CCP Releases Chinese New Year Holiday Consumption Data; Experts Say China’s Economy Entering Depression

The ruling Chinese Communist Party (CCP) has released consumption data for the Chinese New Year holiday, with state media boasting that the domestic consumer market is “hot.” However, finance experts rebuke the claim, pointing out that the slumping Chinese economy is entering a situation akin to the Great Depression (1929–39). The Data Center of the CCP’s Ministry of Culture and Tourism in recent days released information stating that there were 474 million domestic tourism trips during the Chinese New Year holiday from Feb. 9 to Feb. 17, and domestic tourists spent a total of 632.68 billion yuan (about $87.9 billion) on travel. The sales of key retail and catering companies across the country increased by 8.5 percent year-on-year on a comparable basis....