Meanwhile, its financial markets are bleeding, the property market has gone up in smoke, local government debt appears alarming, and foreign investors are exiting in droves.
Real estate — which was a huge part of China's economy — has been hit badly, he said.
AdvertisementTravel has picked up after years of pandemic lockdownServices is another pillar of China's economy that Beijing has been trying to build up.
AdvertisementThis is in part because new growth industries are not able to take the place of real estate — yet.
Because the property market accounts for one-quarter of China's GDP and more than two-thirds of household wealth, its overall drag on China's economy is much greater than whatever is doing well right now.
Persons:
—, Rory Green, GlobalData.TS Lombard, AllianceBernstein, John Lin, Lin, Donald Trump's, Louise Loo, Wood Mackenzie, AllianceBerstein's Lin, Nomura, Loo
Organizations:
Service, Business, Bloomberg TV, Oxford Economics, Nomura, Oxford
Locations:
China, GlobalData.TS, Real, COVID, Beijing, Europe, Taiwan, South Korea