China’s Economy Deteriorated Further in July, Beige Book Says
- Factory output, new orders weakest since mid-2020: survey
- Companies unconvinced Covid Zero ‘nightmare’ is over: Miller
Residents line up for a Covid-19 test in Shanghai, in June.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s economy weakened further in July amid a resurgence in Covid outbreaks, China Beige Book International said, warning that market optimism about a rebound is misplaced.
Factory output and new orders slowed to a pace not seen since the middle of 2020, and retail sector employment was the worst in more than two years, according to the latest survey from CBBI, a provider of independent economic data. Revenue growth for manufacturers and retailers deteriorated, curbing profits, it said.