Chinese Consumers Grow Anxious Over Slowing Economy
A growing number of Chinese are now using WeChat, the social media app to look for fresh news and new advice on the unstable economy relatively more eagerly than the state's news media. The news media owned by the state has been ordered by the Communist Party's propaganda department, to report only the basics about the stock market catastrophe without going into too much detail of the slowing economic growth.
Earlier in the month, the central bank of China devalued the yuan by the greatest levels seen in decades. The signal was not taken very lightly by the global economies and the stock market faced a down ward spiral worldwide.
The Chinese urban professionals have also cut down in their spending. Zhang Yuanyuan, who is a thirty year old bank teller in Shandong Province, said "Last year we didn't have any year-end galas or a bonus. I think this year will be the same."
She said that now she spends less and instead of shopping from high end malls looks for cheaper clothes online.
The Chinese young middle-class professionals who saw the boom years with two digit jumps in growth are now suddenly required to tackle the economic slowdown which they feel is difficult to handle. They are canceling vacations and delaying weddings and even selling properties to have some cash in hand. People who suffered money losses in the current stock market crash have grown more anxious.
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