As China's economy stumbles, should the rest of the world worry? | Counting the Cost
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- เผยแพร่เมื่อ 2 ส.ค. 2024
- China has been described as the world's factory and the engine of global growth.
Its economic rise was once seen as unstoppable. Then came COVID. Slowed by three years of strict lockdowns, the Chinese economy was expected to roar back in 2023; instead, factories are slowing down, consumer prices are falling, real estate is in crisis and exports are in a slump.
The grim data indicates a serious economic slowdown, so much so that United States President Joe Biden has described China as a "ticking time-bomb".
Elsewhere, BRICS is expanding. But is bigger stronger?
Plus, is Sri Lanka's economy on the mend?
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As China's economy stumbles Aljazeera studio's floor is in ruin, look at how terrible the finishing are.
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😂😂😂 it's true
China's economy is not in any tumble, the west is trying to get investors out of China and it won't work coz we all use Chinese goods.
How refreshing more CCP whataboutisms 😂
Hahaha. I noticed that, too.
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
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5:00 This Gary NG guy is not from Singapore, those are HK accent, from his body language he is very tense lol.
Giant words from South Africa about restructuring the global economy when they can’t even generate enough electricity.
Stumble or not, China still not buying any US treasury debt.....
China holds less than 1 trillion dollars in US bonds. That's less than the evaluation of Tesla a few months ago. That 10X less than the value of the assets managed by BlackRock. That's 2.5X less than the evaluation of Microsoft alone....
so why Yellen went to China and begging?
@@alanssshh Why did China invite Yellen to beg her and the USA to go ease the sanctions against China?
China can’t afford UST, it’s bankruptcy is being exposed daily.
Great, then other people will buy them.
I don't think 5.4% of GDP is stumble for the 19 trillion economy
YEP-- IT IS ALL RELATIVE. THIS SHOW SOUNDS LIKE ANTI-CHINESE PROPAGANDA
Western media is being used to deter investors from investing in china. It is all a scheme
Who said it's a 19 trillion dollars economy?
Yes it is, because it's 5.4% of "19 trillion" dollars and is more than 5.4% of 1 or 2 trillion. What's your logic?
@@UnstableEvilthat's not how it works
China's GDP growth in 2nd Q is 6.3%, how did bad become bad? China economy gas has generated almost 1 trillion $ annually for the last decade, this year gonna be the same...
That's because those numbers are cooked by CCP while the country is reeling under a massive recession!
Yeh, it's probably not 6.3% . It's hard to gather real data points when dealing with an insecure, opaque dictatorship. A more reasonable estimate can be based on the fundamentals seen on the ground: unfavorable demographics, defaults in key sectors, years of bloated spending, etc.
😂Deflation & 6.3%
China’s pre-Covid GDP growth was at least 6-8%. 6.3% is not enough to make up for the slow 3% growth in 2022. Coupled with high youth unemployment, real estate constituting 70% of household’s wealth, declining consumer confidence, deflation etc ….. perfect storm brewing
@@darthvader4209 what about the West then? Are economies are stagnating much worse than China's and are likely to fall into recession rather soon due to high interest rates. Maybe we should be worrying about ourselves more than China.
The commentator has been polite and cordial towards the true underlying issues plaguing china 😌
Yes. Not quite sugar coating, but kind indeed.
Have been listening to the same cry of ‘China collapsing’ for decades…..while watching China keeps growing!
In the 1990s, continued "most favored nation" status for the People's Republic of China by the United States has created this situation. They enjoyed it so much that China practically built it's human, financial and industrial, infra capital using US's help.
Now it has become sore in the eyes of its own benefactors.
On the other hand countries like India, Indonesia, UAE did what they had to do based on their own policies and strengths without much help from the west.
Maybe countries should become superpowers based on their own credibility rather than exclusive help from one partner for decades.
Some of this is a little odd. The majority of Chinas GDP is from manufacturing (exports) and from real-estate (building, investments and growth). These are _local_ China problems, since many countries are moving the manufacturing back to their own countries. China cant create more local consumption if the people that worked in the industries that have shut down, dont have jobs? With 20% unemployment in under 25's there is a clear problem of China being able to support their people with work and employment to even have work to be able to buy anything.
