China’s economic woes are facing more pressures from 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 said.”What we’re witnessing now is a rapid economic slowdown.”GDP data indicated a sharp slowdown in Q2, but weeks ago Hang Seng hit a 3-month high in what some analysts hailed as signs of recovery.The chief Chinese economist at Macquarie in Australia, Larry Hu, said the economy “is on the mend, but it remains very weak.”He added that struggles were due to the impact of extended lockdowns during the pandemic
The policy requiring localized lockdowns has led to the prolonged lockdown of major ports and economic centers.Shanghai shut down for 60 days in Spring 2022 as 26,000 cases per day were reported in April.Singleton argues China’s recovery slowdown has resulted from “deeper structural, systemic problems.”
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