Official economic data from any government is always treated with suspicion by anyone with common sense.
The Trump Administration's tariffs on China are not the initiator of the nation's troubles, they are more a bookend to a process of decline that has been ongoing for years.
Overall tariffs on Chinese goods currently sit at 124%, but some goods will be taxed as high as 245%. Trump has given a 1 month exemption on electronic parts and devices, perhaps to offer manufacturers like Apple, Nvidia and Microsoft time to arrange sourcing from alternative vendors. The problem for Chinese manufacturers is not just the tariffs but the uncertainty of timing and sudden changes to policy. They say no one is willing to make a big move on production or shipments until the trade landscape becomes more predictable. This means most Chinese factories are frozen in stasis.
Trump's tariff actions are widely criticized by the media as erratic or poorly planned, but what they don't understand is that uncertainty is the real leverage, not the tariffs. What seems like a spur of the moment decision or a sudden capitulation on Trump's part can be highly effective at throwing foreign governments and corporations off balance. Globalism requires a perpetual status quo, change of any kind is like holy water to a vampire.
Chinese shipments are on standby and orders are frozen. Nothing is moving.
Poster Comment:
Chinese real estate is based on poorly constructed commercial and apartment buildings. The ortages will go to zero value afte the next severe storm or earthquake crashes their buildings.
Also suffering a demographic collapse worse than the US. Nobody can afford an apartment.