Production of toys for the world: workers in a factory in Huabei in eastern China
Image: AFP
The optimism that held the country together and drove the economy has gone. The facts speak of an unsettled nation. This could also have consequences for the rest of the world.
Although China has ended its zero-Covid policy, there is little confidence in the country. It’s no wonder that the foreign economy is cautious. All over the country, companies are hearing a complaint that is new since the rapid rise to economic power began four decades ago: Compared to five years ago, many Chinese say they are worse off today.
That surprises. China’s prosperity has grown by almost half since 2017. When people used to be asked how hopeful they were, the Chinese always came out on top. Optimism held the country together and fueled an economy that has grown by an average of nine percent annually since the turn of the millennium.