The world's second-largest economy grew much slower than expected in the second quarter, with the consumer sector a particular cause for concern.
Retail sales growth sank to an 18-month low as deflationary pressures forced businesses to slash prices on everything from cars to food to clothes.
While half of the 300 billion yuan ($41.40 billion) in ultra-long treasury bonds China's state planner announced on Thursday will be allocated to support a program of consumer trade-ins, that amount is seen as too little to meaningfully boost economic recovery, as it is equivalent to just 0.12% of economic output and 0.3% of 2023's retail sales.
Solid Chinese exports have provided some support to factory managers in recent months and propped up progress towards the government's growth target of around 5%, but as a growing number of trade partners mull import tariffs, the jury is out on whether that boost can be sustained.
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