A tariff war with Washington over Beijing’s technology ambitions is adding to anxiety over job…
A tariff war with Washington over Beijing’s technology ambitions is adding to anxiety over job losses and tumbling sales of cars, real estate and consumer goods.
China slump squeezes workers, hammers consumer spending
BEIJING (AP) — Yu Mingang had a good job helping Chinese manufacturers prepare to sell shares to the public until the cooling economy derailed those plans. As demand for auditing services sank, the 25-year-old accountant in the eastern city of Hangzhou was laid off in December. Yu tightened his belt: No more movies or eating out. He put off buying a computer. "I pay rent out of my savings," Yu said. The downturn is squeezing urban workers and entrepreneurs the ruling Communist Party is counting on to help transform China from a low-wage factory into a prosperous consumer market.