The housing sector is the same for this, since they employ a vast un-educated pool of people, which are now also out of work. Many people have flocked to change their work to become online sellers or similar. China is also now suffering a massive outflow of investment, since it is clear their growth targets are just not attainable, additionally they are still cutting interest rates, and whereas the rest of the world is increasing interest rates, meaning many countries now are literally far better places for investors to move their money to.
China is _desperately_ trying to stop the outflow of money with many restrictions on its citizens in money transfer... it is a situation that is deteriorating rapidly.
20% of youth unemployment was due to the number of college graduate increased 40% in a few years. those kids simply won't take factory jobs. There are lots of jobs in the manufacture sector, nobody takes them.
While we in the free world should be _CELEBRATING_ the downfall of the engine that powers the gang of thugs, aka the CCP.
Sympathies for the people who will suffer, but all in all, good for world peace.
is USA manufacturing anything
Lol don't watch too much American news media
@@jameskillu9171 - Funny. Said nothing about US. Europe, Asia, and Americas are all doing this. And, US.. is making quite alot and helping Mexico raise their manufacturing too. Things are changing, and China's only real source of income is about to stop. With their vast import issues. They are in a very very precarious position economically.
As soon as I see Gary Ng, I can tell Beijing is speaking.
And this was going to be new superpower? 😂 looks like ray dahlio's predictions are wrong
funny though why aj keeps reporting how down China is
They delivering what they are told by their masters the West
it's CIA sponsored media
Lies and more lies. I own a retail business in China. The first half of 2023 has been our best ever.
You must work in a morgue
Covid hit hard
@@andymcrae4661 Is that all you got? Then keep jackin' off on MSM garbage.
@@andymcrae4661 💀💀
Why Western MSM keep lying that Sri Lanka went bankrupt due to "Chinese debt trap" ? The total international and
national public debt of Sri Lanka is about $83 billion, of which only $7.5 billion is owed to China.
The US is now trying to " help" Sri Lanka to build a second Port ! Please provide Interest-free loan only .
Should Sri Lanka try to make good use of the Chinese Debt Trap port first before building a new US Debt Trap port ?
The US president should focus on the US economy and not the Chinese economy
I mean who funded china's economy? Hmmm
How can the US maintain its supremacy WITHOUT suppressing China, especially its tech and economy?
US is very focus in wars. It had spent more than 7 trillions USD in Iraq, Afghanistan and Syria in the past 30 years.
@@oceanwave4502it opposes it on its own created platform, US made china that great, the west as a whole did. Truth be said
President has to be aware yknow
Nope, they want to be cut off from the world and do everything the ‘chinese way’, let them suffer. The world
Wouldn’t have these economic scares if investors and corporations quit pimping poorer countries for their own benefits
its not only china, all major countries trade are down 10-30%. so as a world factory it is just obvious that they are also down. the key is getting these companies back to china not vietnam mexico etc.
Yea good luck with that western companies don’t trust China moving forward especially since the draconian Covid 19 lockdowns. Mexico and other countries will pick up the slack.
The Chinese govt initiate a real estate bubble deflation in 2017 by restricting credit to over leveraged developpers in order to kill property speculation and to make housing affordable for the next generation. This is 5 years later. Yes a couple of developper has gone bust, just as expected, a Trust co has gone too, but none of these are systemically important. Western Media just looooves crisis hyperventilating, looves the hype and the hyperboloid. Like any deflation, some will be hurt. But is a controlled process, no Lehman here. Move on.
i can feel the air pollution gone, the public park getting more, the ev car is getting more, our industries is getting stronger, our technologies is getting more independent. of course, we think we are slowing, maybe facing big problem
I love how the title tries to spin the cause and effect, as if China's economy slow down is the cause and the world suffers from it. In fact, it's the other way around.
yeah, SG should, it's its no. 1 fan. They are all for exposure I just wonder why are they not worried until now.
Like you said some economists that who knows who they are. The US is not Europe.
Chinese economy is growing the fastest among the major economies of the world. So what are you talking about?
Gary is very educated and well spoken. kudos to him
And a month ago the Chinese announced their claim to world domination in the BRICS Cafe!
People need to pay much more attention to what is going on in the Ukraine. The “Ukraine contact group” has over 50 nations. That is nearly twice the size of the EU and includes countries as divers as Japan and Morocco. This will become your top global supply chain mechanism. They need to be able to move large amounts of equipment quickly and efficiently and are modifying infrastructure to do so. Once you can easily move tanks and missiles across borders it will be easier to move gas and beans. New hubs in the global logistics chain are forming. India, ASEAN, Latin America, Africa and so on will have to interface with these new emergent hubs.
Why US Commerce Secretary visited China?
to say farewell 😂
Pain is something that must be experienced. If industrial upgrading does not take place, then it will fall into a middle-income trap like Latin American countries. The real estate bubble must also be pricked, or else it will be hit by the United States like Japan and be destroyed. So even though China's economy has been bad for the past few years, I still support the Chinese government's decisions.
Sending love and hugs from the USA!! 🇺🇸
No, China is doomed. Not only has their birth rate dropped 70% in the past 5 years, they also no longer have enough people under 40 to avoid population collapse even if you give them all Viagra. Meanwhile there are no jobs for the young, so the government has stopped even reporting the youth unemployment rate. Goodbye China, you had your chance, now disappear!!
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Yes. China’s economic hyper-growth era is over. Everything that had caused it has changed. These economic contagions always spill over even if China is more insulated from the world economy.
most financial crises are due to Western countries, not China
US and EU are either stagnant or in recession. China 5% is many times better than your country.
Get a 🧠!!!
come on.there's more than 200 countries in the world. how many of them would follow American blindly. even Germany say something different from American
@@alanssshh Sri Lanka, Pakistan, Italy, Montenegro.
The economy producing homeless is USA not china
No need to worry there are other countries to trade with than China, that do not support the ongoing war in Europe or want to start a big war in Asia.
We are already in Recession unofficially and every country is facing hyper inflation.Ordinary people are suffering every where due to price hike in basic commodities.
Wherever you live, "We" doesn't include the US. Inflation is the exact opposite of the deflation you'd normally experience in a Recession. The US has very low unemployment which is also normally a sign of a Recession, in fact today it's a curiosity that the unemployment rate is lower than annual GDP. That almost never happens.
Rahulji can only revive their economy with his strategy of global expansion through Yatra instead of BRI
Thank god usa saw this coming 😂
Gary is not human. It is AI. He is not blinking eyes
Can't you invite a real person instead of an AI bot
😂😂
😂😂😂
lol.... probably autistic or something.
Hello. If the world consumes less then offcourse you dont produce and export that much. How difficult is this? Thats because the world is in a recession
As China's economy stumbles, the rest of the world should laugh.
GDP growth in Q2
China: 6.3%
USA: 2.7%
Singapore: 0.7%
Japan: 1.9%
South Korea: 0.9%
Germany: -0.6%
France: 0.9%
If China's economy stumbles, what do we call the rest of the world?
Shanghai statistics 😂
well, I live in China. I can feel the economy is defintely not as bad as they say with my own experiance@@akalrove4834
@@akalrove4834 No, CCP wishful stats...
by the way, the World Bank estimated 5.6% growth for China's economy in 2023. This is the not Shanghai statistics, right?@@akalrove4834
China's economy stumbles ? ha....ha....ha....
China's economy has been stumbling since 30 years ago and India's has been booming since 30 years ago.......
But today, China's GDP is more than 5 times larger than India's......
It's inevitable, China is hitting the ceiling. It'll still grow but at a much lower pace. It's not worrying for the world or china but rather worrying for the ruling political party.
No, it's economy is going to collapse, because their demography is collapsing. They've stopped having children!
Every cloud has a silver lining. Better for India and Indonesia if it does they will get industry.
