China’s economic growth slumps sharply after Covid lockdowns
"China banks told to bail out property developers as mortgage boycotts threaten economy "Inside China's 'thought transformation' camps - BBC News" "
BLAME BIDEN! .. or really maybe congratulate him? Or, to trolls, actually neither.
Shutdown of cities takes its toll, while property market remains in crisis and global outlook darkens
Analysts do not expect a rapid economic recovery in China. Photograph: Mark R Cristino/EPA
Martin Farrer, Vincent Ni and agencies Fri 15 Jul 2022 22.34 AEST [...] Protest in China over frozen bank accounts ends in violence Read more > https://www.theguardian.com/world/2022/jul/11/china-violent-clashes-at-protest-over-frozen-rural-bank-accounts [...] “We expect the official GDP figures to eke out growth of 3%-4% this year but think the reality on the ground will be closer to zero growth across the year as a whole,” he said. [...] “For China, it’s a societal issue,” said Alicia García-Herrero, the Hong Kong-based chief economist for Asia Pacific at Natixis bank. “A lot of people will ask now: where is my future? It kind of breaks their ‘China dream’. This is a key problem now.”
Serena, a 26-year-old English teacher in the southern city of Zhuhai, has finally found a job this month after two years of searching. “For the last two years, I have been struggling. It was highly competitive and extremely difficult if you want to teach in public schools,” she told the Guardian. “And the pay turned out not to be as it was promised.”
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