A Nanjing Road pedestrian street on October 1, 2022 in Shanghai, China.
Yan Daming | Visual China Group | Getty ImagesChina's authorities need to take decisive policy action to pull its "sputtering" economy back from the brink, according to Eswar Prasad, an economics professor at Cornell University.
Last week, China hinted at moves to "adjust and optimize" policy measures in what the leadership acknowledged as a "torturous" economic recovery.
watch now"It certainly looks like the Chinese economy is sputtering after roaring back to life," following the easing of Covid restrictions, said Prasad, a former head of the International Monetary Fund's China division.
The unemployment rate among young people between the ages of 16 to 24 was 21.3% in June — a fresh record.
Persons:
Yan Daming, Eswar Prasad, Prasad, CNBC's, —
Organizations:
Visual China, Getty, Cornell University, Beijing, International Monetary, Reuters
Locations:
Nanjing, Shanghai, China