China’s economic rebound is weaker than expected as consumers emerge “stunned” from pandemic-led disruptions and a real estate meltdown last year, according to the head of AP M?ller-Maersk.

Vincent Clerc, the new chief executive of the world’s second-largest container shipping group, said, however, that trading volumes associated with the Chinese economy remained resilient with little sign of negative impact from US-led efforts to “decouple” from China.

“When we started the year, there was this hope that as China reopens after Covid we would see a really strong rebound,” Clerc said in an interview in Beijing. “I think we’ve not seen it yet?.?.?.?The Chinese consumer is a bit more stunned by what’s happened and is not in a splurging mood right now.”