China's Economic Downturn Deepens Amid Struggles in Job Market and Housing Sector

President Xi Jinping Admits Economic Weaknesses as Factory Activity Hits Six-Month Low and Youth Unemployment Reaches Record High

China's President Xi Jinping admits that people are struggling to meet basic needs and find jobs as the country's economy continues to slow down.
China's factory activity has contracted to its weakest level in six months, with the official purchasing managers index (PMI) for manufacturing declining to 49 in December.
New home sales in China also fell significantly in December, with sales for 2023 being 16.5% lower than in 2022.
China's youth unemployment reached a record 21.3% in June 2023, and the government stopped publishing data on the youth jobless rate after the record was reached.
Despite the economic downturn, President Xi Jinping has stated that the Chinese government's plans are aimed at delivering a better life for the people.