[NTD, Beijing, August 11, 2022]The CCP released data on Wednesday showing that the inflation index in July soared to the highest level in two years, meaning the same product will cost more. At the same time, China’s The job market continues to be sluggish, and the future direction of the economy is not optimistic.
On Wednesday (August 10), the Bureau of Statistics of the Communist Party of China released data that China’s consumer price index (CPI) in July increased by 2.7% over the same period last year, the highest level since July 2020, and close to the authorities’ target of around 3%. .
Pork prices, which have been the single biggest driver of inflation in China, surged 20.2% in July, pushing up overall food prices, which analysts believe may continue to climb in the coming months.
According to Wall Street, economists believe that the current inflation rate, which is lower than expected, reflects weak domestic demand in China, and that demand for other goods and services has weakened amid a persistently sluggish housing market and China’s zero-tolerance control over the virus. .
Antonio Graceffo, China economist: “The CCP has given up on GDP growth as an indicator of success, with some investment banks downgrading China’s annual GDP growth to less than 4%.”
Under the dilemma of whether to protect the economy or fight inflation, the CCP seems to choose to protect the 20th National Congress. So far, no large-scale stimulus measures have been introduced, and the zero-clearing policy is continuing.
Antonio Graceffo, a well-known economics professor and Chinese economic analyst: “The future situation, the response to the epidemic, the closure of cities, and the clearing of zero, Xi Jinping has hammered various industries, because not only the financial industry and real estate, but also the Hammering the tech industry, cracking down on billionaires, and wiping out the entire private education sector is a multi-billion dollar market and a lot of jobs.”
Amid rising inflation and weak domestic demand, China’s job market is sluggish, and this year has welcomed a record number of fresh graduates.
Liu Qian, a fresh graduate student: “The moment you came out of the society, the moment you were looking for a job, you found out that your future was already crushed by a crusher. Can you reorganize it? I do not know.”
Domestic experts in China believe the authorities’ repeated blockades have disrupted the traditional labor market.
Zhang Chenggang, an associate professor at the School of Labor Economics at Capital University of Economics and Business: “In the future, we will face challenges from technology and various internal and external factors. Uncertainty in the labor market may still exist, or even increase.”
Today, when the world is opening up, the CCP still insists on competing with the virus, but the cost is soaring.
NTD reporters Yu Ting and Tiffany Meier interviewed and reported
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