China’s economy likely continued to weaken across the board in October with little signs of bottoming out.
A set of key economic data to be released Monday will be closely studied for signs that the slowdown is serious enough to prompt authorities to step up economic support. The weakness in the economy is coming from both the supply and demand sides, similar to when the economy was initially hit by the virus in early 2020.
But the causes of supply shocks have shifted to electricity shortages, Beijing’s environmental curbs and a crackdown on financial risk that has hit the property market, while domestic demand continues to be hit by the "COVID-zero" strategy.
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