China’s economy continued to recover from lockdowns earlier in the year through July, the best growth in exports will be welcome. Less welcome of course is the miss on imports, this will be read as a sign that domestic demand in the country continues to lag. Consumers in China are wary of the imploding property sector being crushed by heavy loads of debt, a repayment strike from homebuyers not seeing promised homes delivered by developers, and widespread contagion. Government economic support is helping cushion the blows, but not entirely.

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