Is the “Chinese miracle” fading to black? The world’s second-largest economy is grappling with a plethora of different challenges. The country is facing below-trend economic growth, a plummeting currency, rising youth unemployment, shrinking manufacturing activity, and a property sector seeped in financial problems. China is wrestling with “huge structural problems” that threaten the overall economic moving forward, says Nicholas Lardy, the non-resident senior fellow at the Peterson Institute for International Economics (PIIE), adding that Beijing will unlikely see growth rates of 8 or 9 percent again. “The boom is over,” Mr. Lardy said. Last year, the Chinese economy reported an annual growth rate of 3 percent. In 2021 and 2020, it was 8.4 percent and 2.2 percent, respectively. Since growing more than 14 percent in 2007, GDP growth has been on a downward trajectory....Read more https://www.theepochtimes.com/us/the-boom-is-over-chinas-economy-grapples-with-structural-problems-debt-mountain-5485042