China is struggling, even with slight growth

Beijing statisticians say China’s economy grew 0.4% from a year earlier in the second quarter – the slowest pace in more than two years, but an impressive achievement if true, given the heartbreaking nature of the Covid-19 spring lockdowns.

The fundamentals of the economy, however, still look shaky. Decisive support for the housing sector, in particular, will be needed to keep even this modest recovery on track.

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