China Economy Gloom Worsens With Weak Consumer Spending Data
- Travel spending over holiday falls short of pre-pandemic level
- State media floats more monetary, fiscal options for Beijing
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China’s consumer-driven recovery is showing more signs of losing momentum as spending slows on everything from holiday travel to cars and homes, adding to expectations for more stimulus to support the economy.
Domestic travel spending during the recent holiday for the dragon-boat festival was lower than pre-pandemic levels, according to official data released this weekend. Home sales figures are below the level in previous years, while estimates for June car sales showed a drop from a year ago.