China’s Economy Barely Grows as Recovery Fades

“China’s economy barely grew in the second quarter from the first and youth unemployment hit a record high in June, providing evidence of a fading recovery that risks leaving the global economy underpowered this year as recession stalks the U.S. and Europe,” the Wall Street Journal reports.

“The sluggish pace of growth in 2023 is piling pressure on Beijing to reignite an expansion that is in danger of fizzling out as consumers refrain from spending and exports slump. A drawn-out real estate crunch and shaky local-government finances are compounding the gloom. More than a fifth of Chinese age 16 to 24 are out of work.”