China’s economy grew 0.4% YoY in Q2 2022, decelerating sharply from a 4.8% growth in Q1 2022. The latest figures underlined severe disruptions brought by Covid-19 lockdowns and piled pressure on the country’s authorities to deliver more stimulus after the central bank signaled it is unlikely to cut interest rates further. The central bank’s GDP target of about 5.5% is turning out to be increasingly unattainable as analysts further downgrade their forecasts.