People Complain About Worsening Living Standards in China | Trailer | Business Matter

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Many people in China are complaining of worsening living standards. Data showed Chinese industrial output far outpacing retail sales and the unemployment rate ticking higher. Falling prices have hurt corporate profits and workers’ incomes.

The official data China released was different from what most people felt, said an executive at a company providing industrial automation services for the electrical vehicle sector.

A trade policy professor at Cornell University and former China director at the International Monetary Fund said, “It seems dubious that China precisely hit its growth target for 2024 at a time when the economy continues to face tepid domestic demand, persistent deflationary pressures and flailing property and equity markets.”

For a 25-year-old investment banker in Beijing, 2024 felt like a downturn. Her salary was trimmed for a second straight year, bringing the total pay cut to 30 percent, and eight or nine of her colleagues lost their jobs, she said.

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