China’s GDP likely shrank in the second quarter, contrary to official reports, as the country is seen making attempts on several fronts to desperately boost its ravaged economy.
Beijing announced a 0.4 percent expansion in China’s GDP during the second quarter. It was the second weakest quarterly growth ever officially recorded.
But private data paints an even worse picture. Impacts from COVID-related lockdowns in more than a dozen cities across China, sagging consumer spending, and lower demand for goods from foreign countries all suggest a contraction. It would be the first quarterly contraction since 2020 at the onset of the virus pandemic….