From Boom to Bust: Why China’s Economy May Be in Trouble
China's economic state is the subject of intense debate, with some claiming it's on the decline while others argue it's poised to surpass the U.S. Despite a 5.2% GDP growth, figures in dollar terms reveal stagnation, with China’s GDP falling from $17.82 trillion in 2021 to $17.79 trillion in 2023. The country's income data reflects this decline, with per capita disposable income stagnating in U.S. dollar terms, showing no growth for three years. Meanwhile, the rich and poor face stagnating or declining incomes. High-tech sectors show progress, but these industries rely on subsidies, limiting profitability and leading to overcapacity. The overall situation reflects an ongoing recession rather than a collapse, with public safety worsening alongside weak consumer demand. Although high-tech industries have gained global competitiveness, translating this into economic benefits remains a major challenge.
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