Worldwide concern due to huge decline in China's economy

Business is also getting affected due to low investment and consumer spending.

For more than 25 years, China has been known for its steady economic growth. It was a strong engine driving the world economy forward. Now the faltering of the engine has increased the dangers for the Chinese people and the economy of other countries of the world. China was expected to pick up after the pandemic lull. But, this has not happened. This week's figures show that China's exports have declined for the third month in a row. Import of foreign goods has been decreasing for the last five months. There have been signs of slowing down of business activities due to a steep fall in prices ranging from food to houses.

The crisis in China's housing market has been deepening. Major real estate developer Country Garden has defaulted on its bond  payments. take him a year

Due In the first six months, there has been a loss of Rs 63 thousand crore. The weakening of the Chinese economy will affect the cannabis of many commodities. Demand for many commodities, including Brazil's soybeans, America's beef and Italy's luxury goods, is down. 

 heavy fall in economy, the dusty market is sluggish, export lags

A large number of apartments are vacant in the big cities of China.

Government's debt is 282% more than national income

According to a new analysis by BCA Risson, China has been responsible for the world's economic growth for the last ten years. In comparison, the share of America is 22% and twenty countries of the European Union. There is also a reason for concern that the way to revive the Chinese economy has become limited. The country has 282% more debt than national production.

People deposited Rs 141 lakh crore in banks in six months. Consumer spending in China has weakened. The National Bureau of Statistics has stopped releasing figures that shed light on the problems of the economy. Because of the weak system of social security, Chinese people save a lot. In the first six months of this year, people have deposited Rs 141 lakh crore in banks. This is the highest in the last ten years.

It has started happening. The demand for oil, minerals, metals and other goods needed by the industry has also fallen. Larry Hu, chief economist at Hong Kong- based Australian financial services firm Quire, says China is the world's largest commodity consumer,so it will have a huge impact on other countries.

Amid changing conditions, the ruling Communist Party of China is emphasizing on the system of domestic consumer spending. Indeed, the days of the 20- year- old model based on government investment in infrastructure and exports are over. Due to the loss of factory jobs in other countries of the world, especially in America, amid the increasing exports of China, a situation of trade conflict has arisen. President Biden has imposed several restrictions after former US President Trump. Here, due to the US- China conflict, multinational companies have started setting up factories in countries like India, Vietnam and Mexico. It will affect the economy.

Weakness in savings, investment and consumer spending is attributed to a lack of public confidence. The builders have built on a very large scale for many decades. Now newly built apartments in big cities are lying vacant. However, many economists expect the price slide to stop. The government has also reduced the attacks on private businessmen. The government's policy is to boost domestic demand, says Bruce Peng, chief economist at Greater China, a Hong Kong- based investment company.