As China’s economy stalls, protests have broken out over frozen bank accounts and mortgage payments for unfinished homes. WSJ explains the reasons behind the simmering discontent and how Beijing authorities are trying to keep a lid on it. Photo Composite: WSJ
Chinese consumers are cutting back on discretionary purchases and becoming more thrifty as the country’s economic slowdown drags on, impeding the once-inexorable growth of the country’s e-commerce companies.
For the April-June quarter, Alibaba Group Holding posted its first revenue decline while JD.com saw its slowest growth, after lockdowns and other rigid Covid-19 control measures in China caused disruptions to supply chains. Executives and analysts expected better performance from Chinese e-commerce companies in the current quarter, but uncertainties linger as Beijing sticks to its stringent zero-Covid policy.
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