China’s NBS: Downward pressure on economy increased substantially in Q2

Following the release of the June activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing their take on the economy.

Key headlines

Impact of COVID outbreak on the economy has not yet been completely eliminated.

Economic base for long-term recovery is not stable.

Stagflation risks are increasing globally.

China is confronting falling demand, a supply shock also.

Chinese economy faces structural and cyclical issues.