The Chinese economy is still growing, but its heart is no longer in it. The confidence of Chinese consumers, like that of foreign investors, is at its lowest. More than the “action plans” promised by Beijing, everyone is waiting for real measures to stimulate the economy.
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Journalist at the International division
By Véronique KieselPublished on 09/23/2024 at 3:03 p.m.
Reading time: 7 min
I“I’m very lucky: I was able to keep my job in a big company in Shanghai and I still have the same good salary, 30,000 yuan, around 4,000 euros,” confides Lin, 36. “Before, I took advantage of it to consume happily. Now, that’s over: I finally listen to my mother who always told me that I had to save for a rainy day. I’ve seen too many of my friends lose their jobs or have to accept big pay cuts. I’m very worried…”
And it is not the recent economic indicators published by the National Bureau of Statistics in Beijing that will reassure Lin. Retail sales in China, an indicator of household consumption, have slowed (+2.1% over one year in August, after a rebound to +2.7% in July), as has industrial production (+4.5% over one year in August, after +5.1% in July). Figures well below forecasts.
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