Remarks
China’s Boom Is Over, But It’s Not a Bust
While the property market correction is no doubt painful—and necessary—the economy has new sources of strength.
Photo illustration: 731; Photos: Alamy; AP Photo; Shutterstock; Zuma Press
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China’s property sector is collapsing. Its electric vehicle sales are booming. Properly understood, both of those trends are good news for Beijing.
The benefits won’t be immediately evident. In the near term, the drag from the real estate meltdown is immense and dwarfs any positives elsewhere. In the long term, though, a China that’s ended an unsustainable real estate boom and amped up advanced manufacturing will be better positioned to grow.