Business

China’s growth slows on all fronts in July, prompting unexpected rate cut

SINGAPORE—China’s economy stumbled in July as a two-month boost from the easing of lockdowns faded, prompting the country’s central bank to unexpectedly cut two key interest rates in a bid to shore up faltering growth.

A series of data released on Monday showed economic activity slowed across the board in July, including factory output, investment, consumer spending, new hiring and real estate, underscoring the scope of the economic challenge facing policymakers. policy in a politically sensitive year for a leader. Xi Jinpingwho is expected to break with recent precedent and seek a third term in office this fall.

China’s growth slows on all fronts in July, prompting unexpected rate cut

Source link China’s growth slows on all fronts in July, prompting unexpected rate cut

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