Why China's economy is in crisis

China's yuan is at a 16-year low and the country appears to be experiencing deflation. Economists say these are signs China could be facing an extended economic downturn. CBS News' Lana Zak has more on what caused this crisis.

#news #china #economy

[MrPathorock]

China econmy has been in crisis for the past thirty years according western media, yet it became the second largest economy while being consistently collapsing.

[MagnetoMasterMan]

I think there's more to China's economic situation than meets the eye. While it's true that the housing market played a significant role, we should also consider the global economic landscape. Many countries are facing challenges and China's slowdown might be interconnected. Blaming it solely on internal factors might be oversimplifying things. Just my two cents 😎

[Greysquirrel]

We ll see this exact same headline 30 years from now

[trainwreck]

Paying a rent is a challenge, buying a house is unattainable, so America?

[jjnxhzz]

The world is having a hard time, and the politicians form each country ends up killing each other by making farmers hating each other and suffering from any kind of the war. But, the politicians are wealthy and healthy, civilians are not😅

[pirrracy]

No wonder they were cleaning house over in Singapore.

[investingthelike]

bad debt doesn't stop people working and building things, it just means some people don't get paid for it or get paid less for it.

[joem]

Ytd July 2023 China has a trade SURPLUS of just under half a trillion dollars, in spite of a 15% drop in export YoY. Does China have no problems ? No. IMF growth forecast is only about 5%, not the teens it used to be. Is there any End of China crisis ? Think not.

Better not be. If China ended, where would you get your solar panels, batteries for eV and a gazillion other things you can't live without from ?

[Dwrksied]

God damn! We have enough neighbours on the brink of collapsing already

[boohoo]

This is true but the US has massive poverty and homelessness and a massive real estate bubble in most states all banks in the US are bust

[Wunderpus-photogenicus]

Jealousy, misery and envy will find no cure.

[robertward]

We caused the world wide depression in 1929. Which enabled WW two. Lotta similar things going down right now....🤔

[hendrang]

#China 2023 GDP growth forecast update:
🔼Citigroup: 5.0% → 5.3%;
🔽Goldman Sachs: 5.4% → 5.3%;
🔼Societe Generale 4.8% → 5.2%;
🔼J.P. Morgan: 5.0% → 5.2%;
🔼Nomura 4.8% → 5.1%.

china economy is steady and recovering quickly.

[RichardBrett]

China's deflation is bad, but the US' hyperinflation is good. China's high household savings rate is bad, but the US' household high credit card debt is good. China has housing surplus is bad, but in the US, no one can afford to pay for his housing mortgage is good. Bank collapses in the US are good, but there is a small decrease in China for the month of July, which is terrible.

[lenkiatleong]

If China's economy is in crisis, the US admin does NOT have to line up leaders to visit Beijing.

[reggiewest]

200b in unpaid bills😮 now charge that to the game🤗

[hididdjdj]

Did they say deflation? Good for the consumer, it means the money is more valuable. Leave it to the capitalist to think that's a bad thing

[jan_darysh]

How long will the swearing contest last?

[eskay]

China came from nothing and will be-able to weather any hardship. The country of so big and will beable to produce enough to food and other consumer goods to be self suffice. Anyway, it is so illogical for this news report in trying to link China’s slowdown to Taiwan, even school going children finds it unrelated.

[Garylincoln]

China is growing at 6%. USA is growing at 1%. 😂 For anoyone denying this, look it up.