Posted on Aug 16, 2023
China's economic woes keep getting worse. Here's why
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https://www.npr.org/2023/08/16/ [login to see] /china-economy-tao-wang-interview
After three years of strict "zero-COVID" lockdowns, analysts had expected China's economy to quickly recover this year. But recent sets of data suggest otherwise. Retail sales, industrial output and investment in July all grew at a slower-than-expected pace. In the meantime, a fall in aggregate demand has put deflationary pressure on the world's second-largest economy.
After three years of strict "zero-COVID" lockdowns, analysts had expected China's economy to quickly recover this year. But recent sets of data suggest otherwise. Retail sales, industrial output and investment in July all grew at a slower-than-expected pace. In the meantime, a fall in aggregate demand has put deflationary pressure on the world's second-largest economy.
China's economic woes keep getting worse. Here's why
Posted from npr.org
China
Economics
Posted >1 y ago
Responses: 1
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It's complicated, but contributing factors to China's economic woes include government control and corruption. Along with restrictive COVID lockdowns, the government still has inefficient and unprofitable state-owned businesses that it does not want to sell off. The Chinese real estate system is a mess with previously building unwanted "ghost cities" and private companies taking money for homes while not completing them.
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