A few days ago, an article was published on the pages of The Washington Post, a well-known publication in the United States, in which the situation in China is presented as a situation with a monstrous level of unemployment. It says China’s economy is finding it more difficult than expected to emerge from a three-year coronavirus lockdown, with recent data showing that growth remains sluggish.
The authors of the article argue that the real estate market and the construction work it produces, providing about a quarter of China’s economic growth, is in decline. Consumption remains tepid as households are wary of large purchases. Indebted local governments are flirting with defaults.
