A stalled housing construction project in Zunyi, in China's Guizhou province. Photographer: Qilai Shen/Bloomberg
It was meant to be the year when China's economy, unshackled from the world's strictest Covid-19 controls, roared back to help power global growth. Instead, halfway through 2023, the Chinese economy is facing a confluence of problems: sluggish consumer spending, a crisis-ridden property market, flagging exports, record youth unemployment, and towering local government debt.
The impact of these strains is starting to reverberate around the world, affecting everything from commodity prices to equity markets. The risk of Fed hikes tipping the U.S. into recession has further heightened the prospect of a simultaneous slump in the world's two economic powerhouses.
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