Chinese leader Xi Jinping’s government is promising to drag the economy out of a crisis of confidence aggravated by tensions with Washington, wilting exports, job losses and anxiety among foreign companies about an expanded anti-spying law.

Home sales are 30-40% below last year’s depressed level after the economy barely grew in the latest quarter, according to the owner, who would give only his surname, Cai. He has cut staff by 80% to 40 employees. Their income from sales commissions has fallen as much as 90%.

“People are worried,” said Cai. “They feel safer holding onto their savings instead of spending them.”

  • @PottedPlantEnglish
    3•1 year ago

    So 🪛 indeed. Their official figures state 5.5% GDP growth when it was more like negative 5-10% GDP yoy.