Changchun Party Chief Warns of Unprecedented Economic Challenges Amid Slowing Growth

Zhang Enhui, who leads the Communist Party in the industrial hub of Changchun, broke with the usual practice of only reporting positive data by flagging serious economic headwinds. He urged officials and businesses to mount “all-out efforts” to tackle these unexpected challenges. The city’s concerns reflect a broader national slowdown, with China’s second-quarter GDP expanding just 4.3%, down from 5% in the previous quarter.

Fixed-asset investment contracted by 5.7% year-on-year, while property investment fell 18% in the first half. Retail sales growth slowed to a mere 0.2% in Q2 after 2.4% growth earlier, underscoring weakening domestic demand despite official targets of 4.5-5% annual growth.