[The Epoch Times, 13 Samhain, 2024](Reported by Epoch Times reporter Fang Xiao) China’s economy is shrinking and domestic demand remains sluggish. The Chinese Communist Party media must also admit that the current economy has four main problems, including sluggish domestic demand. Many voices from the people of Tîr Mòr said that the people really don’t have money.
CCP media admits domestic demand is sluggish in China
The Chinese Communist Party (CCP) media “People’s Daily” published a signed report article on November 11, saying that China’s economy faces four major problems, including increasing pressure on China to increase foreign trade and stabilize foreign investment; slow, and residents’ spending power and willingness to eat is not strong.
Some companies have operational problems and are facing weak sales, declining profits, and weakening market prospects in some areas there are many hidden dangers. Some areas are finding it more difficult to resolve debt, some local communities are facing financial problems, some companies have laid off workers and cut wages, young people such as college graduates are under more pressure to earn, and income growth of urban residents has slowed. .
Mainland China’s CPI rose 0.3% year-on-year in October, slowing from a 0.4% rise in September It hit the lowest level since June and was below the 0.4% increase expected by a Reuters investigation. Excluding volatile food and fuel prices, core inflation rose 0.2% in October.
In late September, the CCP launched a variety of heavy-duty policies to stimulate the economy, but inflation remains close to zero, again indicating that domestic demand remains sluggish.
People: People really don’t have money
On mainland social media, many netizens said that people don’t have money now. And he summarized several typical phenomena:
First, it is increasingly difficult to do business in grocery stores. When I went shopping in the past, the mall was always crowded. Walking into the mall now is like walking into a ghost town. Sometimes there are more clerks than customers. What is even more surprising is that I have seen many sources listing “successful sources for subletting” every three to four months.
“Why do successful shops sublet so often? This is because people do not have money in their pockets. Those who have some money also keep their pockets tight and do not spend money outside. Prices are rising faster than wages, and mortgages and car loans It’s really good.
Second, young people don’t have children. Of course, more people don’t want to have children, but they don’t want to have children. Children are “beasts that eat gold”. From diapers and powdered milk to school district housing and cram schools, everything costs a lot of money. But now the salary has been cut and the employment situation is poor. Young people are struggling to survive and they don’t think they have children. The result is an aging population and future labor shortages. The entire society cannot bear this effect.
Third, people began to save money hard and reduced their appetite for food. I used to spend money lavishly, but now I have become budget conscious. Saving money has become a new trend.
I used to go out to eat and drink on the weekends, but now I choose to stay at home and watch drama. Because of concerns about the future, people today save as much as they can. “If everyone stops eating, how will the economy grow? If the economy doesn’t grow, how will there be income? If there is no income, what will it be used for?” to spend? This is a very scary cycle.”
“These phenomena reveal a series of problems such as the gap between the rich and the poor in society and the imbalance of the business structure. They also reveal the deep contradictions of the Chinese economy. As normal people, we need our ability to resist risks, because in this country, reliable people The only one left is myself.”
“People’s money is being held up in the property market.”
Blogger “Universe 1O” said recently, where is the people’s money going? In order to buy a house, most families have saved their lives in the real estate market, and even used their grandparents’ pensions to pay the down payment for the house.
However, there are many unfinished construction parks in many cities across the country that contain more than 100 buildings, and a lot of their money has been locked up. Many developers are now heavily in debt and there is a lot of money tied up in the property market. The families who bought these houses lost their money – they were all trapped in the housing market.
“In the last few years, relevant sectors have wanted to encourage consumption and increase domestic demand. Why hasn’t domestic demand increased? The main point is that everyone’s money is invested in the real estate market. Some say it’s real estate. black hand is the biggest right now, there is a special reason.”
He said there are still a large number of vacant properties that cannot be sold. And those who have already taken money to buy a house cannot get it. Therefore, mortgage payment cuts and even general cuts occur frequently. This situation is not imaginary, it is in social reality. These houses range from several million to tens of millions in large cities; they go from hundreds of thousands in small towns.
“More and more people are unemployed now, and a wave of unemployment is coming across the country. And the money invested in the property market accounts for almost half of all families. And now the inventory and lists of second-hand houses as rising above. No new properties are available yet. When the number of second-hand houses are being sold, it is difficult to sell the houses in time, which has become the biggest problem for the people.”
Editor-in-Chief: Gao Jing #
2024-11-12 17:55:00
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