China's Economic Crisis: Rising Costs and Job Market Struggles

The Chinese economy is struggling with rising living costs, job market pressures, and increasing debt, causing widespread hardships for citizens.

### Challenges in the Chinese Economy: Rising Prices, Job Market Struggles, and Debt Issues
* 📉 As the Chinese economy faces a downturn, the job market is tightening, leading to **decreased consumer spending** and **significant societal challenges**.
* 💰 The continuous rise in prices, particularly of essential goods, is increasing living costs, with **spinach costing 18.98 yuan** and **cucumbers at 6.99 yuan**, putting a heavy burden on residents.
* 🥦 Many citizens, including children, are at risk of malnutrition due to soaring food prices, with fruits now ranging from **8 to 10 yuan** and pork nearing **30 yuan**.
* 🏢 The housing market is also suffering, with reports of **significant declines in real estate prices**, as exemplified by a second-hand house priced at **28 million yuan**, which is now selling for **less than expected**.
* 🚦 The job market is increasingly competitive, leading many young people to seek alternative employment like **taxi or delivery driving**, while established companies face **bankruptcy**.
* 💔 Health issues are on the rise among young workers, with cases of serious conditions like **myocardial infarction** becoming more common due to **stressful living and working environments**.
* 📊 Local government debt has reached approximately **100 trillion yuan**, severely impacting their ability to **promote economic growth** and leading to **salary cuts and reductions in services**.
* ⚠ Experts warn that without significant policy changes, the Chinese economy may continue to struggle under the weight of **debt, stagnant markets, and lack of domestic demand**.

【중국인사이트】 中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)

《칸중국》코리아

The Struggling Chinese Economy and Its Impact on Residents

The Chinese economy is facing a downturn, leading to a tightening job market and decreased consumer spending.

The rising prices of essential goods, such as vegetables and fruits, are putting a heavy burden on residents and increasing their living costs.

Many white-collar workers are now bringing lunch from home to save money, while some young people from rural areas are struggling to make a living in big cities, often living in cramped conditions.

Challenges Faced by Young Workers in China's Urban Areas

The living conditions for some young workers in China's urban areas are poor, with inadequate facilities and low-paying jobs.

The job market has become fiercely competitive, leading many to turn to taxi or delivery driving.

This economic polarization has resulted in a significant increase in urban home vacancy rates and has contributed to the rising prevalence of age-related diseases and mental health issues among young people.

Human Rights Protests and Housing Market Decline in China

In the first half of 2024, China saw an increase in human rights protection and strike protests, with the construction and manufacturing sectors accounting for the majority of incidents.

The economic environment is worsening, leading some merchants in Beijing to negotiate rent waivers for survival.

The luxury housing market is experiencing a decline in prices, with sellers struggling to recover their original purchase prices, resulting in a buyer's market and lower sales rates for new developments.

Real estate prices in China have dropped significantly, with the price per square meter falling to 100,000 yuan in 2024.

The implementation of price control policies in at least 11 cities has led to sharp declines in project prices.

Industry experts warn that the removal of these controls could further exacerbate the downward trend, while the top 100 real estate companies have seen a 40.

1% decrease in revenue compared to the previous year.

The Growing Debt Crisis of Local Governments in China

Local government debt in China is escalating, with bonds issued totaling approximately 4.

2 trillion yuan in the first seven months of 2024 and an estimated total debt of around 100 trillion yuan.

The issuance of local government bonds is expected to peak soon, but experts warn that the debt crisis is worsening, with local governments struggling to pay even the interest.

The massive debt burden has led to financial difficulties in some regions, resulting in salary cuts and misallocation of funds from newly issued bonds.

China's Economic Struggles and Debt Crisis

Local governments in China are passing on debt to state-owned enterprises and banks, leading to a potential debt explosion crisis.

Goldman Sachs has downgraded the stock ratings of major Chinese state-owned banks due to this issue.

Strict controls on external environments and a lack of support for private enterprises are exacerbating capital outflows and stagnating China's export and domestic markets.

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【중국인사이트】中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)

【중국인사이트】中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)

【중국인사이트】 中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)

【중국인사이트】 中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)

【중국인사이트】中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)

【중국인사이트】中 지방정부 부채 100조 위안! 은행에 떠넘겨! 전문가 한계 도달?! (이태연 보도)