www.thisismoney.co.uk Open in urlscan Pro
2a02:26f0:1700:793::16c4  Public Scan

Form analysis
2 forms found in the DOM

GET https://www.thisismoney.co.uk/money/search.html

<form action="https://www.thisismoney.co.uk/money/search.html" method="get" class="search-form">
  <span class="search-title">Search</span>
  <label class="search-phrase-container">
    <span class="visually-hidden">Enter search term</span>
    <input class="search-phrase" name="searchPhrase" type="text">
    <button type="submit"><span class="visually-hidden">Search</span></button>
  </label>
  <fieldset class="search-types">
    <legend class="visually-hidden">Search within</legend>
    <label><input name="searchWhere" value="article" type="radio" checked="checked"><span class="custom-radio-button"></span>All articles</label>
    <label><input name="searchWhere" value="company" type="radio"><span class="custom-radio-button"></span>Share prices</label>
  </fieldset>
  <input name="channelshortname" type="hidden" value="money">
</form>

GET https://www.thisismoney.co.uk/money/search.html

<form action="https://www.thisismoney.co.uk/money/search.html" method="get" class="search-form">
  <span class="search-title">Search</span>
  <label class="search-phrase-container">
    <span class="visually-hidden">Enter search term</span>
    <input class="search-phrase" name="searchPhrase" type="text">
    <button type="submit"><span class="visually-hidden">Search</span></button>
  </label>
  <fieldset class="search-types">
    <legend class="visually-hidden">Search within</legend>
    <label><input name="searchWhere" value="article" type="radio" checked="checked"><span class="custom-radio-button"></span>All articles</label>
    <label><input name="searchWhere" value="company" type="radio"><span class="custom-radio-button"></span>Share prices</label>
  </fieldset>
  <input name="channelshortname" type="hidden" value="money">
</form>

Text Content

 * SHARE SELECTION
 * 
 * 
 * 


 
 * Money Home
 * Business
 * Saving & banking
 * Investing
 * Cost of living & bills
 * Cars
 * Cards & loans
 * Pensions
 * Mortgages
 * Buy-to-let

 * My Profile
 * Logout

 * Login

How we can help Contact us


Friday, Jul 28th 2023 4AM 16°C 7AM 17°C 5-Day Forecast
Advertisement


 * FCA ramps up pressure on NatWest: Regulator ready to take action over scandal
   after bank bosses are ousted
 * CRANE ON THE CASE: My vulnerable parents in-law were 'debanked' by HSBC and
   can't get their pensions… or even buy food without our help
 * Have you purchased Apple or Beats products since October 2018 in the UK?
   You're in a £500m legal class action against Amazon and Apple
 * Britain's love affair with convertible cars is over: At their 90s peak more
   than 90k new drop-tops were bought annually - but sales have nosedived
 * Home affordability improves but house prices are still EIGHT times income,
   official figures reveal
 * Crisis hit NatWest gobbles up highest number of current account switchers in
   latest count thanks to £200 cash bribe
 * Veteran benefits system that leaves some soldiers feeling 'ripped in half'
   set for overhaul, as some face 12-year battles to get payouts
 * Sharp rise in parents taking out LOANS to pay children's private school fees,
   as typical cost per year for non-boarders hits almost £25,000
 * MARKET REPORT: Mixed fortunes for some of Britain’s biggest fund managers
 * Rid us of invisible grandees: Lord Remnant and Sir Howard Davies have been
   absent from action in Nigel Farage affair, says ALEX BRUMMER
 * British Gas first-half profit surges 889% to £969m while households struggle
   with high bills
 * Boss of ITV warns the company is suffering the worst advertising slump since
   the financial crisis
 * Shares in Barclays slide despite surging half-year profits as it warns of
   thinner earnings as customers respond to higher mortgage rates
 * ECB hikes rates to a record high - but hints they have peaked
 * Entrepreneur loses custom after scammers hijacked her business Instagram page
   and locked her out for weeks - and she says Meta ignored her
 * How I built a hub for start-up entrepreneurs - and helped it grow online
 * Wizz Air slammed by regulator over compensation failures as airline forced to
   reassess old claims - are you owed money?
 * An incorrect energy bill can be devastating: The industry needs to sort it
   out urgently, says HELEN CRANE
 * Energy firms' customer service blasted by Ofgem - with some customers not
   even able to speak to staff
 * A retired policeman, a corporate lawyer, a bricklayer: Some of the customers
   who had their bank accounts shut without any explanation
 * Co-op Bank systems go down: IT failure leaves customers unable to make or
   receive payments
 * Number of households forced to pay inheritance tax soars as average bill
   stands at £214,000
 * Disaster-ready Defender: We test the Red Cross' specially-adapted Land Rover
   being used to help victims of floods, fires and storms
 * Would YOU buy a Chinese built car? Here's 10 brands hoping to soon convince
   drivers to buy their models

