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With stock markets in Shanghai and Shenzhen volatile, and economic indicators in July bucking early optimism, the central bank in Beijing is cutting interest rates.
1 Is the Chinese economy in crisis?
No, that was until the growth of the G-20 economy in the second quarter of this year, according to estimates already known to many of the world’s largest economies. Gross domestic product, in real terms, grew by 6.3% compared to the April-June period of last year. It should be noted that the Eurozone grew by 0.6% in the same period and Germany recorded a decline. The problem is that the growth dynamics of the Chinese economy with respect to the previous three months revealed a slowdown from 2.2% between January and March, to 0.8% between April and June. Some recent indicators are more troubling: Retail sales growth slowed from 3.1% in June to 2.5% in July. Industrial production slowed from 4.4% to 3.7% in that period. The value of exports decreased by 14.5% compared to July 2022.
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