China’s property slump deepens as unfinished buildings remain across cities
China's economic challenges continue to mount as the country grapples with a persistent real estate downturn and weakening consumer confidence.Despite government efforts to stimulate growth, the property market remains a significant drag on the economy, with unfinished housing projects dotting the landscape and home sales continuing to decline. This slump has had a ripple effect on consumer spending, with retail sales falling short of expectations and unemployment rising to 5.3%. While exports have shown resilience, experts warn of uneven and fragile growth across sectors.
The government faces a delicate balancing act as it attempts to revive the economy without fuelling financial risks.
Regulators are cracking down on aggressive price-cutting in industries such as electric vehicles, which they claim is exacerbating deflation.
Despite official assurances of stable growth momentum, Beijing must navigate these complex challenges to meet its 5% GDP target for 2025 and restore confidence in the world's second-largest economy.
Al Jazeera's Katrina Yu reports from Beijing, China.
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