The writer is senior fellow at the Institute of World Economics and Politics at the Chinese Academy of Social Sciences
Since 2022, the real estate sector has been a drag on economic growth in China.
The downturn in property has directly caused a weakening in fixed-asset investment; it has had an impact on consumer spending through wealth and income effects; and it has caused a market-driven contraction in the credit system, further exacerbating the overall lack of demand. All of which means that the old model of relying on real estate as an economic engine is unsustainable.
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