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The prosperity brought about by 40 years of reform and opening up is disappearing from the streets of China. Nearly 460,000 restaurants folded in the first quarter in China, an increase of 232% over the same period last year, and the downgrade in consumption has spread to Hong Kong. The food and beverage industry is particularly sensitive to economic downturns. The massive closure indicates that the CCP’s new policies aren’t working and that China’s economy is unlikely to pick up. How has it happened?
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