China credit data shows sluggish demand, more household deleveraging amid weak investment

Beijing’s long-standing efforts to reinvigorate the domestic economy continue to face headwinds, as the latest credit data points to persistently sluggish consumption and weak investment across China, with the tech sector standing out as a lone bright spot amid the central government’s push for innovation to reduce external reliance. New bank loans totalled 520 billion yuan (US$77 billion) in May,