And Turkey is getting the new Traditional Silk Route Marketplace! That is far more exciting news. They will build a new traditional market outside of Istanbul where there will be dancing and incense and silk and fantastic cultural foods and all the things the people on the Silk Route wanted.
A new tourist attraction for the Silk Route and one that people can afford and enjoy.
Growth of Chinese economy is “slower” than expected at 5% - China is going to collapse
Growth of UK economy “higher” than expected at 0.5% - wow beyond expectations
Growth of Germany economy “higher” than expected at 0.4% - fantastic
USA with 1.8 trillion printing of money grew 2.4%-wow amazing!
Every "statistic" that comes out of China is at best a rumor, it is THAT untrustworthy. China is not alone in this; this is common to all autocratic regimes.
So, if China says 5% growth achieved, the suspicion is that it is closer to zero, because China habitually overstates it by that much.
Because of years of such accumulated overstatement, there is suspicion that the real size of China's economy isn't even the $17T that is claimed, but probably no more than 60% of that figure.
the western lies, and propaganda,
The GDP per capita in the US for 2023 is estimated at $80k, whereas China is $12k. So, China needs robust growth to increase the standard of living for its population.
in india , its 2k🤣,@@Van_TT
@@Van_TTGDP doesn't say anything about the quality of life. PPP does
What came first, the chicken or the egg? Or is it fair to say both?
The rest of the world should always worry
Karma
We all should be worried. Australia exports iron ore in great quanties their. The demand for Nz timber has dropped to an all-time low..
When one of locomotive engines decrease its speed,all cars going slower and slower.
The same situation is happening in India too..
What “same situation”?
Let's Make India Great Again!
it has already is, go to bed in dream
im tired of hearing the word China to be honest
What about USA?
Why worry, the yankees and its allies can help you all by messing you up😀
The USA's economic blockades have played a significant role in China's economic growth. China is the world's leading manufacturer, and the USA is its largest importer.
I don't think so. Without economic blocade china would surpass US economy before 2030. That seems unlikely now. And manufacturing is actually decreasing in china
China is the largest importer.
BTW, China has no big problem. your now are still hearing western propaganda. i guess it is your country's economy is in crisis. and so your media broadcast China's crisis instead yourself. China is still in fast changing.
BS. Look at our new Huawei . Beat your country phone by a mile.
@@ronald007codgod yea sure lmao
Wall Street investors, HSBC, Fund managers who buy the junk bonds should be the losers.
What can I do with this information?
China’s GDP growth rate in the first half of the year was almost 6. China is more qualified to worry about the economic growth of other countries
Not even the Chinese believe in their own data. Don't be stupid.
do not tell the truth to the rest of the world.
let others feel good even better
Yeah everything is going great, nothing to see here.
Lol yea ok 6% nobody believes that number.
If you believe "official" CCP numbers about anything I have some nice ocean-front property in Kansas you might be interested in.
Why to worry? China should and will stumble farther
😂
Investors may but ordinary people need not be.
If chiba economy is bad then how bad the rest of the world economy is?China still have 4.8% gdp growth how the other country gdp?
Yah that number xhitler pulled out of his🍑
furthermore china's socialist model is unique that its meant to shrink when there's austerity. they run it like a big han family and that's something you see when there was crackdown after crackdown. they used it to contract the economy function in a more direct way than other countries where the nature of the shutdown caused many functions to detract anyway.
their design we will see though its more direct and authoritarian is like running a contained internal ship while road and belt is like dad's gone away on the road to bring business home. believe me, i see that it is Maoist but only in his dreams would he have seen the advancements of his child race after so much tech development.
Is it stumbling ??
China’s industrialised boom may slowed but then they should switched back to agriculture industry for a start self suffice and exports of surplus. The world have never enough of food based products and this will help to keep the food prices down. US may boycott all they wants but others willing to trade with China will benefit.
China and agriculture don’t mix
China hates the environment
Good luck
I don't believe China will be able to be self-sufficient in food until their population drops to about 300 million, which is coming due to their abysmal birthrate. Their topography and climate won't sustain it. To much desert, not enough water in the right places, and so much of their soil is poisoned with pollution, 80% of their underground water is undrinkable...and on and on and on.
