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China leans on exports as domestic demand stays weak
China's Commerce Minister, Wang Wentao, has openly called the country's economic situation "very severe and complex"—even with a 5.2% growth rate in the second quarter.
He pointed out that China is leaning more on exports right now because people at home aren't spending much, and global trade is pretty unpredictable.
China has 'great potential, strong resilience, and vitality': Wang
To shake things up, Wang says the government is rolling out new strategies to encourage people in China to spend more—think fresh trends like Pop Mart's Labubu dolls catching on.
He reassured everyone that China still has "great potential, strong resilience, and vitality," so they're confident about weathering these challenges for the long haul.