China's National Bureau of Statistics said Monday that economic output from October through December was only 4% higher than during the same period a year earlier
An idle construction site for an Evergrande residential project in Taiyuan, China, and completed buildings behind on Oct. 20, 2021. China Evergrande Group is only the largest and most visible of a lengthening list of real estate developers in China that have run into severe financial difficulty lately. (Gilles Sabrié/The New York Times)
BEIJING — Construction and property sales have slumped. Small businesses have shut because of rising costs and weak sales. Debt-laden local governments are cutting the pay of civil servants.
China’s economy slowed markedly in the final months of last year as government measures to limit real estate speculation hurt other sectors as well. Lockdowns and travel restrictions to contain the coronavirus also dented consumer spending. Stringent regulations on everything from internet businesses to after-school tutoring companies have set off a wave of layoffs.
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