US EditionAnalysis: China's Economy Is Under Pressure, and Demand in Many Sectors May Plummet
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The three-year lockdown in mainland China has dealt a heavy blow to the economy. The outside world expected that various industries would usher in retaliatory consumption after the lockdown was lifted, but the streets were deserted and consumption was weak. Japanese investment bank Nomura Securities recently warned that China will face a severe situation of "a sharp drop in demand in many fields" in the second half of this year.
It will be difficult for Beijing to convince domestic consumers to increase spending at a time of economic uncertainty.
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