Shanghai has long been seen as a window into China’s economy. But as the economy shrinks and consumers cut back on spending, even Shanghai hasn’t been spared. Many businesses have had to close due to financial struggles. Others are barely holding on, hoping for an economic recovery.
However, based on the latest data from the Chinese government, businesses that are still hanging on may be disappointed. Official figures released on September 14 show that China’s retail sales growth slowed by 0.6 percent in August compared to July, reaching the second-lowest point since 2024.
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