China’s Economy Slows Sharply

artappraiser — Sat, 15 Dec 2018 05:53:02 +0000

In reply to Wall Street Is Battered by Worsening Economic Outlook in China

China’s Economy Slows Sharply, in Challenge for Xi Jinping

By Keith Bradsher & Ailin Tang @ NYTimes.com, Dec. 14

DONGGUAN, China — China’s consumers and businesses are losing confidence. Car sales have plunged. The housing market is stumbling. Some factories are letting workers off for the big Lunar New Year holiday two months early.

China’s economy has slowed sharply in recent months, presenting perhaps the biggest challenge to its top leader, Xi Jinping, in his six years of rule. At home, he faces difficult choices that could rekindle growth but add to the country’s long-term problems, like its heavy debt. On the world stage, he has been forced to make concessions to the United States as President Trump’s trade war intensifies.

How badly this hurts him could depend on the extent to which Chinese workers like Yu Hong find their jobs disappearing. On a recent afternoon, Mr. Yu, 46, was boarding a train home, to Hubei Province in central China, for a nearly three-month unpaid holiday. The lamp factory in Dongguan where he works had drastically reduced pay and cut hours [....]

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China’s Economy Slows Sharply