Previous
Next



IS CHINA’S BOOM TURNING TO BUST? YOUTH UNEMPLOYMENT RACES TO A RECORD HIGH AS
ECONOMY SUFFERS SHARP SLOWDOWN

By Calum Muirhead

Updated: 21:57 BST, 17 July 2023



 * 
 * 
 * 
 * 
 * 
 * e-mail
 * 

48 shares

125

View
comments

 * 
 * 
 * 
 * e-mail

Top
+99
Home Home

125

View
comments



Sluggish economic data from China is fuelling fears that the country’s rebound
from its strict Covid-19 lockdown policies is starting to splutter.

Official figures published in Beijing showed that the world’s second largest
economy expanded by just 0.8 per cent in the second quarter of the year, having
grown by 2.2 per cent over the previous three months.

On an annual basis, output was 6.3 per cent higher than a year earlier, well
below analyst expectations of a 7.3 per cent rise.

Such growth rates are figures that the UK and other advanced economies can only
dream of. 

But the worse-than-expected performance has sparked fears that China’s boom over
the last three decades – which has helped to fuel global economic expansion – is
running out of steam.


+1
 * 
 * 
 * 
 * 
 * Copy link to paste in your message
 * 

Slowdown: China's economy expanded by just 0.8% in the second quarter of the
year having grown by 2.2% over the previous three months

Another longer-term concern is the country’s steadily rising youth unemployment
rate, which hit a record high of 21.3 per cent in June – up from 20.8 per cent
in May – as Chinese graduates struggled to find jobs. 

There are also concerns that increasing numbers are taking a break from China’s
relentless work culture.

Sheana Yue, China economist at Capital Economics, said the GDP data showed that
the post-pandemic recovery was ‘fizzling out’ and there were currently few signs
of activity picking up across the rest of the year.

She said given the ‘bleak’ backdrop, policymakers were likely to make further
moves to stabilise the economy, with measures so far having ‘fallen short of
what is needed to provide a meaningful boost’.

US Treasury Secretary Janet Yellen – a former chairman of the Federal Reserve –
said the slowdown in China posed a threat to the global economy.


RELATED ARTICLES

 * Previous
 * 1
 * Next

 * South East Water pays £9m dividend - despite imposing a... Microsoft in the
   crosshairs: Allowing big tech to ride... Traders bet £3.6bn on pound rallying
   against dollar as they... Cartier-owner Richemont plunges as US slowdown and
   worries...


SHARE THIS ARTICLE

Share
48 shares


HOW THIS IS MONEY CAN HELP

 * How to choose the best (and cheapest) stocks and shares Isa and the right DIY
   investing account

‘Many countries do depend on strong Chinese growth to promote growth in their
own economies, particularly countries in Asia — and slow growth in China can
have some negative spillovers for the United States,’ she told Bloomberg
Television.

Analysts at research house Gavekal Dragonomics said if the economy continued at
the current pace, China would miss its official target of 5pc growth for the
full year.

A key area of decline was in the property markets – a major pillar of the
Chinese economy as it embarked on a breakneck pace of construction to modernise
its towns and cities.

