Why It’s So Hard for China to Fix Its Ailing Economy

Published On Sep 3, 2024, 12:00 AM

China is experiencing a significant economic crisis, largely attributed to a collapse in the real estate sector, which has led to increased consumer caution and business wariness. As the property market, crucial to both family savings and the broader economy, struggles with unsold apartments and failed investments, consumer confidence has plummeted. Surveys indicate that only 39% of people feel better off than five years ago, a stark drop from previous years. Furthermore, recent graduates face bleak job prospects, and the shrinking population adds to the uncertainty. The expected post-Covid economic rebound has not materialized, leaving many to question the resilience of China's economy.