Monday data confirmed the worst concerns of investors in China. Youth unemployment hit yet another record, second-quarter growth missed expectations, and property sales fell by the largest monthly drop this year. Stresses have also been reflected in snap asset sales by developers, such Dalian Wanda, which is whittling down its cinema investments.
China’s gross domestic product expanded just 0.8 per cent compared to the previous quarter. Exports are falling, retail sales are weak.
The biggest red light came in the form of property data. Investment fell by 7.9 per cent in the first half, worse than expected. A shortlived rebound in the first quarter, in the sales and shares of developers, has turned out to be a false start.
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