China's cautious consumer confidence spending has been a 'a dampener' for its fragile recovery, according to Albert Park, chief economist at ADB.
China's cautious consumer confidence spending has been a "a dampener" for its fragile recovery, according to Albert Park, chief economist at the Asian Development Bank.
On Monday, the world's second largest economy, reported disappointing second quarter GDP data, that largely missed expectations. "What we really hope is that China's consumers and businesses will regain confidence to start spending more and to invest more," Park told CNBC's "Squawk Box Asia" on Wednesday.
Fears are growing that China's economy is tethering on the verge of deflation after yet another slate of underwhelming economic data July 17 provided more evidence that the stall in growth momentum may turn out more severe without more meaningful policy intervention.China's cautious consumer confidence has been a "a dampener" for its fragile recovery, according to Albert Park, chief economist at the Asian Development Bank.
On Monday, the world's second largest economy reported second quarter GDP numbers that largely missed expectations.
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