The National Bureau of Statistics of China (NBSC) recently announced that China’s economy is facing a downturn as both global and domestic impacts are higher than expected.
In addition, Chinese media outlet CFI reported a reduction in April fiscal revenue at some places. Shenzhen fell 44% year-on-year, Suzhou fell by 49.6%, and many cities fell by more than 30%.
China’s total retail sales of consumer goods in April were around 2.94 trillion yuan (about 433.2 billion dollars), down 11.1%. It is the lowest figure of retail sales since March 2020.
By locations of business units, the retail sales of consumer goods in urban areas in the first four months were 11.99 trillion yuan (about 1.76 trillion dollars), down 0.3% year-on-year. The restaurants’ revenue was 1.32 trillion yuan (194.5 billion dollars), down 5.1%
From January to April, national real estate development investment fell 2.7% year on year, while Reuters predicted a 2% drop.
UDN reported that 23 real estate companies experienced a decline in April sales compared with the same period last year. There are 18 more companies that have halved their sales.
Chinese media outlet Da Ji Yuan cited Zheng as a business director in Shenzhen, saying that exports and real estate have declined, and overall consumption capacity has deteriorated.
He also said that catering, travel, and accommodation related to people’s livelihoods have been affected. Therefore, companies are facing upside down revenue and continuous losses.
Zhang said that the financial revenue would decline further if the epidemic control measures and lockdown continued.
Official data shows that China’s unemployment rate figures continue to rise.
From January to April, the surveyed unemployment rate for the 16–24 age group was 18.2%, while 5.3% of people aged 25-59 were unemployed. In April, the national urban survey unemployment rate was 6.1%, up 0.3 percentage points from March.