Fall of the Heavens. For the first time in 30 years, the Chinese economy is on the verge of a recession, and it could cost the world dearly

While the eurozone is struggling with record inflation, and the US is debating whether to be sad about a technical recession or rejoice in the growth of the labor market, China’s economy is teetering on the brink of recession, showing the worst performance in 30 years and dragging the rest of Asia with it. The consequences of the lockdown have been superimposed on the ongoing decline in the construction industry, and the desire to show growth at all costs higher than in the United States can drive the PRC into large debts.