The Chinese economy, long considered the engine of global growth, is now facing a serious downturn. The decline in consumer confidence and spending caused by the problems of the real estate market and the weakness of the labor market threatens not only domestic economic equilibrium, but also global growth. The deterioration of the housing market and the stock market undermines the well-being of households. This leads to a decrease in consumer spending, which is a key factor in the growth of the Chinese economy. Weak employment increases consumer insecurity, forcing them to save more and spend less. The effects of weakening Chinese demand are being felt around the world. A decrease in imports slows down the growth of world trade, and an excess of goods creates deflationary risks. Luxury brands, accustomed to the Chinese «golden» consumer, are facing a drop in sales. The automotive industry is facing difficulties due to reduced overall demand and increased national competitive advantage. In the long term, China faces serious challenges: deflating the real estate bubble, declining demographics and reducing foreign direct investment.
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