Chinese officials get no respite as economy shows new signs of weakness

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Chinese officials get no respite as economy shows new signs of weakness - Business Standard

Quick Summary:

Economy had already grown more slowly than expected in the second quarter, expanding 4.

Credit data this week showed household loans, mostly mortgages, contracted 210 billion yuan ($29.37 billion) in July, compared with a rise of 570.9 billion in June.

One of the main reasons people are not spending in China is 70 per cent of household wealth is held in real estate, a sector which had long been a major growth driver.