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.
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