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RE: LeoThread 2025-01-03 09:38

in LeoFinance20 days ago

Part 3/8:

In 2024, China's economic crisis intensified following a failure to rebound post-pandemic. The mass exodus of foreign companies from major cities like Beijing and Shanghai further exacerbated the issues, creating a "disappearing middle class" phenomenon. A staggering 30 million middle-class families found themselves burdened by unfinished apartments and deteriorating financial situations.

Government attempts to revive the economy through stock market interventions yielded little to no results, while draconian methods adopted by local authorities, such as "far sea fishing," have left thousands of private enterprises struggling. This term refers to local governments targeting private businesses to extract assets and revenue amidst diminishing financial resources.