China’s property bust - and why it’s bad news for the rest of the world

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What is behind China's economic woes?

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Partially constructed buildings, a part of Country Garden’s Ten Mile Bay project in Nantong, China. Photograph: Qilai Shen/The New York Times

Tue Sep 5 2023 - 05:00

Chinese economic growth is faltering and the biggest drag on the economy is the tanking property market, with prices falling and developers defaulting.

Domestic demand is dropping as nervous consumers opt to save rather than spend. That’s bad news for China’s vital manufacturing sector.

Add double-digit youth unemployment and the problems are piling up for president Xi Jinping.

Beijing correspondent Denis Staunton explains how, after decades of massive growth, China has slowed down and explores what it means for the rest of the world.