Free Republic

The number of China's billionaires has dropped by a third since 2021, according to an annual rich list, as difficulties for the country's economy and government crackdowns took their toll. Hurun, a private research group that has tracked Chinese billionaires since 1999, said the total peaked in 2021 with 1,185 billionaires, a figure which fell to 753, a decline of 432, or 36% of the total. It comes as some of China's superrich choose to lie low or leave the country, finding covert ways to take their money with them.... China's economy has been grappling with a prolonged housing crisis,...

The startling divergence between China’s 5.2% growth and cratering stock market is putting Asia’s biggest economy in global headlines for all the wrong reasons. Given the chaos of 2023 — a massive property crisis, record youth unemployment, trade headwinds from Washington and deflationary pressures — China’s ability to top 5% growth year on year is impressive indeed. But the stock market continues to stumble, a rout that shows few signs of slowing. So how bad could things get? In the first two weeks of 2024, global funds sold more than US$1.1 billion of mainland stocks. China’s CSI 300 index this...

The unravelling of its real estate sector after decades of debt fueled growth may have major knock-on effects One of the most worrying economic stories in the world right now is unfolding in China’s real estate sector. To put it in perspective, real estate drives nearly one-third of China’s economic activity, and housing accounts for about 70% of household wealth. Nearly 30% of all bank loans are property-related. The ripple effects are impacting the entire Chinese economy—it grew only 0.4% in the last quarter compared to the previous year—and may turn contagious around the world. Here are some numbers. Some...