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Half a year into China’s reopening after COVID, private economic activity remains weak
After three years of COVID isolation, China was hoping to enjoy a strong economic rebound, powered in part by private economic activity. To boost morale, the Chinese leadership has repeatedly pledged support to the private sector this year, including the announcement in July of a 31-point pledge to support nonstate business entrepreneurship. But the private sector growth that the government was hoping to see has not happened. Its repeated supportive rhetoric has done nothing to improve the business environment for private companies. In fact, latest data from China suggest that private economic activity remains weak, ... (full story)