China's Economy Struggles with 'Crisis of Confidence' amid Slow Growth and Uncertainty

China's economy is struggling due to a "crisis of confidence" among foreign investors and domestic consumers according to Standard Chartered CEO Bill Winters
China's GDP growth slowed to just 3% in 2022 due to ongoing COVID restrictions and has rebounded slightly to 5% in 2023
Deflation, youth unemployment, and a real estate crash have all contributed to weakening consumer demand
The Chinese government is trying to manage a difficult economic transition from an investment and export-driven model to one focused on domestic consumption and manufacturing
Despite current challenges, Winters believes China will eventually work through its transition without a major financial crisis