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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. 

Residents line up for a Covid-19 test in Shanghai, in June. 

Photographer: Qilai Shen/Bloomberg
By
Bloomberg News

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.