Monday, 27 September, 2021

China’s ongoing recovery showed signs of weakness in July

BEIJING: China’s economy continued its stable pace of recovery in July, though there were some some signs of weakness as property sales slumped, small business confidence slipped and the stock market fell.

That’s the outlook from Bloomberg’s aggregate index of eight early indicators, which remained unchanged in expansionary territory in July for the third consecutive month.

The economy’s V-shaped rebound has steadied recently and showed more balance as consumer spending picked up. Officials expect a stable recovery in the second half of the year, but have also warned of downward pressures on growth, including a likely slowdown in trade, report agencies.

For now, global demand remains strong. South Korean exports, a barometer of world trade, rose by one-third in the first three weeks of July, a sign that virus variants have yet to be a major drag on demand.