Data showed that sales of homes and new housing projects slumped to their lowest
levels in six months, suggesting that both buyers and developers remained
cautious after the industry found itself gripped by a debt crisis during the
pandemic.

The major symbol of the debacle was Shenzhen-based Evergrande, China’s
second-largest property developer. 

Late in 2021, it defaulted on a £230billion debt pile which sent ripples across
the sector and saw several other developers collapse. That left unfinished homes
across the country, sparking protests from mortgage borrowers.

China has also been hit by the cost of living crisis in the West as consumers in
the UK, Europe and North America cut back on buying goods manufactured in its
massive industrial heartlands. 

China’s exports last month were down 8.3 per cent on a year earlier while
imports dipped by 2.6 per cent, data showed.

Retail sales, meanwhile, were up 3.1 per cent in June but this was below
expectations and sharply below the 12.7 per cent jump seen in May. 

Slowing retail spending among Chinese shoppers is a big concern for many luxury
brands which rake in a large portion of their sales from the country’s big
consumer market and growing middle class.

Cartier owner Richemont dampened the mood in the sector further with news that
sales in the Americas were sharply lower, sending its shares down 10.4 per cent,
Burberry fell 1.8 per cent and LVMH dropped 3.7- per cent. 

Mining firms, which supply vast amounts of raw materials to supply China’s
ever-hungry industrial base, also suffered amid fears of a demand slowdown. 



Anglo American and copper giant Antofagasta both lost 2.5 per cent and Rio Tinto
shed 2.4 per cent.

‘China is a major consumer of commodities and disappointing economic indicators
typically drive down shares in miners and oil companies over fears that demand
for metals, minerals and energy products will be lower than previously hoped,’
said AJ Bell’s Danni Hewson.

Some economists warned that China’s officials would need to pursue further
action to try to revive sentiment in the economy. 

They particularly cited its private sector, which faced a battle to bring down
the record high numbers of young people, aged between 16 and 24, out of work.

Carlos Casanova, senior Asia economist at Union Bancaire Privee, said the record
unemployment level for the young ‘doesn’t bode well for sentiment, for
stability, for common prosperity’.

A record 11.6m university graduates are expected to enter China’s workforce this
year but will face a hyper-competitive jobs market and a gruelling work culture
which leaves many prone to burnout.

Last year, many on Chinese social media began to extol the virtues of Tang Ping,
or ‘lying flat’, a term used for taking a break from relentless work and pushing
back against China’s notorious 996 culture of working 9am-to-9pm, six days a
week.

But the trend of rising unemployment and growing disillusionment with work
threatens to destabilise the Chinese government’s efforts to catch up with the
US economically.

And President Xi Jinping has previously warned against ‘lying flat’, saying it
would jeopardise social mobility.

DIY INVESTING PLATFORMS
Stocks & shares Isa

Stocks & shares Isa
Easy investing
Capital at risk. Isa rules & T&Cs apply.
Investment ideas

Free fund dealing
Free fund dealing
0.45% account fee capped for shares
Flat-fee investing

No fees
£9.99 monthly fee
One free £5.99 trade per month
Social investing

Social investing
Share investing
30+ million global community
Model portfolios

Investment account
Free fund dealing
Free financial coaching
Affiliate links: If you take out a product This is Money may earn a commission.
This does not affect our editorial independence.
> Compare the best investing platform for you



SHARE OR COMMENT ON THIS ARTICLE:


IS CHINA'S BOOM TURNING TO BUST? YOUTH UNEMPLOYMENT RACES TO A RECORD HIGH AS
ECONOMY SUFFERS SHARP SLOWDOWN

 * 
 * 
 * 
 * 
 * 
 * e-mail
 * 
 * 48
   shares

Some links in this article may be affiliate links. If you click on them we may
earn a small commission. That helps us fund This Is Money, and keep it free to
use. We do not write articles to promote products. We do not allow any
commercial relationship to affect our editorial independence.

