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The new regulations affected Evergrande Group, China's second-largest property developer, and the Chinese real estate market as a whole. [5] In addition, the Chinese shadow banks, such as Sichuan Trust, have been greatly effected by the property sector crisis due to over lending and a crackdown on regulations. [6] [7]
The economy of the People's Republic of China is a developing mixed socialist market economy, incorporating industrial policies and strategic five-year plans. [29] China is the world's second largest economy by nominal GDP and since 2016 has been the world's largest economy when measured by purchasing power parity (PPP).
Jia, currently president of the China Academy of New Supply-side Economics, a private think tank, was quoted as saying the potential bond issuance of up to 10 trillion yuan was “not unreasonable ...
Ni Hong, China's minister of housing and urban-rural development. In response to the property crisis, in March 2024, China's minister of housing and urban-rural development Ni Hong said at a press conference that real estate developers must go bankrupt if necessary "in accordance with the law or market principles." [112]
China's leadership is relying on an export surge to revive slumping growth, but those policies won't extract the world's second largest economy from the malaise that it's in, a top China watcher said.
China’s leadership, which gathered this month to discuss economic targets and policies for next year, has indicated that it will ramp up fiscal and monetary support for the economy.
Some scholars have described China's economic system as a form of state capitalism, particularly after the industrial reforms of the 1980s and 1990s, noting that while the Chinese economy maintains a large state sector, the state-owned enterprises operate like private-sector firms and retain all profits without remitting them to the government ...
China's middle class is facing new uncertainty as a sluggish economic recovery after Covid-19 challenges President Xi Jinping's focus on national security.