![]() The economic reforms that China has been promising for years now, they assured readers, are still coming. In April, Chinese state media quoted an "authoritative figure" who warned that the government would not use unfettered credit growth to try to inflate the economy out of a slowdown. July new bank loans were one-third of what they were in June, according to Societe Generale, and broad money growth slowed to its lowest pace in 15 months.Ī lot of China watchers knew this would happen eventually. Alibaba controlled 47 of Chinas cloud IaaS market at the beginning of the year, according to Canalys.Property-sector investment slowed, from 3.5% in June to 1.4% in July. The People’s Bank of China has been developing the digital yuan, a so-called central bank digital currency that aims to replace some of the cash in circulation.Fiscal spending grew only 0.3% in July, after growing over 15% in the first half of the year. ![]()
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