“China Shocks With Rate Cut as Data Show ‘Alarming’ Slowdown”

“China’s economic slowdown deepened in July due to a worsening property slump and continued coronavirus lockdowns, with an unexpected cut in interest rates unlikely to turn things around while those twin drags remain. Retail sales, industrial output and investment all slowed and missed economists estimates in July. The surveyed jobless rate for those aged 16-24 climbed to 19.9%, a record high and headache for the Communist Party…

The economy’s slowdown — which began in March as authorities in dozens of cities imposed lockdowns to control Covid outbreaks — has spilled over to major economies such as Germany and South Korea as China’s demand for manufactured goods slumps…”

https://finance.yahoo.com/news/china-shocks-rate-cut-data-063536024.html

Lockdowns are a quick way to destroy an economy.