Beltway Confidential

100 days in, China’s new economic effort is underwhelming

By Weifeng Zhong

Published June 28, 2023 10:00am ET

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100 days in, China’s new economic effort is underwhelming — Women walk past a fashion outlet offering its summer sale at a shopping mall in Beijing, China Wednesday, July 16, 2014. China's economic growth edged up in the latest quarter and more than 7 million new jobs were created in the first half of the year, easing pressure on communist leaders as they try to prevent a precipitous slowdown in the world's second-largest economy. (AP Photo/Andy Wong) | Andy Wong

The Chinese economy is losing momentum — again. Major banks are cutting their 2023 GDP forecasts for China, only months after raising these projections with much excitement when Beijing lifted the country’s COVID-19 lockdowns. If China fails to hit its own growth target of about 5% this year, it won’t have the pandemic as a scapegoat.

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China Communist Party