.

On a quarterly basis, economic output grew by 0.8%, slower than the 2.2% quarterly increase recorded in the first three months of the year. Personal Loans for 670 Credit Score or LowerĬhinese gross domestic product grew by 6.3% year-on-year in the second quarter, Beijing announced Monday, below market expectations for a 7.3% expansion after the world's second-largest economy emerged from strict Covid-19 lockdown measures. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit