The Chinese economy is in trouble. Exports, manufacturing output, and investment are all down. Unemployment, particularly among young people is up. Provincial debt is now at a record $8 trillion while a burgeoning property crisis has eliminated a once reliable source of revenue for local governments.
The financial difficulties that China is now experiencing have direct implications on dozens, if not hundreds of developing countries around the world that have come to rely on Chinese demand to bolster their own economies.
Lizzi Li, an economist and reporter at the Chinese language television network Wall Street TV, joins Eric & Cobus from New York to discuss what’s behind the economic slowdown in China and why it’s critical that policymakers and other stakeholders in the Global South learn quickly how to adapt to the new economic realities that are taking shape.
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