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RFI: The China-U.S. Trade War Caused Widespread Slide of the Chinese Economy

Radio France Internationale (RFI) recently reported, based on statistics quoted in Hong Kong media, that the Chinese economy is seeing a nation-wide decline due to the China-U.S. trade war. According to research data that Renmin University of China (which was the first University founded by the Chinese Communist Party) released, new job positions declined by 36 percent year-over-year in large cities in the eastern coastal areas. This is where companies make a significant contribution to China’s exports. The western inland regions suffered more – new job positions declined by 77 percent. In the meantime, the National Bureau of Statistics redefined the “mid-income” class as a monthly income between RMB 2,000 to 5,000 (around US$295 to US$738). The new definition received widespread criticism. A Beijing resident commented that a recipient of RMB 2,000 could not even afford a low-end apartment rental. He asked, “What kind of middle-class is that?”

Source: RFI, February 16, 2019