China’s property slump deepens as unfinished buildings remain across cities

China's economic challenges continue to mount as the country grapples with a persistent real estate downturn and weakening consumer confidence. Despite government efforts to stimulate growth, the property market remains a significant drag on the economy, with unfinished housing projects dotting the landscape and home sales continuing to decline. This slump has had a ripple effect on consumer spending, with retail sales falling short of expectations and unemployment rising to 5.3%. While exports have shown resilience, experts warn of uneven and fragile growth across sectors. The government faces a delicate balancing act as it attempts to revive the economy without fuelling financial risks. Regulators are cracking down on aggressive price-cutting in industries such as electric vehicles, which they claim is exacerbating deflation. Despite official assurances of stable growth momentum, Beijing must navigate these complex challenges to meet its 5% GDP target for 2025 and restore confidence in the world's second-largest economy. Al Jazeera's Katrina Yu reports from Beijing, China. Subscribe to our channel: http://bit.ly/AJSubscribe Follow us on X: https://twitter.com/AJEnglish Find us on Facebook: https://www.facebook.com/aljazeera Check our website: http://www.aljazeera.com/ Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/ Download AJE Mobile App: https://aje.io/AJEMobile #ChinaEconomy #BeijingRealEstate #ChinaPropertyCrisis #ChinaUnemployment #ChinaEVMarket #PriceWarsChina #ChinaDeflation #ChinaGDP #ChinaGrowth #ChinaEconomicOutlook