China’s once unstoppable economy is on the rocks, and its citizens are losing faith.
Earlier this year, David Yang was brimming with confidence about the prospects for his perfume factory in eastern China.
Hu said the erosion of confidence was fuelling a downward spiral that fed on itself. Chinese consumers aren’t spending because they are worried about job prospects, while companies are cutting costs and holding back on hiring because consumers aren’t spending.In the past few weeks, investors have pulled more than $US10 billion out of China’s stock markets.
Xi was addressing an international trade fair in Shanghai and sought to quell the uncertainty: No one should ever waver in their confidence about the Chinese economy, despite some ups and downs, he said.“The Chinese economy is not a pond, but an ocean,” Xi said. “The ocean may have its calm days, but big winds and storms are only to be expected. Without them, the ocean wouldn’t be what it is. Big winds and storms may upset a pond, but never an ocean.
China’s policymakers are also handcuffed because they introduced many of the measures that precipitated the economic problems. The “zero COVID” lockdowns. The real estate market is reeling from the government’s measures from three years ago to curb heavy borrowing by developers, while crackdowns on the fast-growing technology industry prompted many tech firms to scale back their ambitions and the size of their workforces.
China’s policymakers are also handcuffed because they introduced many of the measures that precipitated the economic problems.
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