China was expected to roar back into life after Covid, but its weak rebound has shocked analysts
When two core indicators of Chinese inflation turned negative this week, alarm bells rang as the world’s second-largest economy started sliding into deflation. According to Joe Biden, China’s economy is a “ticking timebomb”.
The US president’s comments followed official data from China showing that July’s consumer prices index fell by 0.3% compared with 2022, while the producer prices index fell by 4.4%. It is the first time that both figures have been negative since November 2020, when the global economy had all but juddered to a halt during the peak of the Covid-19 pandemic.
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