China's Economy Shows New Signs of Weakening

BEIJING — A series of recent downbeat indicators have dampened expectations for China’s economic performance in July and bode ill for the rest of 2024. The data also point to the need for more stimulus measures beyond covering up the problems in the world’s second-largest economy. Calls to further step up the $19 trillion economic growth-boosting measures have haunted officials after a hoped-for post-pandemic recovery failed to materialize in 2023. However, the government is targeting economic growth of around 5 percent this year. Recent data points to a rocky start to the second half of the year. Central bank data on Tuesday showed new bank lending in July plunged to a 15-year low. Other key indicators showed export growth slowing and factory activity slumping as manufacturers grapple with weak domestic demand. China’s economy grew about 4.7 percent in the second quarter from a year earlier, slower than expected, as consumers remained reluctant to spend. And trade ties with key markets have become increasingly strained, suggesting a prolonged period of weakness is increasingly likely. “Market consensus is moving to the left side of the ‘around 5 percent’ growth target, as the economy slowed in July and a strong plan to support …

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China's Economy Shows New Signs of Weakening

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