Chinese paramilitary policemen stand guard as people visit the Yu Garden during the fourth day of the Lunar New Year of the Dragon in Shanghai, China, on Feb. 13, 2024. Hector Retamal/AFP via Getty Images
The ruling Chinese Communist Party (CCP) has released consumption data for the Chinese New Year holiday, with state media boasting that the domestic consumer market is “hot.”
However, finance experts rebuke the claim, pointing out that the slumping Chinese economy is entering a situation akin to the Great Depression (1929–39).
