The Chinese economy grew weaker than expected in July. The worst corona outbreak in a year due to the delta variant, severe flooding, a weaker real estate market, and weaker car sales have put pressure on the People’s Republic. As the Bureau of Statistics reported, retail sales rose 8.5% in July. In June, the increase was 12.1%. The 6.4 percent increase in industrial production was also lower than the 8.3 percent figure for the previous month. Analysts at the Australian and New Zealand Banking Corporation (ANZ) lowered their expectations for China’s growth this year from 8.8% to 8.3%. “The data for July suggests that the economy is running out of steam very quickly,” said ANZ economist Raymond Yeung.
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