China’s economy is slowing down. Covid is to blame. Well sort of, property values may be playing a bigger role. We are in trouble globally.
The NYT
snippet
China’s economic engine is shuddering. The country’s National Bureau of Statistics said today that the economy expanded by only 0.4 percent in the second quarter. It was smaller than expected and the lowest growth since the early months of the pandemic.
These days, the country’s continued lockdowns and mass quarantines are having far-reaching consequences on its ability to do business, which in turn is having a significant effect on the global economy. For more, I spoke to my colleague Chris Buckley, who covers China.