The Chinese economy is faltering – should the rest of the world worry?
This Is Why
Sky News
4.0 • 552 Ratings
🗓️ 5 September 2023
⏱️ 21 minutes
🧾️ Download transcript
Summary
Ballooning local government debt, weak import and exports, challenges in the housing market, and growing youth unemployment are all contributing to the country's downturn.
On the Sky News Daily Dominic Waghorn speaks to our Asia correspondent Helen-Ann Smith about why China's economy is running out of steam.
Plus, George Magnus, economist and associate at Oxford University's China Centre talks about the potential impacts for the global economy ahead of the G20 summit.
Podcast producers: Emma-Rae Woodhouse, Sydney Pead and Soila Apparicio
Podcast promotion producer: David Chipakupaku
Senior podcast producer: Annie Joyce
Editor: Paul Stanworth
Transcript
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| 0:30.1 | You know, when Helen used to get home from work, I'd ask, how are you? |
| 0:34.4 | Fine, she'd say. She clearly wasn't. |
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| 1:02.5 | Hello, I'm Dominic Waghorn and this is the Sky News Daily. Whatever the chaos and upheaval going on elsewhere, for the last few decades, the world has |
| 1:11.9 | been able to rely on one thing. China continuing to be an economic powerhouse, helping drive |
| 1:18.2 | the world economy. But is all that changing? The signs have been there for a while, but recently |
| 1:23.5 | they've become more worrying. Deflation, defaults, unemployment and sluggish growth. |
| 1:29.8 | So how worried should we be by what's going on in China? Or its problems contagious? |
| 1:34.8 | Sky's Asia correspondent Helen Ann Smith has produced some startling coverage of what's going on in China recently. |
| 1:40.8 | Helen Ann, thanks for joining us. |
| 1:43.7 | For those who haven't seen your latest report from the |
| 1:47.2 | city of Zunyi in Gujo, it is remarkable, because we're so used to seeing China's governments and |
| 1:52.4 | provincial governments building roads, bridges, railways, all at breakneck speed. And yet your report |
| 1:57.7 | just has motorways standing still, half built, bridges half built. |
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