In a stark shift from the optimism of previous years, only 39% of Chinese respondents claimed to be better off financially in the last survey, amid severe economic challenges.
The ongoing property sector crisis, exacerbated by the post-Covid environment, has left millions facing unsold apartments, huge debts, and increasingly frugal consumer behavior.
China is experiencing a unique crisis, affecting the livelihood of many as the economic growth that previously defined its landscape has faltered significantly.
Local governments, once boosted by borrowing for building projects, now face declining job creation and demand in a construction sector that is struggling to rebound.
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