"The data is very disturbing." Is China's economy facing a serious crisis

Following the Western world, economic problems have also appeared in Asia. In China, the world's second largest economy, key indicators deteriorated in July. And although the reasons for the slowdown in the country are different than in the United Statesor Europeanalysts expect further decline

July data from China showed growing problems in the world's second economy. Most of the key indicators were below forecasts, confirming fears that the country will not be able to achieve GDP growth of 5.5% this year.

According to the National Bureau of Statistics, industrial production grew by 3.8% yoy, which is below the June data of 3.9% and below the forecast growth of 4.3%. Retail sales slowed down to 2.7% in July against the forecast of growth to 4.9%. Investments in fixed capital increased by 5.7% against the forecast of 6.2%. Investment in real estate decreased by 6.4%. The unemployment rate fell from 5.5% to 5.4%, but the unemployment rate among youth aged 19–24 reached nearly 20%.