China reports second-quarter GDP miss, another record high in youth unemployment
NBCMAY 2023
Beijing has recognized the importance of private businesses in order for China to boost its economic recovery after two years of slow growth and COVID lockdowns. Private enterprises generate half of all tax revenue and over 60% of GDP. This is a strong message from the Commission.
The world's second-largest economy has suffered from a confidence problem after two years of crackdowns and pandemic controls. Foreign investors want the same level of access that Chinese companies enjoy in Western markets. Private entrepreneurs in China are waiting for the government to provide more than just rhetoric regarding market access. For now, the PRC's private sector push is running into skepticism.