China's economy, going into 2023, is in a bad shap.
Unemployment rate is at an all-time high, particularly among young people (20%?) and middle-aged adults (myself included). Housing market is in trouble, with plummeting prices and widespread debt. People are spending less, and investing has ground to a halt.
Overal confidence is low, and pessimism is widespread.
In contrast, there are more people on the street and in the parks, and there seems to be a boom in low-cost consumptions like small resturants and online shopping.