China’s property crisis hasn’t gone away: it is getting worse
Officials may have little choice but to bail out the industry
Weeks ahead of the Chinese Communist Party’s 20th congress, at which Xi Jinping, the country’s president, is expected to secure a third term as party leader, an already big problem is becoming even more alarming. More than two-thirds of urban households’ wealth is tied up in property and the industry underpins a fifth of gdp. The housing market is slumping into a deepening hole, dragging the economy down and even causing small outbreaks of social unrest.
This article appeared in the Leaders section of the print edition under the headline “House on fire”
Leaders September 17th 2022
From the September 17th 2022 edition
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