China's Event Horizon
The world's No.2 economy is near the point where lower rates make matters worse—a deflationary black hole
Profits at China’s big manufacturers continue to tumble.
The National Bureau of Statistics said Sunday that industrial profits fell 6.7% in July, the seventh consecutive monthly decline. Industrial earnings fell 16.8% in the first half of 2023 compared with the first half of 2022 and dropped 15.5% in the first seven months of the year.
With the job and ho…