"Should the world worry?" First of all, *NO* 😂 *As a Filipino this is a cause for celebration.* NOW GET OFF OUR ISLANDS.😂 Its gona economically hurt but ITS WORTH IT.
Lol 😂
Pignoy pagpag lovers? 😅😅
If Ur in business then u have to worry ,ordinary person the impact is nothing . Karma
That's why BRICS expansion is an *invitation to join a sinking ship.*
- Look at Russia and China! Lol
Hi troll,
You and Last Chang are the same person
hello, lastChang.
Too bad, this is one of the worst Al Jazeera productions I've viewed regarding the expert expertise... IMO the Chinese economy analysis is very bad although the final analysis and future expectations are more or less consistent with most international analysis, and the BRICS analysis is very, very spotty not once touching on specific reasons why each of the 6 countries were extended invitations and why each might or might not accept. Some of the data is questionable too, like saying that the G7 comprises about 10% of the world's population and BRICS is 5x that. Considering India and China each are approx 1/4 of all humanity and how populous Brazil is, I'd say thone 3 countries alone greatly exceed 50% of the global population.
The economic numbers particularly anytime GDP is mentioned thrown around by these guest experts are hardly supportable.
I'd say that this Al Jazeera production was only interested in saying something that might inform the uninformed but the carelessness in the details is very disappointing to me.
Is Gary Ng a human or Robot? Expressionless, Is it human or not? Please confirm.
China did warn us they'd win the AI race.
Probably Asperger's.
I am not surprised if they are going down.....
Some comments here are from those with no education
This is what people refer to as the "Indian Economic Miracle":
In 1980, India's per person GDP was 138% of China's.
In 1990, India's per person GDP was 116% of China's.
By 2000, India's per person GDP had dropped to just 46% of China's.
In 2010, India's per person GDP was only 29% of China's.
And by 2022, India's per person GDP had fallen to just 18% of China's.
Are those stains on the floor of Al Jazeera studio?
Am never worried with CCP entering our dwelling. It's Biden border illegals that am extremely worried about
There’s a reason why the peoples of the world yearn to live like we do in the West, and that’s because here we value every person, every human life matters. Do you think any of those BRICS countries can measure up? Don’t reply to me, because you know the answer even if you may not admit it.
The rest of the world should always worry. A wise sone loves discipline,a scoffer listens to no reproof..
The Singaporean guest was out of touch. He was talking like a Chinese puppet.
Free Hawaii. Free Texas. Free California
Unemployment rate reached to 22 % in China
This commentator guy is so annoying
How bad could it actually get though, what's the worst that could happen. What's more likely, the Chinese GDP surpasses the US in a few decades or it drops to number 3 which is a very long way to fall. Everything ranging from the future rustbelts to the youth unemployment, to the housing and demographic issues are problems that need to be addressed and the suffering of many Chinese people is real, but I think it's still more likely China surpasses the US rather than fall to third place. We already see with Hawaii if the globalists want something done it'll be done, the great reset was always meant to pivot more towards Asia and China eventually, how it'll be done is yet to be seen.
Decades of moving our factories and jobs to China and sending them trillions of dollars has been a disaster for the working class in the West.
Decades of massive tech transfers and training millions of Chinese engineers and scientists at our universities and looking the other way while Chinese spies visit our tech sectors was geopolitical idiocy of world changing proportion.
We're tired of helping, paying, and giving special treatment to a country that still just sees us as the enemy. Who cares if they pop their real estate bubble and crash their economy? Decoupling is long overdue!
Hi sour 🍇,
Chinese students paid school fees, there's nothing as free lunch.
Btw, China tops the world in patent rights nowadays.
You should worry about your own problems, China can handle very well
@@user-nk5kw5dt6mlol ur the economist of china😂
Bla bla bla, keep allowing media to mislead you
Bullshit, China bought $500 billion of US debt in 2008. Helped the US through the economic crisis. Now there are people threatening China.
