GDP growth is on pace to meet leadership’s goal for China, but a stubborn property slump, trade complications and deflationary pressure persist
Having gone five years without a raise, and now facing increased odds of being laid off, a 36-year-old accountant in the southwestern Chinese city of Chengdu is among those feeling a disconnect between robust headline economic figures and the day-to-day reality.
Justin Li has been struggling to make ends meet since the onset of the pandemic. Since then, his monthly salary of 7,000 yuan (US$975) has not changed. And now, as his company undergoes a round of lay-offs, his dream of buying a home seems more distant than ever.
“With my current income, I don’t dare take on a mortgage,” said Li, who relies on rental housing to provide a home for his wife, mother and one-year-old daughter. “What if I lose my job one day? The job market is weak right now – there’s too much unknown about the future.”
Your personal data will be processed and information from your device (cookies, unique identifiers, and other device data) may be stored by, accessed by and shared with 88 TCF vendor(s) and 20 ad partner(s), or used specifically by this site or app.
