Posted 1/22/2024, 4:47:10 PM
China's Economic Confidence Plummets Under Xi's Policies
- China's economy is showing signs of lost confidence reminiscent of the Great Depression in the U.S.
- Bank lending and consumer/business confidence measures in China have dropped sharply.
- Chinese people and businesses are unwilling to take advantage of stimulus spending and easy credit due to lack of faith in the future.
- Much of the blame lies with President Xi's policies around property development, economic support, zero-COVID, and rhetoric against private business.
- While a Great Depression may be too dire, China's economic prospects look poor without major policy changes to restore confidence.