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Chinese economic despair worsened due to weak consumer spending
Posted on July 3, 2023 |
China’s consumer-driven recovery is abating as spending has stalled from holiday travel to cars and homes.
During the dragon-boat festival, domestic travel spending was lower than pre-pandemic levels.
In the first few weeks of June, and during the holiday period, home sales slowed in major cities.
Passenger car sales are expected to drop by 6% from 2022.
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