Headline RoundupAugust 29th, 2023

Could China’s Economic Woes Impact the US?

Summary from AllSides News Team

China is facing several economic challenges, leading some experts to consider the global impact of a “hard landing” — or even a broader collapse. 

Slowing Growth: By some measures, China’s yearly GDP growth slowed to about 3 to 4% over the summer — much slower than its usual 6 to 8% range. Debt crises among local governments and major real estate developers have added to the country’s economic uncertainty. Furthermore, Gen Z workers across Asia have increasingly refused to take the low-pay factory jobs that fueled the region’s manufacturing boom. 

Exporting Deflation: As the U.S. and other Western countries continue to tackle inflation, China is now dealing with the opposite problem: deflation. Some analysts suggest these price drops could help countries like the U.S. get inflation under control. 

How the Media Covered It: Coverage of China’s economy came primarily from business outlets, most of which AllSides rates as Lean Left or Center. Some coverage differed on discussing China’s old “Zero-COVID” policies; while an American Enterprise Institute (Lean Right bias) op-ed called them “economically disastrous,” a New York Times (Lean Left bias) analysis noted that citizens were “frustrated” by “lengthy coronavirus lockdowns,” causing “pandemic-era malaise.”

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