![]() ![]() "China’s economy is not about to implode but it is not roaring back to the golden decade of the 2010s when it grew at a double-digit level," Steve Tsang, director of the China Institute at the London-based School of Oriental and African Studies, told DW.Ī strong rebound from China would help offset an expected slowdown in other parts of the world, spurred by monetary tightening policies by central banks over the past 12-18 months.Ĭhina's huge stimulus after the 2008/09 financial crisis helped the global economy recover, partly due to the Asian country's insatiable appetite for imported raw materials for infrastructure projects. Meanwhile, new bank loans tumbled far more sharply than expected in April, with lenders extending 718.8 billion yuan ($104 billion/€94.5 billion) in new yuan loans in the month, less than a fifth of March's tally. But that is what is unfolding.Īfter abandoning its thee-year zero-COVID policy in December, the world's second-largest economy isn't exactly firing on all cylinders.Ĭhina's imports contracted sharply in April by 7.9%, while exports grew at a slower pace of 8.5% compared to 14.8% in March. Consumer prices rose at the slowest pace in more than two years in April, while factory gate deflation - prices offered by China's industrial wholesalers - deepened. As the rest of the world teeters on the brink of recession, the last thing Western policymakers want is for China, the biggest driver of global economic growth since the 2008 financial crisis, to have a lopsided recovery. ![]()
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