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Chinese Economy Is Now In Free Fall

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Chinese Economy Is Now In Free Fall

(CTN News) – According to the official National Bureau of Statistics, the Chinese economy grew 0.4% in the just-completed second quarter.

The gross domestic product shrank in Q2 according to almost everyone else. “The government will not acknowledge a contraction,” Max Zenglein of the Mercator Institute for China Studies told the Washington Post before the announcement.

The Chinese economy has not only contracted but is also headed for a free fall. There are many reasons why Chinese leaders are unable to stabilize the situation at this time.

In its 2022 growth plan, the Communist Party claims that trade will help China achieve “around 5.5%” growth. Year-over-year, two-way trade jumped 9.4% in the first half.

Despite this, the Chinese economy is weak, as evidenced by the composition of trade. Imports, which indicate domestic demand, increased only 4.8% while exports increased 13.2%.

Anyhow, overall growth is declining. Beijing reports that the Chinese economy grew 4.8% in the first quarter.

COVID-19 lockdowns are blamed for Q2’s poor results. While draconian measures in the eastern part of the country have impacted consumer spending, the disease hasn’t gone away.

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