China Early Economic Data Show Growth Weakening More in July
- High-frequency data show recovery continued to lose momentum
- Beijing has pledged support for housing, fueling market rally
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China’s economic recovery continued to lose momentum in July, high frequency indicators show, with consumers pulling back on spending and the property market showing no signs of a rebound.
Housing sales in the country’s biggest cities continued to fall, car sales contracted and business sentiment, especially among smaller firms, weakened, the data showed. Heat waves and deadly floods hitting various parts of the nation pose another threat to growth, as they could strain power supply and disrupt logistics and production.