2023-08-18 14:23:02
Beijing, Berlin The highly indebted Chinese real estate developer Evergrande filed for bankruptcy on Thursday, competitor Country Garden reports payment difficulties, and there are also persistent bad economic data – China specialists now rate the situation of the second largest economy as serious.
The Chinese government is trying to calm the situation. At a meeting of China’s State Council, Premier Li Qiang called for more efforts to boost consumption, attract foreign investment and support private enterprises.
Earlier this week, the Chinese party organ “Qiushi” published a speech by China’s head of state and party leader Xi Jinping, in which he urged patience. China should focus on long-term goals such as improving education, health care and food supplies for its 1.4 billion people, rather than just pursuing short-term material prosperity, Xi is quoted as saying.
But the problems of the Chinese economy are piling up. The difficulties in detail:
1. Difficult situation in the real estate market
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