There is No Remedy for China’s Sinking Economy

An employee of a technology company in the Shangdi Development Zone, a middle-class neighborhood in Beijing, on June 29, 2022. It has been 10 years since Xi Jinping proposed the "Chinese Dream." Noel Celis/AFP

It is obvious that China’s economy continues to decline and market demand is weak.

The Manufacturing PMI (Purchasing Managers’ Index) released by the National Bureau of Statistics (NBS) recorded 49.2 in October, down 0.9 percentage points, contracting again; the Services Business Activity Index and the Composite PMI Output Index both plunged 1.9 percentage points, recording 47.0 and 49.0 respectively, both are the lowest since June.