Chinese customers, now, they’re like walking by a clothing store at Taikoo Li Sanlitun in Beijing. It’s all chill, you know? Vincent Thian took this pic. Cool, huh?
BEIJING — The U.S. and Chinese dudes are meeting up for some tariff talks in Geneva. China is like, “Nah, we ain’t gonna bow down to Trump’s economic threats.” They’re all about boosting domestic demand to counter the tariffs. This week, they dropped a massive stimulus plan to push peeps to spend more. David Daokui Li, this economist dude, he’s like, “Yo, if Chinese folks spend just a little more, it’ll cancel out Trump’s tariffs.”
Li thinks China needs to beef up the pension and healthcare system to make peeps feel more secure. But that’s gonna take a while. For now, he says they should try to bump up household spending from 49% to 51% of GDP.
But Chinese consumers ain’t so ready to open their wallets. The government’s trying to entice peeps with rebates on electric cars and trade-in deals for old stuff like phones, ACs, and fridges. They say it’s working. Li thinks they need even better rebates thanks to Trump’s tariffs.
Even before the U.S. slapped 145% tariffs on Chinese goods (and China hit back with 125% on U.S. stuff), China’s economy was already in a rough patch. GDP growth was slowing, the real estate scene was tanking, and youth unemployment was high.
You can see peeps cutting back in Chinese cities. They’re hitting up cheap breakfast spots, stores are having sales battles, and peeps are watching their spending.
Jasmine Zhan, who used to be a landscape designer ballin’ on a $34,000 salary, is feeling the pinch. She’s all about that “consumption downgrade” vibe now. Instead of splurging on new stuff, she’s fixing up her old phone and skipping vacays.
Zhan used to be all about fancy lunches and coffees. Now, she’s slinging espressos for 12 hours a day to make ends meet.
Wang Zitong, a nurse in Beijing, is also feeling the belt-tightening. She’s cutting back on spending but staying positive about China’s future. She’s down to spend less on food and cat toys, and she’s eyeing some gold as an investment.
So, peeps in China are tightening their belts and rethinking their spending habits. They’re all about surviving and maybe even finding happiness with less. It’s a tough time, but they’re making it work. Cheers to that!
