Signs of China’s Economic Recession Showed by Economic Data from July | China Economy

On August 16th, the National Bureau of Statistics in China released the economic data for July, almost all of which were worse than what anyone had expected. Statistics show that the added value of industrial enterprises with annual revenue above 3 million US Dollars increased by 6.4% annually, which is the lowest since August last year; the total retail sales of consumer goods increased by 8.5% annually, and investment in real estate development increased by 12.7% year-on-year, both were lowest of this year. In July, the nationwide survey showed that the unemployment rate in urban areas was 5.1%. Among them, the unemployment rate of 16–24-year-old was as high as 16.2%, more than three times the overall unemployment rate in urban areas. The two most important and forward-looking data that reflect the economic situation, showed that the M2 for social financing and the currency in circulation also fell beyond expectations. The increase in social financing in July was only 160 billion US Dollars, a new 17