A bossy, secretive party is ill-suited to fixing a crisis of consumer confidence
Across the road, Chaguan, who stumbled on this quiet human drama by chance, was briefly joined by three riot police in combat boots, who glanced at the foreign reporter, then left. Asked later why this family came to Country Garden’s headquarters in the southern city of Foshan—and what happened after the trio was led into a police post—staff at the firm explain, regretfully, that colleagues who could provide an answer are on annual leave.
A number of grim statistics have been made public in recent weeks. These show a sharp fall in new bank loans , disappointing retail sales and fewer property transactions. Compounding domestic gloom, exports are down, too. The common link is a collapse in demand, at home and abroad. Beginning in the summer of 2020, after China beat back its first pandemic wave, the economy seemed to be shielded by strict zero-covid controls, recalls a woman selling furniture with a 1950s retro feel. But as the pandemic dragged on, she watched customers cancel orders and rethink home-renovation plans as their own businesses suffered. Now, post-pandemic caution “makes people spend conservatively”.
Domestic tourism surged after the pandemic, says a worker in a warehouse filled with cheap furniture for hotels. “Everywhere is full of people, at least.” But crowds are not spending as they once did, she says. “A lot of people don’t have that much cash on hand.”
Belgique Dernières Nouvelles, Belgique Actualités
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