China wants consumers to drive economic growth, but they are already being squeezed

Yu Mingang had a good job helping Chinese manufacturers prepare to sell shares to the public until the cooling economy derailed those plans.
As demand for auditing services sank, the 25-year-old accountant in the eastern city of Hangzhou was laid off in December. Yu tightened his belt: No more trips to the cinema or eating out. He put off buying a computer.
“I pay rent out of my savings,” he said.
The downturn is squeezing urban workers and entrepreneurs the ruling Communist Party…

source https://www.scmp.com/economy/china-economy/article/2182874/china-wants-consumers-drive-economic-growth-they-are-already

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