Part 4/8:
Private sector confidence has remained an ongoing battle. Following the heavy lockdowns in April 2022 during the pandemic, consumer sentiment never fully rebounded. November 2024 saw a further decline in retail sales growth, reflecting deep-rooted anxieties regarding economic stability. Analysts noted that shattered confidence not only affected consumer behavior but also business operations, with many companies pulling back under the looming specter of economic uncertainty. The harsh reality is that the pandemic's impact, combined with regulatory crackdowns on major corporations, has left a lasting scar on China's economic landscape.