What China's Slowdown Means for Us All

China's National People's Congress, the annual meeting of the country's top government officials, comes amid a new economic context in 2024. For decades, China’s growth has been tremendous. But now the nation is seeing a significant slowdown. Its housing sector is in its third year of decline, the stock market is touching new lows and youth unemployment remains high. These issues may be a major headache not only for the Chinese people and President Xi Jinping, but they also have big consequences for the rest of the world.

Bloomberg journalists analyze what the end of China’s boom times means for everyone from Chinese citizens to US taxpayers.

00:00 Introduction
01:20 China’s growth miracle
03:04 The end of the boom
04:24 Young Chinese cut spending
07:25 Consequences for the world, Xi Jinping

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[cliffhamrickwrites]

"It's bad for the global economy."

Translation: Multinational corporations that have been profiting off of the misery of average people are finding harder to make more money.

[Bernard-foqo]

When they stop publishing unemployment data you know the stuff has hit the fan.

[tahirisaid]

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

[hanscumyeah]

"I though only those who make mistake will get fired"
Yep, worker loyalty are nothing, golden rule for everywhere.

[rodrigomohr]

China's growth slowdown from high growth to normal growth was predictable and inevitable. In some ways is much healthier and better for the entire world.

[BensCoffeeRants]

You can't have unlimited growth forever. It needs to be organic and sustainable.

[Dee-pvlb]

I used to travel to many Chinese factories. They would not let me enter an area where they were making products for a designer Italian company. I did not think anything of it until I stumbled on the packaging for the items. ALL packages said "Made in Italy". The factory representative saw me notice that and said that is supposed to be secret. The Italian companies' markup was huge...

[cherrywood]

Sometimes, a slowdown is not meant to be a negative thing. Globally, overproduction is always an issue, and readjusting the whole supply chain pace may not be a bad thing.

[dansands]

Stephanie has to play her own poignant music at the end; times really are tough.

[Ilovewine]

Thank you Bloomberg. I particularly appreciate that the original audio was not overridden by an “interpreter” which most people find annoying. Captions are way better. Thanks.

[doingtime]

"I thought only those who make mistake will get fired". I hate this mentality because if you think about it it's implying if someone doesn't have a job or is in a bad situation then it's their fault. I'm all for personal responsability, it's important of course, but the hard truth is that life has many factors at play at any given moment, cogs and wheels that you don't even notice. Sometimes these "invisble" things play in your favor and sometimes they don't. Let's not be so quick to judge others, life is much more complex than it seems.

[coffeecup]

Hang in there Stephanie. I am glad you found a job to get you through this rough patch.

[JimmyCos]

I really hope the best to those common millennial and gen z kids. They deserve a better future like everyone else

[rickchumsae]

The words "Loss of consumer confidence" are the same words that hammered America 2006-2008 and beyond. In those days I drove up and down the consumer commercial strips (restaurants, home improvement stores, beauty shops etc) and the parking lots were near empty. All in a city that had not lost more than a handful of jobs from the primary cause of the downturn. Based on past consumer behavior, the Chinese Problem could easily roll its way into other industrial nations. Lack of confidence becomes the problem. Thank you for your reporting.

[abdelkaioumbouaicha]

📝 Summary of Key Points:

📌 China's economic growth has significantly slowed down, leading to deflationary pressures, stock market losses, rising unemployment, and reduced spending on a global scale.

🧐 The slowdown in China's economy is attributed to factors like the property crisis, strict COVID policies, geopolitical tensions, and a confidence crisis due to debt and regulatory crackdowns.

🚀 The economic challenges in China have resulted in job losses, salary reductions, and increased financial struggles for individuals, impacting both domestic and global markets.

💡 Additional Insights and Observations:

💬 Quotable Moments: "This is an economy that became the world's Factory floor by driving up tons and tons of expansion and becoming this giant manufacturing Powerhouse."

📊 Data and Statistics: Nearly one in 3 Chinese office workers reported falling salaries in 2023, the highest share in at least 6 years.

📣 Concluding Remarks:

The economic slowdown in China has far-reaching implications, affecting not only the country's citizens but also global markets and political dynamics. Understanding the challenges faced by China is crucial in navigating the evolving landscape of the world economy.
Generated using TalkBud

[RasvonKoo]

I prefer an economy without focusing too much on the property and stock market.

[PainStation-psycho]

I’ve seen these kinds of videos over and over again every year since 2018…

[jamesdeininger]

Ray Dalio’s been awfully quiet recently 😂

[Peter-jcby]

Great piece! Wish it was longer and more in depth however.

[kenyup]

I’m not sure if this is like lost decades of Japan back to 90s