Part 2/10:
In recent years, the tranquility of urban spaces has become emblematic of the economic turmoil within. Despite an official report claiming a steady growth rate of 5%, the reality tells a different story — skyscrapers are empty, streets are deserted, and youth unemployment is at a historic high. So, what accounts for the discrepancy between China's declared figures and the lived experiences of its citizens?
A Fragile Growth Model
Historically, China dazzled the world with an aggressive economic growth model characterized by rapid industrialization, marked by double-digit GDP growth from the early 2000s to the mid-2010s. Massive investments in infrastructure transformed cities almost overnight, yet this growth relied heavily on construction alone, creating an unsustainable bubble.