Toggle Search
POPULAR MONEY SECTIONS Take me to…
 * Best savings rates tables
 * Find the best mortgage calculator
 * Power Portfolio investment tracker
 * Stock market data and share prices
 * This is Money's podcast
 * This is Money's newsletter
 * The best DIY investing platforms
 * The best bank accounts
 * The best cash Isas
 * The best credit cards
 * Save on energy bills
 * Compare broadband and TV deals
 * How to find cheaper car insurance
 * Investing Show videos
 * Financial calculators

Search Enter search term Search Search within All articles Share prices







COMMENTS 125

Share what you think

 * Newest
 * Oldest
 * Best rated
 * Worst rated

  View all


The comments below have not been moderated.



  View all

The views expressed in the contents above are those of our users and do not
necessarily reflect the views of MailOnline.

Loading...

We are no longer accepting comments on this article.



Toggle Search
POPULAR MONEY SECTIONS Take me to…
 * Best savings rates tables
 * Find the best mortgage calculator
 * Power Portfolio investment tracker
 * Stock market data and share prices
 * This is Money's podcast
 * This is Money's newsletter
 * The best DIY investing platforms
 * The best bank accounts
 * The best cash Isas
 * The best credit cards
 * Save on energy bills
 * Compare broadband and TV deals
 * How to find cheaper car insurance
 * Investing Show videos
 * Financial calculators

Search Enter search term Search Search within All articles Share prices


THIS IS MONEY PODCAST

 *  
   Inflation eases to 7.9% - what does that mean for mortgage and savings rates?

Advertisement


Advertisement
 * Today's headlines
 * Most Read

 * FCA ramps up pressure on NatWest
 * CRANE ON THE CASE: My vulnerable in-laws got 'debanked' by HSBC
 * Apple and Amazon accused of 'collusion' in bid to keep iPhone prices
   artificially high
 * Here's how much British drivers have fallen out of love with convertibles in
   the last 20 years
 * House prices more than EIGHT times income, official figures reveal
 * Crisis hit NatWest gobbles up highest number of current account switchers in
   latest count thanks to £200...
 * Veteran benefits system set for overhaul as some soldiers say claims take 12
   years
 * Sharp rise in parents taking out LOANS to pay children's private school fees
 * MARKET REPORT: Mixed fortunes for UK's biggest fund managers
 * Rid us of invisible grandees, says ALEX BRUMMER
 * British Gas first-half profit surges 889% to record £969m
 * ITV warns of worst advertising slump since the financial crisis
 * Barclays hit as families overpay on mortgages
 * ECB hikes rates to a record high - but hints they have peaked
 * Entrepreneur loses custom after scammers hijacked her business Instagram page
   and locked her out for weeks -...

 * MORE HEADLINES

 * CRANE ON THE CASE: My vulnerable in-laws got 'debanked' by HSBC
 * What no one tells you about heat pumps till you try to get one... SUE REID
   reveals you'll have to stick a vast, noisy box in your garden
 * British Gas first-half profit surges 889% to record £969m
 * Some House of Fraser department stores 'under review', says owner
 * Apple and Amazon accused of 'collusion' in bid to keep iPhone prices
   artificially high
 * Here's how much British drivers have fallen out of love with convertibles in
   the last 20 years
 * Veteran benefits system set for overhaul as some soldiers say claims take 12
   years
 * We put the Land Rover Defender converted for the Red Cross to attend disaster
   sites through its paces
 * BUSINESS CLOSE: British Gas Energy profits soar by 889%
 * An incorrect energy bill can be devastating: The industry needs to sort out
   how it handles such cases urgently, says HELEN CRANE
 * Sharp rise in parents taking out LOANS to pay children's private school fees
 * Co-op Bank systems failure leaves customers unable to make or receive
   payments
 * BT Group revenues top £5bn as price hikes boost Openreach sales
 * Entrepreneur loses custom after scammers hijacked her business Instagram page
   and locked her out for weeks - and she says Meta ignored her
 * Now ITV's profits more than HALVE after advertising on crisis-hit channel
   plunged in first half of 2023 amid Phillip Schofield scandal
 * MOST READ IN DETAIL

