China’s consumer spending declines for first time since pandemic

China's consumer spending contracted last month for the first time since the pandemic, while investment also deteriorated. This decline could dampen global economic growth, affecting commodity prices and multinational revenues, while testing Beijing's policy tools. Despite benefiting from booming exports and a deescalation in tensions around Iran, the economy faces significant risks. UBS Securities Chief China Economist Yu Song analyzed how this drop in spending imperils growth and exposes vulnerabilities within the current economic landscape.