China’s Economy Slows Unexpectedly as Covid and Property Woes Mount

China’s Economy Slows Unexpectedly as Covid and Property Woes Mount
·4 min read

China’s economic recovery slowed even further than expected in July, as Covid restrictions and a crumbling property market compound additional woes. Nearly all key economic indicators fell short of economists’ predictions, in data released Monday’s by China’s National Bureau of Statistics (NBS). The weak numbers prompted China’s central bank to unexpectedly trim key interest rates as well as drain money from the financial system Monday morning.