After bumpy recovery, China’s economy faces serious headwinds in 2024
Al Jazeera
The world’s second-largest economy is heading into 2024 on a precarious footing amid deep-seated structural issues.
Taipei, Taiwan – After starting 2023 with a bang, China’s economy had a bumpy recovery over the past year.
The Chinese economy’s precarious footing looks set to continue into 2024, as deep-seated structural issues and Chinese President Xi Jinping’s consolidation of political control threaten to dampen growth.
China’s reopening after the lifting of its harsh “zero-COVID” restrictions in January coincided with challenging economic conditions overseas, as soaring inflation made consumers less inclined to buy Chinese goods.
At home, Chinese consumers were wary to start spending again after nearly two years of lockdowns and border closures.
In July, China bucked the global trend and entered a period of deflation, which it struggled to exit in the second half of the year.
