More Woes for China as It Institutes Nationwide Power Cuts Negatively Impacting Its GDP
China is facing a national economic crisis related to a large percentage of its real estate underwater and now the government is issuing nationwide power cuts which slow its already fragile economy.
We’ve reported already on how the China economy is facing a real estate crisis highlighted by the Evergrande bankruptcy.
US Stocks Plummet as “China’s Lehman” Evergrande Reaches Brink of Collapse
Now the Asia Times reports:
Goldman Sachs Tuesday lowered its annual economic growth forecast for China as nationwide power cuts hit millions of homes and halted production at factories, including some supplying Apple and Tesla.
At least 17 provinces and regions – accounting for 66% of the country’s gross domestic product – have announced some form of power cuts in recent months,
