NEWS / China's economy sputters

China's economy is sputtering.

The financial picture in China has darkened because of Covid restrictions in nearly 30 of its cities, a turndown in the housing market, and trade blowback because of the Ukrainian war. This has led to higher prices, higher unemployment, and decreasing corporate growth.

President Xi has put several strategies in place to help his country weather these financial constrictions.

• The government will provide temporary allowances for jobless migrant workers and for those who lost their jobs during the Covid outbreak.

• The government will provide support for college graduates who start their own businesses and for firms who hire interns.

• The government will invest billions of dollars in infrastructure projects. These projects will support the businesses that provide materials for the projects and will create jobs for unemployed workers.

Sources: SupChina, MSN (1) (2), South China Morning Post, AOL, FocusEconomics