Department of Posts Enables Online Personalized Cheque Book Requests Through Internet Banking
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Tuesday, 21 July 2026
Department of Posts Enables Online Personalized Cheque Book Requests Through Internet Banking
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https://www.youtube.com/watch?v=02uxPQlUEUo
China GDP Hits 30-Year Low: Real Growth Near Zero, CCP’s Worst Fear Begins18 Jul 2026 #chinaobserver
China’s second-quarter GDP growth in 2026 slowed to 4.3% year-on-year, marking the lowest quarterly growth rate in three and a half years. However, many research institutions and economists have continued to question the accuracy of China’s official figures, arguing that they may be overstated. Some analysts estimate that China’s actual economic growth could be close to zero.
National Bureau of Statistics released
0:25
economic data on July 15th, stating that
0:28
GDP in the first half of the year
0:30
reached 69.57
0:32
trillion yen, up 4.7% yearonear based on
0:36
constant prices. By quarter, GDP grew 5%
0:41
year-on-year in the first quarter, while
0:43
growth slowed to 4.3% in the second
0:45
quarter. Excluding the unusual period of
0:48
the 2020 CO9 pandemic, it represents the
0:51
lowest quarterly GDP growth rate China
0:54
has recorded in more than 30 years. Just
0:56
one day earlier on July 14th, China's
0:59
customs authorities released June trade
1:01
figures, showing exports surged 27%
1:04
yearonear, Chinese officials attributed
1:07
the increase to soaring global demand
1:09
for semiconductors, which they said
1:11
boosted exports of Chinese technological
1:14
products. Reuters also reported that
1:16
industrial output remained resilient,
1:18
supported by exports linked to
1:20
artificial intelligence. However,
1:22
consumer spending and investment
1:24
remained weak, dragged down by a
1:26
prolonged property downturn and pressure
1:28
from global oil prices. The main factors
1:30
weighing on growth include continued
1:32
weak consumption with retail sales in
1:35
June potentially falling slightly again
1:37
yearonear, a deeper decline in real
1:40
estate investment which dropped 16.8% 8%
1:43
and fixed asset investment falling 5%
1:46
the lowest level since the pandemic.
1:48
Investment also declined in sectors
1:50
outside government supported areas such
1:53
as high-tech manufacturing. Data
1:55
released by China's National Bureau of
1:57
Statistics on June 16th showed that
2:00
fixed asset investment from January to
2:02
May 2026 fell 4.1% yearonear while
2:06
private sector fixed asset investments
2:08
plunged even further dropping 7.1%.
2:12
At the grassroots level, Chinese society
2:14
is facing a prolonged economic squeeze
2:17
with a property market downturn, high
2:19
youth unemployment, and severely
2:21
weakened domestic demand. Despite
2:23
Beijing's push for a transition toward
2:25
new quality productive forces, including
2:28
high-tech manufacturing, humanoid
2:30
robots, generative AI, and biio
2:32
medicine, analysts say these sectors are
2:34
unlikely to offset the broader economic
2:36
crisis. Beyond the surge in exports,
2:39
China's three major economic engines:
2:41
consumption, investment, [clears throat]
2:42
and real estate are all losing momentum.
2:44
The pain of the downturn is increasingly
2:46
felt by ordinary people as earning money
2:49
becomes more difficult. For many
2:51
households, their actual economic
2:53
experience appears to be increasingly
2:55
disconnected from official claims of
2:57
recovery. At the same time, a phenomenon
2:59
Beijing fears is emerging. Consumers are
3:02
deliberately holding back spending.
I heard a blogger say something today
3:07
that I thought was really well said. He
3:09
said that ordinary people today have
3:11
very, very few rights. In fact, it feels
3:14
like we only have one real right while
3:16
everything else is an obligation. And
3:18
what is that one right? It's the right
3:20
to choose how we spend our money. But
3:22
don't underestimate this power. Every
3:24
ordinary person can decide where their
3:27
money goes, who they support, and what
3:29
they spend it on. This is something the
3:31
Chinese Communist Party cannot easily
3:33
force us to give up or completely
3:35
control. So don't underestimate this
3:37
right because everything in our daily
3:39
lives, food, clothing, housing, and
3:42
transportation involve spending. As a
3:44
person from Shani, a woman who was born
3:46
and raised in Shien, I want to make this
3:48
appeal. The power of consumption is in
3:51
your own hands. If we stand together and
3:53
unite at this time, don't underestimate
3:55
this power. It can change many things
3:57
and help protect our rights. This online
4:00
appeal from an ordinary woman in Shien
4:02
has struck a chord amid China's economic
4:04
climate. She emphasized ordinary
4:07
people's right to decide how they spend
4:09
their money. Many people responded by
4:11
saying, "Voting with your wallet is the
4:13
strongest statement." The reactions
4:15
reflect how some consumers are viewing
4:17
cautious spending as a passive response
4:19
to dissatisfaction with a prolonged
4:21
economic downturn under Xi Jinping's
4:23
leadership. In June 2026, France's
4:27
newspaper Lemon reported that Chinese
4:29
people's reluctance to spend has become
4:31
a global economic issue, attributing the
4:34
trend to the property crisis, industrial
4:36
overcapacity, and inadequate social
4:38
welfare coverage. The report said
4:41
China's weak consumer spending has drawn
4:43
increasing attention both domestically
4:45
and internationally. In China,
4:48
consumption accounts for only about 40%
4:50
of GDP compared with nearly 70% in the
4:54
United States and around 65% in most
4:56
other emerging economies such as India,
4:59
Argentina, and Brazil are generally
5:01
around 60%. China's consumption share
5:04
remains significantly lower than that of
5:06
other countries. The root cause of
5:08
China's weak consumption lies first in
5:11
the property crisis. Over the past two
5:13
decades, as rapid urbanization drove up
5:16
housing prices, many Chinese households
5:19
came to view real estate as the safest
5:21
form of investment. They poured about
5:23
70% of household wealth into property.
