Living in ‘garbage time’: when 500 million Chinese change their spending habits, the world feels it
- Written by Christian Yao, Senior Lecturer, School of Management, Te Herenga Waka — Victoria University of Wellington
B.Zhou/ShutterstockChina’s economic rocket ride appears to be ending – or slowing, at least. Growth has declined from 8.4% in 2021 to 4.5% today, youth unemployment has climbed to 16.9%, and cities are filled with unfinished buildings after the collapse of property developer Evergrande in 2024.
For a while now, a phrase has been buzzing...
