Source link : https://news7.asia/news/how-china-lost-confidence-in-its-economy/
In front of a DJI store on November 17, 2024, in Shenzhen, Guangdong province, China. CHENG XIN / GETTY IMAGES This start of the year is particularly mild in the south of China, there are people in the streets of Shenzhen. The country’s third city (17 million inhabitants), located in Guangdong province, is the very embodiment of the changes that have occurred in recent decades. It still has factories, but its avenues are now lined with skyscrapers. They have nothing to envy of those of Hong Kong which it borders. This is where the headquarters of the giants of the new Chinese economy are located: the Chinese leader in social networks Tencent, the world number one in electric automobiles BYD, or that of drones for individuals DJI, as well as the telecoms champion Huawei. Read later The must in Shenzhen is to spend time at MixC, a neighborhood almost as much as a shopping mall, with indoor galleries and outdoor walkways, high street at Uniqlo and very expensive at Ralph Lauren. There are still people there, but what Dolly Wang, the saleswoman at the Softserve accessories and gift store, struggles to explain is that they are buying a lot less than before. “There are many who enter the store and stay for a while to look. They like it, but still come out without buying,” explains this 25-year-old woman. When we ask her why, she just uses this expression, which comes up regularly lately in China: “the downgraded of consumption”. You have 88.29% of this article left to read. The rest is reserved for subscribers.
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Author : News7
Publish date : 2025-01-09 09:25:19
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