(Bloomberg) — China’s economy was meant to drive a third of global economic growth this year, so its dramatic slowdown in recent months is sounding alarm bells across the world.
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Policymakers are bracing for a hit to their economies as China’s imports of everything from construction materials to electronics slide. Caterpillar Inc. says Chinese demand for machines used on building sites is worse than previously thought. U.S. President Joe Biden called the economic problems a “ticking time bomb.”
Global investors have already pulled more than $10 billion from China’s stock markets, with most of the selling in blue chips. Goldman Sachs Group Inc. and Morgan Stanley have cut their targets for Chinese equities, with the former also warning of spillover risks to the rest of the region.
Asian economies are taking the biggest hit to their trade so far, along with countries in Africa. Japan reported its first drop in exports in more than two years in July…
2023-08-27 16:00:00
Article from finance.yahoo.com
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(Bloomberg) — China’s economy was expected to contribute to one-third of global economic growth this year, making its recent significant slowdown a cause for concern worldwide.
Most Read from Bloomberg
Policymakers are preparing for the impact on their economies as China experiences a decline in imports of various goods, ranging from construction materials to electronics. Caterpillar Inc. reports that Chinese demand for construction machinery is worse than previously estimated. U.S. President Joe Biden has referred to the economic issues as a “ticking time bomb.”
Global investors have already withdrawn over $10 billion from China’s stock markets, with the majority of the selling occurring in blue-chip stocks. Goldman Sachs Group Inc. and Morgan Stanley have lowered their targets for Chinese equities, with the former also warning of potential spillover risks to the rest of the region.
Asian economies, along with African countries, are experiencing the greatest impact on their trade thus far. In July, Japan reported its first decline in exports in over two years…
2023-08-27 16:00:00
Article from finance.yahoo.com
rnrn