Consumer prices in China fell last month for the first time in more than two years.
Chinese banks extended $47.5 billion of new renminbi loans, tumbling 89 percent from June — and half the amount of a year earlier.
China slipped into deflation after the government’s draconian “zero Covid” policy drastically suppressed consumption and business activity last year.
With anxiety running high, people are already saving more and spending less.
He bought apartments in two complexes in 2019 and the developers of both stopped building after running out of money.
Persons:
—, Chenggang Xu, ”, “, Liu
Organizations:
Stanford University, Toyota Corolla
Locations:
China