Against the expectations of many, the draconian lockdowns of the previous two years were quickly lifted. Despite almost 100 million confirmed cases and 121,000 deaths by December 2023, China avoided a huge surge that threatened to overwhelm its health system by delivering over three billion vaccinations.
Youth unemployment stood at over 20 per cent, double the rate of five previous years. The housing market continued to cause worry, with the developer Evergrande carrying over US$300 billion in debt. Plenty of smaller companies found themselves in the same position.
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