China’s economy is on course for a “double dip”

China prides itself on firm, unswerving leadership and stable economic growth. That should make its fortunes easy to predict. But in recent months, the world’s has been full of surprises, wrong-footing seasoned China-watchers and savvy investors alike.Early this year, for example, China’s economy grew faster than expected, thanks to the country’s from covid-19 controls. Then, in April and May, the opposite happened: the economy recovered more slowly than hoped. Figures for retail sales, investment and property sales all fell short of expectations. The unemployment rate among China’s urban youth passed 20%, the highest since data were first recorded in 2018. Some now think the economy might not grow at all in the second quarter, compared with the first. By China’s standards this would be a “double dip”, says Ting Lu of Nomura, a bank.