Employees work on the production line of vehicle components in Shanghai, China, July 21 2022. Picture: ALY SONG/REUTERS
Also on Monday, a poll by China Index Academy, one of the country’s largest independent real estate research firms, showed property sales by floor area in 17 cities tracked by the company slumped 33.4% in July month-on-month versus a 88.9% post-lockdown jump in June, as buyers shunned a market increasingly filled with desperate sellers.
“Stagnation is what everyone is worried more after the second quarter fell into a hole,” said Nie Wen, a Shanghai-based economist at Hwabao Trust.
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