There is no denying now that China's economy, the world's second largest, is in deep crisis. China's economy grew 5.2% in 2023, slightly above the official target, but the recovery was far shakier than many analysts expected, weighed down by the mounting local government debt and deepening property crisis.
This week, stock markets in China and Hong Kong have plummeted to their lowest levels in several years, as faith in the world's second-largest economy has dissipated and international investments have withdrawn. This downturn coincides with data indicating faltering economic growth and a worsening crisis in the real estate sector.
