China’s economy maintained stable growth for the first half of the year, with its gross domestic product at 5%. Beijing plans to boost consumption to further improve its economic recovery. 

Meanwhile, job growth in the United States slowed much more than expected in July and unemployment rose to 4.3% , its highest level since 2021. The data from the U.S. Labor Department rattled investors on Wall Street and raised concerns of a possible recession. 

Joining the discussion: 

• Yan Liang is a Chair Professor of Economics at Willamette University.
• Anthony Chan is a former Chief Economist for JPMorgan Chase and Company.
• Nicholas Economides is a Professor of Economics with the Stern School of Business at New York University.
• John Gong is a Professor of Economics at the University of International Business and Economics in Beijing.

Commentary: As a firm advocate for globalization, China is committed to staying the course of high-level opening-up, thereby ensuring its steady economic growth and making fresh contributions to the global economy https://t.co/Vn4z0kC5qE pic.twitter.com/MC9zxt9hxs

— China Xinhua News (@XHNews) August 2, 2024

JUST IN: The U.S. economy added 114,000 jobs in July, while the unemployment rate rose to 4.3%. https://t.co/aI0ehcFTPP

— Axios (@axios) August 2, 2024