August 19, 2022

China’s economic woes grow as oil price decrease

A new report claims China’s economy is slowing, including higher unemployment and a weak real estate market.

The problems come as its oil demand has decreased by four percent in the odd combination of global economic decline.

“When China’s troubled real estate giant, the China Evergrande Group, did not deliver its promised $300 billion restructuring plan over the weekend, analysts told CNBC the loss of confidence in real estate may create a ‘negative feedback loop’ that drags down the rest of the Chinese economy,” Breitbart News reported.

“The Chinese real estate industry is already in the grip of an unusual ‘mortgage revolt,’ with homeowners refusing to make their payments because they think developers will not finish construction and renovation projects,” it added.

The concerning numbers show China’s decline could have a strong negative impact on the U.S. as well.

With America officially marking the start of a recession, it could get worse in the weeks ahead for the Biden administration.

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