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From shrinking trade to stalling factories to surprise rate cuts, signs are mounting that China is headed for a hard landing.

Tuesday investors fretted as China’s imports in June grew at half the expected pace, entrenching concerns that domestic demand in the world’s second-largest economy is cooling quickly.

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The news was also not a good harbinger for China first-half GDP data to be released later this week.

While economists crunch the latest numbers, Trefor Moss, writing for Foreign Policy magazine, provides “real-world signs of China’s economic malaise.”

‘Bye-Bye BMW’

The stimulus that China pumped into the economy during the 2009 downturn is coming home to roost for local governments.

Municipalities are being asked to repay their debts and local officials, who indulged in fancy fleets among other luxuries during the boom years, are feeling the pinch.

The city of Wenzhou is planning on auctioning off 80% of its vehicles this year, 1,300 cars, with similar fire sales being held nationwide.