China: Xi Jinping tackles slow growth as economy 'hits the brakes'

China's President Xi Jinping is taking measures to address the slowdown in the country's economy as it "hits the brakes." A combination of factors, including a property crisis, local government debt, weak demand, and unemployment, is negatively impacting China's economic growth. The Chinese economy has been performing sluggishly in recent times, with growth rates slowing down. To combat this, President Xi Jinping has implemented several policies to revive economic growth and address the challenges faced by the country. One key issue affecting China's economy is the property crisis. The real estate market has experienced a slowdown, leading to a decrease in property sales and a large inventory of unsold homes. This has had a ripple effect on related industries such as construction and manufacturing, contributing to the overall economic slowdown. President Xi Jinping is taking steps to stabilize the property market and stimulate demand, including easing restrictions on housing purchases and encouraging urbanization. Another challenge is the issue of local government debt. Many local governments in China have accumulated significant debt levels, primarily through infrastructure development projects. This has put pressure on their ability to repay these debts and has raised concerns about the stability of the financial system. President Xi Jinping has implemented measures to curb local government borrowing, promote debt-to-equity swaps, and establish stricter oversight on local government spending. Weak demand both domestically and globally has also posed a challenge to China's economy. Internally, consumer confidence has been impacted by the economic slowdown, leading to reduced spending. Externally, China's major trading partners