China’s economy is struggling. With an ambitious target of 5% growth this year, the country is dealing with weak consumer spending, a failing property market, and international pushback against its goods.
By September, it was clear that hitting the goal was just plain impossible. In a last-ditch effort, Beijing rolled out stimulus measures, cutting interest rates and pumping liquidity into the system.
But economists say success is far from guaranteed. Deflation fears keep rising, along with concerns about whether China will enter a Japan-like stagnation.
Now, all eyes are on China’s ability to revive its economy. Less than 20% of economists surveyed by Bloomberg think China will hit its growth target next year.
Despite export numbers being the highest in two years, countries are getting more and more concerned about the flooding of cheap Chinese goods into their markets, driving down local prices.
China’s Vice Finance Minister, Liao Min, continues to defend their manufacturing prowess, arguing that it helps combat climate change and inflation globally. But no one’s buying that.
www.cryptopolitan.com/can-chinas-slumping-economy-be-saved/