A cooling property market and tighter credit conditions have pointed to a slowdown in China’s economic growth and reinforced predictions that expansion has peaked for the current cycle.
Housing sales grew 2 per cent annually in July, down from 21 per cent in the first six months, as efforts by local governments to cool the overheated market hit demand. Housing starts declined 3 per cent year-on-year — the first contraction since September.
The world’s second-largest economy beat GDP growth expectations in the first half, expanding 6.9 per cent and putting the country on pace for its first annual growth acceleration since 2010.
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