China is relying on exports to offset weak consumer spending (Jade GAO)
China is prepared to take measures and has a “plentiful” toolbox to avoid an economic slump in the second half of the year, its commerce minister said Friday as he admitted it faced a “very severe and complex situation”.
Growth hit 5.2 percent in the second quarter, official data showed Tuesday, but analysts have warned that more must be done to boost sluggish domestic consumption as exports face the knock-on effects of global trade turmoil.
Retail sales rose far less than expected last month and were much weaker than May, suggesting efforts to kickstart consumption have fallen flat.
“We are still facing a very severe and complex situation. Global changes are unstable and uncertain. Some of our policies will provide some new responses according to the times and circumstances,” Wang Wentao told…
