This article from Brookings mentions the word stabilize, but it is not the answer to the problem. It still exists and the efforts they are making are to stop the, in their words, spiraling in of a declining existence. In other words, they are on the wrong side of workable and not improving. They are right now on hold on the edge of the cliff. So they are not doing things now to change an already failing effort. Just trying not doing anything to make it worse.
https://www.brookings.edu/articles/us-china-relations-in-2024-are-stabilized-but-precarious/
wy69
China has the biggest property bubble in history. They built somewhere between one and two vacant residences, for every family in China - virtually all on credit, and now they stand empty, with no one paying rent, to pay off the loans.
A lot of manufacturers started looking to diversify away from their huge reliance on China, when COVID rocked the supply chain, and while the Trump Administration levied tariffs. It takes a while to plan and develop new manufacturing facilities (multi-year projects), but those moves are now happening.
Stuff that would have been done in China, is increasingly being done in Vietnam, India, Indonesia, Mexico and the good old USA. China now struggles with high youth unemployment.
Manufacturing is where China made its money, and a huge amount of their domestic wealth (a bulk of the life savings of the middle class) was “invested” in a real estate market that is dramatically over-leveraged with debt.
China has huge economic risks that they have to manage. By historical norms, they have the makings of potentially huge debt and real estate bubbles bursting.