China’s economy grows at its weakest pace for a year as energy troubles and supply chain bottlenecks stifle momentum. But consumption remains strong as retail sales beat expectations. The PBOC says that the fallout from the Evergrande debt crisis is manageable but admits that ‘mismanagement’ within some of the country’s biggest companies does pose risks. The BoE’s Andrew Bailey says rising costs may prompt action from the central bank but ECB president Christine Lagarde tells the IMF that she has no reason to believe inflation will not be transitory. And in Germany, Olaf Scholz edges ever closer to the chancellery after the Green Party votes to enter formal coalition talks with the Social Democrats and FDP.

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