Global Recovery: Why China needs domestic demand as its economic growth stumbles post-COVID
Sales of Yizhuan Automobile Co.’s trash trucks picked up after China ended anti-virus controls in December, but their growth is in low gear as managers struggle to rebuild business lost during the pandemic. China’s economy rebounded at the start of 2023, but after a good first quarter, factory output and consumer spending are weakening. An official survey in April found a record 1 in 5 young workers in cities were unemployed. Yizhuan’s sales are up only by single-digit percentages from last year’s depressed level, according to its deputy general manager, Yu Xiongli. The 300-employee company is in Hubei province,...
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