With the global economy also at a crossroads, it is not just Beijing’s leadership that is in peril, say experts
Alarm is spreading in China that tough times are on the horizon, withwhen he warned that the chill from economic downturn would be “felt by everyone” for the next decade.
The Chinese housing market has driven growth for the past two decades and now represents the biggest asset class in the world, with a notional value of between $55tn and $60tn, which is bigger than the total capitalisation of the US stock market. Now developers are going bust after being deprived of easy credit, prices are falling, homeowners are
“The government faces a hard choice. But it’s like zero-Covid. They have come so far they can’t turn back because then it looks like a misjudgment or policy error,” Wildau said. Trying to reinvigorate the economy was the focus of a huge package of measures unveiled by Beijing in the past week, including 300bn yuan in new infrastructure spending and an extension of borrowing to local governments worth 500bn yuan. Economists said the stimulus was expected and may not make much impact in an economy already awash with investment funding.
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