lockdown on Wuhan
Instead, China is now struggling to meet the government’s modest growth target of 5% for 2023 . Far from becoming an inflationary force in the global economy, the country is now flirting with falling prices. But consumer prices are not the only ones in the trough. The prices charged by producers have now declined year-on-year for ten months in a row. Those fetched by China’s exports dropped by more than 10% in July, according to estimates by analysts atdeflator, a broad measure that covers all the goods and services produced in the country, fell by 1.4% in the second quarter compared with a year earlier. That is only its sixth decline this century and its steepest since 2009.
After a brief revival in the early months of the year, property sales are faltering again. Those in 30 big cities fell by 28% in July compared with the year before. Declines in rents and the prices of household appliances both contributed to the negative turn in consumer prices in July. Country Garden also blamed “a deterioration in sales”, among other things, for its failure to pay its bondholders on the expected date this month.
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