China’s economy has slumped further in the second quarter of the year, with manufacturing slowing unexpectedly and a downturn in the real estate sector intensifying, according to official and independent data. This has raised fears of a wave of layoffs in the second half of the year adding to already severe unemployment issues in China.
China’s economy deteriorated further in July, according to a China Beige Book International (CBBI) report in early August, which provides independent economic data. Factory outputs and new production orders in China reached their slowest since mid-2020, and retail employment was at its worst in more than two years, according to the latest CBBI survey. Deterioration in revenue growth for manufacturers and retailers curtailed profits, the report states.
