The bubble in China's property market finally popped.
In April, China's economic data came in weak largely across the board.
The problem is that while consumers may be picking up, the biggest drivers of the Chinese economy — property and exports — are going to stay dormant.
Consumer consumption makes up about 37% of the Chinese economy (in the US that figure is about 70%).
Beijing has tried to shift the country toward a consumption model, like the US, but exports still make up 20% of China's economy.
Persons:
lockdowns, it's, Xi Jinping, Stanley Druckenmiller, We're, Morgan Stanley, Goldman Sachs, Wei Yao, Leland Miller, Miller, Yao, Wright, I've, —, Kearney, Linette Lopez
Organizations:
Trade, JPMorgan, Bloomberg Invest Conference, Bank of America's, China's National Bureau, Statistics, Societe Generale, Analysts, Beijing, China, Chinese Communist Party, China's
Locations:
China, globalism, Beijing, York, Asia