Xi's real test is not Trump's trade war
Summary
The US tariffs have not scared Chinese traders, but are intensifying existing economic pressures within China. China's concerns range from a decline in consumer spending and a housing crisis, to job insecurity and an ageing population.Key Facts
- Chinese traders are not fearful of the US tariffs, rather it has motivated them to create humorous content online.
- China's President, Xi Jinping, stated that China is not reliant on anyone's provisions and will not submit to unjust suppressions.
- China's economy is struggling with issues such as a housing crisis, job insecurities, and an older population.
- Despite robust housing construction, China has an oversupply of homes with decreased values, damaging consumer confidence.
- The country is also facing a potential pension crisis with about 300 million individuals aged between 50 to 60 expected to leave the workforce over the next decade.
- Youth unemployment is a problem, with over one in five people aged 16 to 24 jobless in urban areas. The government has stopped releasing unemployment figures for youths since August 2023.
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