   


DON'T MISS

 * An incorrect energy bill can be devastating: The industry needs to sort out
   how it handles such cases urgently HELEN CRANE 
 * Converted waterworks for sale: Which one would you buy (despite the hefty
   service charges)? PROPERTY BATTLE!
 * Help to Buy mortgage meltdown It's forcing homeowners like Sophie to pay 9%
   interest rates
 * How I built a creative hub for start-up entrepreneurs - and the tool that
   helped us grow online Ad Feature
 * Government has NO plans to delay proposals to replace gas boilers with heat
   pumps Despite Michael Gove hints
 * Disaster-reader Defender  We test the Red Cross' specially-adapted Land Rover
   being used to help victims of floods, fires and storms
 * Number of households paying inheritance tax jumps 17% with average bill of
   £214,000 An increase of 17% or 4,000 households, from the previous tax year
 * What to do if a moth eats your favourite cardy And the money saving tricks to
   stop them ever coming back
 * Debt collectors are pursuing me for £2,090 stolen by crook who set up a
   Worldpay account in my company's name SALLY SORTS IT
 * Energy firms' customer service blasted by watchdog Ofgem Says it's
   'increasingly difficult' for customers to even get hold of someone to speak
 * A retired policeman, a corporate lawyer, a bricklayer... Some of the
   customers who had their bank accounts shut without any explanation
 * Would YOU buy a Chinese built car? Here's 10 brands hoping to soon convince
   drivers to buy their models
 * Ovo under fire as 200 customers tell us their bills are wrong Is this
   Britain's most clueless energy supplier?
 * Should I use a tax-free pension lump sum to pay down my mortgage before I
   retire? DAVID HOLLINGWORTH replies
 * New Lexus MPV will cost up to £113k But it's designed for A-listers and red
   carpet events, not the school run
 * Inflation eases to 7.9% - what does that mean for mortgage and savings rates?
   This is Money podcast


DIY INVESTING PLATFORMS

 * Investing ideas
   Easy and most popular DIY investing platform
 * Guidance and tools
   Model portfolios, free fund dealing
 * Flat fee
   £9.99 per month and money back in free trades
 * Low cost portfolios
   Max £42 investment trust and shares ISA fee
 * Share investing
   30+ million global community
 * Low cost funds
   0.35% annual fee and responsible investing list
 * No share dealing fee
   Buy shares, ITs & ETFs commission-free
 * Free coaching
   Free financial coaching and £4.95 share dealing
 * Builds investments
   6 months no portfolio management fee
 * About our selection
   Read our full guide to the best investing platforms






THE INVESTING SHOW

 * What you need to know about investing in a VCT and how to get the 30% tax
   break
 * ChatGPT's threat to Google, where Meta went wrong and an energy stock for
   growth
 * Is commercial property now a great value opportunity?
 * How Impax Environmental Markets invests in companies that can help the planet
 * Will investors get a boost if inflation drops?
 * Temple Bar's Ian Lance: The UK stock market is cheap and looks as interesting
   as in 2008
 * What will Liz Truss mean for the stock market and investors?
 * Will the rest of 2022 be better for investors and can the UK market continue
   to outperform?
 * Biotech shares are in the doldrums and that gives investors an opportunity:
   International Biotechnology Trust's Ailsa Craig
 * Blue Whale's Stephen Yiu: Why I ditched Facebook for better and more reliable
   growth opportunities
 * Has the shift from growth to value kicked in already and what shares could
   profit?