5:26
But the property crisis that began in
5:27
2020 wiped out a large portion of those
5:30
savings. The decline in household wealth
5:32
has directly changed consumer behavior.
5:34
Many people have cut back on travel,
5:37
dining out, and non-essential spending,
5:39
choosing instead to save more income in
5:41
banks to prepare for potential risks
5:44
such as unemployment, illness, or
5:46
retirement. Lemon pointed out that
5:48
industrial overcapacity is another
5:50
factor behind weak Chinese consumption.
5:53
From pork and clothing to electric
5:55
vehicles, supply in many Chinese
5:57
industries has far exceeded demand,
5:59
triggering fierce price competition. As
6:01
corporate profits are squeezed, wage
6:03
growth has slowed or even declined. The
6:05
report argued that China's industrial
6:07
overcapacity has further limited wage
6:10
growth, while insufficient social
6:12
security coverage has made people more
6:14
cautious about spending, creating a
6:16
vicious cycle. China's weak domestic
6:18
consumption has even affected its trade
6:20
relations with Europe and the United
6:22
States. Trading partners, including the
6:24
European Union, have repeatedly
6:26
criticized China's insufficient imports,
6:29
saying the imbalance in trade has been
difficult to resolve. Currently, China's
6:33
trade surplus with the EU is
6:35
accumulating at a rate of around 1
6:37
billion per day. In reality, the
6:40
property downturn, weak social security
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system, and declining consumer
6:44
confidence are only surface reasons for
6:46
why Chinese people are reluctant to
6:48
spend. The deeper causes lie in income
6:51
distribution and industrial policy. It
6:53
is also worth noting that government
6:56
transfers to individuals account for
6:58
less than 15% of GDP in China. Some
7:00
estimates suggest direct spending that
7:02
benefits ordinary citizens is only
7:04
around 6% roughly 1/5if of the level
7:07
seen in developed countries. This
7:10
phenomenon reflects a long-standing
7:11
feature of China's public finance
7:13
structure, a focus on investment and
7:15
construction while placing less emphasis
7:18
on social welfare. In developed
7:20
countries, public spending is largely
7:22
focused on household welfare and social
7:24
security, including pensions,
7:26
unemployment benefits, and medical
7:28
subsidies. These transfer payments go
7:31
directly into people's pockets and are
7:33
converted into spending power, which is
7:35
why transfers to individuals typically
7:38
account for 20 to 30% or more of GDP. By
7:41
contrast, China's fiscal spending over
7:43
the past few decades has been heavily
7:45
concentrated on economic development,
7:48
including infrastructure projects,
7:50
industrial subsidies, and attracting
7:51
investment. Direct social transfer
7:54
payments provided to individuals in the
7:55
form of cash or goods account for a much
7:58
smaller share. The reality is that
8:00
ordinary people are not unwilling to
8:02
spend. They're holding back because
8:03
housing prices have fallen. Job security
8:06
has weakened and the burden of healthare
8:08
and retirement costs remain high. For
8:10
young people, difficulty finding stable
8:12
jobs naturally leads many to delay
8:14
buying homes, getting married, or having
8:16
children. Ultimately, China's weak
8:18
consumption is not just an economic
8:20
issue. It is a crisis of confidence.
8:23
More and more people are beginning to
8:25
believe that tomorrow will not be
8:26
better. In terms of investment, a
8:28
healthy economy depends on households
8:30
willing to borrow, companies willing to
8:32
invest, and young people willing to
8:34
start businesses because people believe
8:37
that if they take risks today, there is
8:39
a high chance they'll be rewarded
8:40
tomorrow. But when the situation shifts
8:42
to a point where companies stop
8:44
investing, households prefer saving,
8:46
young people avoid entrepreneurship,
8:48
banks become increasingly cautious about
8:50
lending, and families are unwilling to
8:52
take on more debt. The problem is no
8:54
longer simply weak demand. It means the
8:57
entire society is becoming increasingly
8:59
riskaverse. This is more concerning than
9:02
falling property prices. Economic growth
9:04
fundamentally depends on directing
9:06
today's resources toward tomorrow. Once
9:08
a society loses confidence in the
9:10
future, the economy gradually loses its
9:12
internal momentum. What becomes hardest
9:14
to repair may not be household balance
9:16
sheets, but society's expectations.
9:19
Asset prices can fall and still recover
9:21
over time. Population decline can also
9:23
be partly offset through technological
9:25
progress and productivity improvements.
9:28
But if an entire society develops the
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