Chinese President Xi Jinping.Getty ImagesChinese business owners and consumers told The New York Times they're concerned about the economy.China is dealing with declines in manufacturing and trade as well as record-high youth unemployment.Larry Summers said last week China's economic proespects had been "greatly exaggerated" in the past.Chinese consumers and business owners are in a panic as the country faces economic headwinds and has even lost its status as the number one trading partner for the world's largest economy — the US.The New York Times' Li Yuan spoke to more than a dozen people who are struggling with the economic reality in China: declines in exports and manufacturing, a record-high youth unemployment rate, and even deflation."The most terrifying thing is that everyone around me is at a loss of what to do next," Richard Li, who owns an auto parts wholesale business, told the Times, adding his business's revenue in the first half of this year dropped 15% from a year prior.
As China Loses Its Spot As The Top Us Trade Partner And Faces A Slowing Economy, Chinese Consumers And Business Owners Are Worri
kvlamis@insider.com (Kelsey Vlamis), Business Insider
Mon, 08/21/2023 - 7:53pm
Topics: i can chinese president xi getty imageschinese the new york times new york times li yuan richard li treasury secretary larry summers the washington post insider's cork gaines federal reserve bank dallas july andy wang austria business insider chinese xi jinping times larry summers china times spot top trade partner faces economy worri economic country told year previously declines greatly week lost youth record-high manufacturing exaggerated trading reported
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