China's Cautious Consumer Confidence is dampening its economic recovery, according to the Asian Development Bank (ADB). The country's second quarter GDP growth of 6.3% and retail sales increase of 3.1% in June fell short of expectations, raising concerns about the post-Covid growth. The ADB projects China to grow 5% this year, with manufacturing investment expected to moderate and infrastructure investment likely to remain stable. The bank also lowered its economic growth forecast for developing Asia next year but maintained its projection for 2023. China still faces high debt levels despite efforts to deleverage the economy.

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