China's economy is showing signs of serious trouble — and the problems are still mounting
Real estate accounts for about one-fifth of the country's economy, and the sector's headwinds include hefty debt and weak demand from homebuyers. Home transaction volumes across 330 cities in China cratered 19.2% year-over-year in June, according to aThe slump helps explain China's weak second-quarter GDP, which came in lower than expected at 6.3%.
But it's not just population decline that weakens China. It's the climbing proportion of elderly people. For China to have a shot at improving demographic conditions, experts say Beijing will have to unwind its long-standing household registration system. The policy, which dates back to the 1950s, makes rural-to-urban migration unfavorable and difficult, as it ties social welfare benefits to where people are born.
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