Xi Admits 'Tough Year' Ahead as China Grapples with Slowing Growth, Soaring Unemployment
• Xi Jinping acknowledges China faced a "tough" 2023 with people struggling to find jobs and meet basic needs • New data shows continued economic slowdown - factory activity contracted to 6-month low in Dec • Home sales by top 100 developers fell 35% in Dec 2023 vs 2022, undershooting 15% fall forecast • Youth unemployment hit record 21.3% in June before data publication halted • Goldman Sachs forecasts China's GDP growth slowing from 5.3% in 2023 to 4% in 2026, lagging behind India