Is China’s economic miracle nearing its end? | Mint Primer | Mint
China's economy is facing challenges due to author... moreChina's economy is facing challenges due to authoritarian policies, lockdowns, and economic shifts.
GDP growth, while at 6.3%, is losing momentum, and youth unemployment is high. Exports, imports, and consumer spending are down, and manufacturing and service sectors are struggling.
The country's traditional growth engines of exports, real estate, and infrastructure projects are sputtering. China's attempt to boost domestic consumption hasn't yielded expected results.
The appointment of Pan Gongsheng as the new central bank governor reflects Beijing's firm approach to economic challenges. Despite setbacks, China's economic power remains substantial, with a head-start over India in terms of GDP growth, per-capita income, life expectancy, and education.
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