Chinese growth slows on all fronts in July, prompting unexpected rate cut

SINGAPORE — China’s economy stumbled in July as the two-month boost from the easing of lockdowns faded, prompting the country’s central bank to unexpectedly cut two interest rates. interest in order to sustain faltering growth.

A slew of data released on Monday showed economic activity slowed across the board in July, including factory production, investment, consumer spending, youth hiring and real estate, highlighting the scale of the economic challenge facing policymakers in a politically sensitive year for the leader. Xi Jinpingwho is expected to break with recent precedent and seek a third term in office this fall.