The Chinese 74th-anniversary celebration of the People's Republic is underway. The Ministry of Tourism expects people to spend over $109 billion during this 8-day holiday, a 20% increase from 2019. 900 million trips are expected, and the young generation is looking forward to enjoying this golden week after they were cooped up during the pandemic.
China’s economy has been sluggish with a high debt and unemployment rate, an aging population, and housing markets in a cash crunch. The government dealt with this circumstance by lowering interest rates and easing home and car buying restrictions.
Inside China's Rust Belt, a Chinese representative said that overall, China’s economy is improving, corresponding to general development. But it seems to contrast with the real situation, considering that the post-COVID economy’s rebound is not as fast as investors had hoped. Yet, this is what the government officials are eager to show the world; their bustling factory floor, dotted with international companies. Their factories are still churning out, revealing those are the world's factories.
China is upgrading the key industry to be self-reliant and leap ahead of the U.S. and other rivals. Economists say the Chinese economy has dramatically grown, and that they will hit the wall. But China is hoping this industry will help the economy climb over it.
*Vocabularies; People’s Republic, sluggish, crash crunch, bustling, dot, Rust Belt, jumpstart, churn out, leap
REFERENCE
The Chinese 74th-anniversary celebration of the People's Republic is underway. The Ministry of Tourism expects people to spend over $109 billion during this 8-day holiday, a 20% increase from 2019. 900 million trips are expected, and the young generation is looking forward to enjoying this golden week after they were cooped up during the pandemic. China’s economy has been sluggish with a high debt and unemployment rate, an aging population, and housing markets in a cash crunch. The government dealt with this circumstance by lowering interest rates and easing home and car buying restrictions.
Inside China's Rust Belt, a Chinese representative said that overall, China’s economy is improving, corresponding to general development. But it seems to contrast with the real situation, considering that the post-COVID economy’s rebound is not as fast as investors had hoped. Yet, this is what the government officials are eager to show the world; their bustling factory floor, dotted with international companies. Their factories are still churning out, revealing those are the world's factories.
China is upgrading the key industry to be self-reliant and leap ahead of the U.S. and other rivals. Economists say the Chinese economy has dramatically grown, and that they will hit the wall. But China is hoping this industry will help the economy climb over it.
*Vocabularies; People’s Republic, sluggish, crash crunch, bustling, dot, Rust Belt, jumpstart, churn out, leap
REFERENCE
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