China cuts rates as economic recovery weaker than expectedChina's industrial production rose 3.8% year-on-year in July, down from 3.9% in June, the National Bureau of Statistics (NBS) said Monday. BEIJING: China's central bank slashed key interest rates Monday in a bid to kick-start the country's stuttering economic recovery as data showed factory output and retail sales for July came in weaker than analysts' expectations. "The risk of stagflation in the world economy is rising, and the foundation for domestic economic recovery is not yet solid," the NBS warned in a statement. "July's economic data is very alarming," Raymond Yeung, Greater China economist at Australia & New Zealand Banking Group Ltd, told Bloomberg TV. The country's economic growth was just 0.4% on-year in the second quarter -- its slowest rate since the initial Covid outbreak.
