Peak China? Jobs, local services and welfare strain under economy’s structural faults
Faced with record high youth unemployment and bankrupt local councils, the country’s population is beginning to feel the weight of the economy’s flaws
- Peak China? How the booming middle class hit a brick wall
When finding a job feels as unlikely as winning the lottery, playing the actual lottery may seem like a more productive use of time. In the first half of 2023, faced with a struggling economy, Chinese consumers spent 273.9bn yuan ($37bn/£30bn) on lottery tickets, an increase of more than 50% on the same period in 2022.
It’s just the latest symptom of an economy in distress. A record high youth unemployment rate of 21.3% in June prompted the government to stop publishing data on the issue – along with other areas such as the consumer confidence index – all which showed China’s economy was struggling.Continue reading…