U.S. President Biden called China a “ticking time bomb” because of its economic challenges and said the country was in trouble because of weak growth. China’s consumer sector fell into deflation and factory-gate prices extended declines in July. China may be entering an era of much slower economic growth with stagnated consumer prices and wages, contrasting with inflation elsewhere in the world. Biden signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies like computer chips.
Read more: https://www.reuters.com/world/biden-calls-china-ticking-time-bomb-due-economic-troubles-2023-08-10/
