Has Beijing finally realized it will need to step in aggressively if it wants to avoid an economic collapse?
Moments ago, and just days after the release of China’s dismal woeful new credit data, the National Bureau of Statistics reported the July data dump which was just awful. Among the latest monthly data:
- Industrial production rose 3.8% from a year ago, lower than June’s 3.9% and missing economists’ forecast of a 4.3% increase
- Retail sales grew at a 2.7% annual pace, also lower than June’s 3.1%, and badly missing the consensus estimate of 5.0%
- Fixed-asset investment gained 5.7% in the first seven months of the year, which however was also below the June YTD number of 6.1%, and also missed the 6.2% projected by economists
- The silver lining is that just as in the US, the worse the economy founders, the lower the jobless rate which in July fell to 5.4% from 5.5%
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