Why China's Economy is NOT Overtaking the USA
Audio version available here:
Length: approx. 1 min. 20 sec.
Amidst the unpredictable twists and turns of the US and global economy, many wonder if China’s economy will overtake the United States’. While some economists speculated that China might alleviate the US consumer price crisis, the reality is that inflation and interest rates in the US remain staggeringly high, resulting in spending burdens for its citizens. However, this does not indicate that China’s own economy is flourishing.
While not teetering on the verge of collapse like many outlets try to sensationalize, China’s GDP growth has slowed to a miniscule 0.8%. This is partly due to China’s overdependence on its real estate market and infrastructure development, both of which are flagging and unable to generate economic growth. For instance, nearly 130 million newly built apartment units are empty and as a result, unable to be productive for the economy. Coupled with a shrinking and aging population, the future of China’s economy looks bleak and hardly capable of overtaking the United States’. Will China’s downturn affect your business? As a business owner, you should always stay prepared for any market changes by staying informed and staying on top of your numbers. If you need the right guidance for this, don’t hesitate to reach out to us at XQ CPA!
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