China's economic downturn is more shocking than outsiders realize, says former Chinese property mogul
According to Desmond Shum — once at the head of a multibillion-dollar development firm that he left in 2015 upon tighter control by Beijing — sales across industries, even those thought to be insulated from any slowdown, are falling, and the economic outlook among Chinese consumers is so dire that executives are reporting blatant acts of theft by employees.
Shum's description of conditions on the ground in China provide an inside look at stagnating growth, as the country's post-pandemic recovery has fizzled dramatically since the first quarter.
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