Why is Chinese consumer spending weakening?

China’s GDP growth has slowed significantly in 2022, with much of the slowdown from flagging consumption.

Part of this is due to fear of contracting Covid or bumping into someone who is a “close contact” of an infected person. However, even purchases that require very little human contact have been relatively weak.

Why? A new analysis of RIWI’s real-time China datafeed by economist Mark Kruger provides new evidence that weak income growth and property price declines are also weighing on consumption.

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