Xi Jinping has admitted people are struggling to find jobs and “meet basic needs” in China as fresh data pointed to a continued slowdown at factories and in the housing market.
The official purchasing managers index (PMI) for manufacturing declined to 49 in December, down from 49.4 in November, to reach its lowest level since June, according to the National Bureau of Statistics.
A fall in new home sales also accelerated in December. The value of new homes sold by the country's hundred biggest property companies fell by almost 35pc from a year earlier to 451.3bn yuan (£50bn).
Youth unemployment in China rocketed to a record 21.3pc in June 2023. Beijing stopped publishing data on the youth jobless rate after the record was reached.
https://finance.yahoo.com/news/china-downturn-leaves-people-struggling-185917127.html
Contrary to popular belief, the Chinese economy will shrink this year. This will have a major impact as China will increase its export subsidies, which will be met with anti-dumping duties. The Chinese hope that increased domestic consumption will help boost the economy, but call a random Chinese and you will be told that if they receive any kind of government support, they will save, not consume. It's already showing up in the deflation numbers.
We need to look at alternative supply chains as soon as possible because when the Chinese slowdown starts, it will have major consequences.
China is presently in turmoil. All the numbers coming out of China are just bogus. There is no accurate measurement of the present Chinese economy. The entities that do the data collection are broke
All over the country there is major cessation of manufacturing as companies have closed their doors leaving workers not only un employed but unpaid. The total unemployment is s great is can’t be measured.
Xi is transitioning from a semicapitalist economy to a completely CCP managed economy. The existing economy presently has to be destroyed before his vision can replace what was.