Projections of global economic growth keep getting worse. In late July, the IMF adjusted its expectations vs. April (down by 0.4 p.p. to 3.2% and by 0.7 p.p. to 2.9% for 2022 and 2023, respectively). If we take China, the second largest economy in the world (18% of global GDP), the negative growth trend is quite clear. According to the Chinese National Bureau of Statistics, in the first six months of 2022, GDP grew by only 2.5% y-o-y, while in the same period of the pre-crisis 2019, this rate was 6.3%, and last year it was an impressive 12.7% due to the low base effect of the pandemic (see Fig. 1).