The end of China’s zero-covid restrictions was meant to revitalise its economy. But the rebound has fizzled, resulting in weak growth and deflation. Chinese consumers are not spending—and that is a problem for policymakers.
David Rennie, The Economist’s Beijing bureau chief, and Don Weinland, our China business and finance editor, examine what lies behind the dip in consumer confidence. David speaks to furniture sellers in Foshan, in Guangdong province, about the end of zero-covid and about China’s troubled housing market. He and Don ponder whether the Chinese government can get people to spend again, and what China’s economic troubles mean for the rest of the world.
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