Only country that's growing fast, and has zero percent inflation chance is India 🇮🇳
Whatever happen to China, the world should worry more on the US and Europe recession
You sound hurt
Stumble means 5% growth? While US is at 1% and EU is seeing 0.1% growth.
What I understand about the reason of economy crisis in China is attributable to global economy downturn, especially in Europe. Added to it is the U.S. pressure on curtailing Chinese influence. The so called BRI is a failure. I once watched Xi Jinping saying cheerfully to a group of youths in a congregation that a strong country is the one which has strong military. He never thought that the main strength of a country derives from its economy.
This is Satindra Chakrabarti from Canada.
BRIC won't be failure as US gov will continue to increase interest till their fake economy bursts.
In fact, Xi Jinping has emphasized the importance of the economy countless times domestically, far more than the importance of the military.
And the Canadian media will definitely not report these words, because no one is interested.
People in Canada are willing to believe that he is the new Hitler, so the media leads hints in this direction.
China has not forgotten that it was the world's largest economy prior to First Opium War but lost to UK and started a century of humiliation. The current G7 members were also part of the 8 countries alliance that took and loot Beijing at the end of 19 century. Hence China understand the need of strong military to prevent USA lead invasion. USA will find whatever reason to invade/attack if USA lead alliance think their military can win with little cost in blood (Iraq/Syria/Libya).
@@aragon5 US invading Chyna?? lmao what drugs are you on? unless you mean Starbucks Invasion lol
How you wish the BRI is a failure. You are not reading enough to give a fair comment.
Why will anyone care, let them blame Xi,
Things r just idealing everywhere
When making up lies, make one that can cover your azz
Gradually they will🎉🎉🎉
Definitely it will not worry world.
exactly...over the years the world has become aware that the west/US will say anything in an attempt to soil & turnish the reputation of their so called 'enemies'...what is being said here is nothing new or unique to china...
1). In the same way they are having real estate challenges the 'mighty' US is similarly having challenges with its real estate where house prices are sharp on the rise & thus unaffordable...
"prices in July 2023 were up 1.9 percent year-0ver-year to reach $406,700 - the highest July median ever recorded"
2). On unemployment china has a rate of 5.3% with 1.4billion people to carter for while the US has 3.5% with merely 330million people to worry about so even from face value china is doing a better job at dealing with thw problem than the US...
Recent data shows that the unemployment rate in china has only increased to 5.3% up from 5.2% a mere 0.1%...so is 0.1% what is causing all these noise and nonsense from the west?🚮
I will never own a Chinese stock. I'm glad t o see jobs leaving there and going elsewhere.
Hum when Europe is not growing at all, America is growing at 1.9, percent.. it's solid economic data.. when China grows at 5.5 percent, it's an economic disaster.. off course India grows at 7 Percent is like if you were making 100 dollars a month, now you make 101 a month..that's 12 percent year over year.. but doesn't mean much..
You would think its the end of the world…
These thugs will not get along.
China's growth is slower than expected, but things are not nearly as bad as you described.
Agree
But the components of GDP = government spending + (exports over imports) + investment + consumption are all poor and on the decline because of local government debts, poor policies over the years, NPL, investors pulling their money out, less new long-term investments, etc.
Whatever little remains and still keeping China afloat are those shrinking exports and daily consumption...of course it will show an uptick - for now
Nope. U.S will be fine China would not be
This guy is literally saying NOTHING AT ALL!
Chinese economy is very sick. There's no cure.
- Only regime change to something like Taiwan 🇹🇼 can help.
It's a win-win solution for both China and the world.
Hi troll,
You and Arabic Reja are the same person
You are dreaming at daylight
Daydream
Spoken like Ukrainians to change Russia regime. BRICS expansion is indeed EM Revolutionary. Not like G7 abysmal ESG..
Put down the joint.... China's overall economy is still very healthy.
🇱🇰💙🙏😇
It is bad news for US and western consumers when one forsake well made cheap Chinese goods for others. In a way we enjoyed better living subsidized by hard working Chinese labors.