Serious signs of decline in China's economy! Alarm bells rang for countries around the world

Then came news that prices of many goods, from food to apartments, had fallen, raising fears that China could be on the verge of so-called deflation. In addition, prices in China may continue to decline, a sign of weak commercial activity.

China's housing market is increasingly in deep trouble, with signs of a split in finance, construction, and household money. Country Gardens, a major real estate developer, defaulted on its bond payments and lost an estimated $7.6 billion in the first half of that year.

For Chinese workers and families, these events added to the woes. The weakening Chinese economy around the world has indicated a reduction in demand for the world's major commodities. For example, a lack of demand for goods in China has led to less interest in oil, minerals, and other manufacturing sectors of the industry, from soybeans in Brazil to meat in the US, to luxury goods made in Italy.

According to Larry Hu, Hong Kong-based chief China economist at Australian financial services firm Macquarie, "The slowdown in China is definitely going to impact the world economy because China is now the No. 1 commodity consumer in the world. The impact is huge." It is going to happen."

According to recent research by BCA Research, China has alone accounted for more than 40 percent of global economic growth in the last decade, while the US's share is only 22 percent and the European 20 countries' share is only 9 percent.

Concerns about China's declining economy are set to grow further as Chinese authorities have limited options to reinvigorate the economy. In fact, China's rising debt has been estimated at 282 percent of national output, which is more than that of the US.

The Chinese government has outlined spending programs for consumers to spend and for businesses to invest in the country. But its contours are unclear, while the perception among China's local governments is that they will foot the bill because of concerns about the debt crunch. He has aggressively borrowed money for years to finance the construction of roads, bridges, and industrial parks.