China's economy is headed for a slowdown, according to Nobel laureate Paul Krugman.
The top economist compared China's disappointing economic performance so far this year to Japan's economic woes in the 90s, when the nation's economic power began to decline.
On top of that, China is also suffering from an unbalanced economy, Krugman said, with demand struggling to rebound after the pandemic.
Manufacturing activity contracted in May, while real estate activity, which makes up about a fifth of China's economy, has also stalled.
Other experts have warned of trouble for China's economy amid its so-far disappointing economic recovery.
Persons:
Paul Krugman, Krugman
Organizations:
Service, New York Times
Locations:
China, Japan, Wall, Silicon