China’s economic rebound may face a greater uphill battle than Beijing would otherwise like the world to believe thanks to pressure within the real estate sector and “frustrations” in the banking industry.
“China’s economy has been slowing for quite some time,” Craig Singleton, a fellow at the nonpartisan Foundation for Defense of Democracies, told Fox News Digital. “What we’re witnessing now is a rapid economic slowdown.”
Economists can’t seem to make heads or tails of China’s current economic situation: GDP data indicated a sharp slowdown in Q2, but just weeks ago the Hang Seng hit a 3-month high in what some analysts hailed as signs of recovery.
Larry Hu, the chief Chinese economist at Macquarie in Australia, told Fortune that the economy “is on the mend, but it remains very weak.” He attributed the struggles to the impact of extended lockdowns during the pandemic, and China’s zero-covid policy has only further complicated the issue.
www.foxnews.com/world/chinas-economy-suffering-rapid-slowdown-systemic-problems-surface