SINGAPORE: China’s economy stumbled in July as a two-month drive to ease lockdowns faded, prompting the country’s central bank to unexpectedly cut two key interest rates to in order to promote growth.
A series of data released Monday showed economic activity slowed overall in July, including factory output, investment, consumer spending, youth hiring and real estate, highlighting the broad of the economic challenge facing policymakers in a politically sensitive year for leader Xi Jinping. , who is expected to break with recent precedent and seek a third term in power this fall.