       

Advertisement


MIDAS SHARE TIPS

 * MIDAS SHARE TIPS: Invest in parcels expert DX Group if you want to make a
   packet
 * MIDAS SHARE TIPS UPDATE: Gresham House and Foresight seek ways to grow
   profits in sustainable forests
 * MIDAS SHARE TIPS: Put outsourcing company Serco on your radar as defence role
   boosts profits
 * MIDAS SHARE TIPS UPDATE: Renold makes chains for everything from top bikes to
   theme park rides at Alton Towers
 * MIDAS SHARE TIPS: Put spark in your portfolio with Solid State and the
   electronics used by electric car makers and defence giants
 * MIDAS SHARE TIPS UPDATE: Boost for mental health firm - Kooth offers free
   online support to those in need of help
 * MIDAS SHARE TIPS: Miner Thor Explorations could prove a golden opportunity
   for your portfolio
 * MIDAS SHARE TIPS UPDATE: Airport security can be a nightmare for passengers
   but DiscoverIE can help
 * MIDAS SHARE TIPS: Batteries to store wind power can  boost your funds -
   Invinity Energy Systems help boost UK's path to fossil fuel-free future
 * MIDAS SHARE TIPS UPDATE: Harmony Energy Income Trust is a well-run business
   in a fast-growing industry

       


FUND AND TRUST IDEAS

 * MIDDLEFIELD CANADIAN INCOME: Trust channels 5% dividends from Canadian oil
   and banks
 * SCHRODER BRITISH OPPORTUNITIES: The £50m trust that's investing in the best
   of UK business
 * ARGONAUT ABSOLUTE RETURN: Fund finds golden fleece in market's ups AND downs
 * GLOBAL SMALLER COMPANIES TRUST: How small firms in Japan have been a sweet
   spot for UK fund
 * MARTIN CURRIE GLOBAL PORTFOLIO TRUST: Slimmed-down fund picks key drivers
   behind global growth
 * MIGO OPPORTUNITIES: Manager who knows investment trust universe inside out
   seeks undervalued investments
 * WORLDWIDE HEALTHCARE: Trust is in rude health as it seeks out the future of
   medicine from drugs giants to the best biotech firms
 * STRATEGIC EQUITY CAPITAL: Hard graft helps this fund reap big profits from
   small firms
 * SCHRODER JAPAN TRUST: Pent-up consumer demand helps fund deliver 14% return
   in year
 * PICTET PREMIUM BRANDS: Investing in companies that own best-in-class brands
   means you CAN put a price on quality

       


LATEST FROM BUSINESS

 * Britain sees 6,000 shops shut in five years
 * FCA ramps up pressure on NatWest
 * MARKET REPORT: Mixed fortunes for UK's biggest fund managers
 * ITV warns of worst advertising slump since the financial crisis
 * Barclays hit as families overpay on mortgages
 * Social media savvy young boost Frasers
 * Soaring rents help estate agent Foxtons
 * ECB hikes rates to a record high - but hints they have peaked
 * Shell profit halves as oil and gas prices fall but shareholders enjoy
   dividend boost
 * Apple and Amazon accused of 'collusion' in bid to keep iPhone prices
   artificially high

MORE HEADLINES

   


 * Money Home
 * Business
 * Saving & banking
 * Investing
 * Cost of living & bills
 * Cars
 * Cards & loans
 * Pensions
 * Mortgages
 * Buy-to-let

Sitemap Archive Video Archive Authors Topics Index Mobile Apps Screensaver RSS
Text-based site Reader Prints Our Papers Top of page
Daily Mail Mail on Sunday This is Money
Metro Jobsite Mail Travel Zoopla.co.uk Prime Location



This is Money is part of the Daily Mail, Mail on Sunday & Metro media group

dmg media Contact us How to complain Advertise with us Contributors Terms Do not
sell or share my personal information Privacy policy & cookies
HomeTop
Share
Advertisement

Advertisement

 
 
 


DMG Media and its partners process, store and/or access information on a device.
We and our partners process, store and/or access data such as IP address, unique
ID and browsing data based on your consent to display personalised ads and
content, ad and content measurement, audience insights and product development,
use precise geolocation data, and actively scan device characteristics for
identification.
Sometimes we and/or our partners don’t rely on your consent but rely on
legitimate interest to process your data. Click Cookie Settings below to see our
partners, why they rely on legitimate interest and how you can object.
Control how your data is used and view more info at any time via the Cookie
Settings link in the Privacy Policy.
Cookie SettingsGot it