@nytimes reporter covering China and Asia, but mostly China. Got a tip? alexandra.stevenson@nytimes.com GPG
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As China’s Communist Party celebrates 70 years in power, it faces a very big challenge: a worsening economy that has left some people wondering China’s best times might be behind it.https://www.nytimes.com/2019/10/02/business/china-consumers.html?smid=nytcore-ios-share …
What’s different this time around is that young people have never experienced such a drawn out slowdown. And it comes as they face fewer job prospects and higher costs of living.
It’s a new unease that can be found across China, from the glittering business capitals of Shanghai and Shenzhen to more working-class places like Zhengzhou, an industrial metropolis of 10 million
In Zhengzhou, Wang Junda works on a short-term contract at a complex where Apple phones are made. He worries that he will never make enough. “Whatever you earn is never enough to match your spending,” he saidpic.twitter.com/9Dlk2sbaeV
At a mall downtown, Wang Li is among a dozen bored shopkeepers who sit on lawn chairs and stools, watching shows on their smartphones while waiting for customers. “Nothing is good,” she said. “It’s not just this one type of business. Every kind of business is not doing so great.”
“Business is not good,” Cui Guowei, her boss, complains. “I’m so worried I have a headache.” He’s been running his business selling towels, water bottles and keepsake mugs for more than ten years but these days things are worse than before.pic.twitter.com/a1kOWnRgBv
In Shanghai,Mengjie Wu and George Gao have a mortgage and loans to pay off and rising living costs. So they are considering putting off the ultimate act of consumption: their wedding. “We haven’t decided if we will do it yet because it is not a small cost. We won’t do it soon.”pic.twitter.com/facibSbYMh
These concerns pose an immediate challenge to China’s leadership, which draws its legitimacy from the wealth and confidence of the Chinese people. Read more herehttps://www.nytimes.com/2019/10/02/business/china-consumers.html?smid=nytcore-ios-share …
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