China's Sluggish Growth And Falling Incomes Feel Like A Recession For Many
• China's economy grew 5.2% in 2022 but feels like a recession to many - high youth unemployment, falling consumer confidence and property values • Almost 25% of Chinese youth were unemployed in June 2022 before the data was suspended • Wages are falling with weaker domestic demand - average salaries down 1.3% in top cities in Q4 2022 • Property market downturn since 2021 has led to 2/3 drop in home values in some cities, making owners feel less wealthy • Tensions with West over Taiwan, Ukraine, etc. contributing to first ever foreign investment deficit for China