China’s economic slump in recent years continues to receive sad news at the end of the year.

The Wall Street Journal cited data from the National Bureau of Statistics of China, reporting that total retail sales of consumer goods in China in October fell by 0.5% year-on-year.

This growth index reversed the previous uptrend in September, with a gain of 2.5%.

In October, retail sales of consumer goods, excluding autos, fell 0.9% year-on-year. Food service revenue fell even more sharply, at 8.1%.

China’s retail sales of consumer goods grew negative for the third consecutive month, from March to May this year. However, after Shanghai lifted the blockade, the index rose 3.1% in June.

China’s real estate market has yet to show many positive signs. According to the National Bureau of Statistics of China, national real estate development investment fell 8.8% year-on-year from January to October.

In the first three quarters of this year, China’s GDP grew 3.0% year-on-year, faster than the 2.5% growth in the first half but still below the growth target for this year.

The Chinese government has set a 2022 economic growth target of around 5.5%, lower than last year’s growth target and the slowest growth target in more than 20 years.

However, even with such a low target, economists predict China’s regime will be difficult to achieve. It is even forecasted that China’s GDP will only grow at 3% or less this year.

The reason for China’s economy becoming stagnant is said to be the Chinese Communist Party’s zero-COVID policy based on lockdown, as well as economic policies that go against the trend of reform and opening up.

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