93% of Stores Closed? China’s Economy Is Finished! Top Districts in Beijing, Shanghai Deserted

Data from Redmeal shows that as of May 10, 2023, there were about 201,570 catering establishments in operation in Shanghai, with high-end restaurants with an average spending of 500 yuan or more accounting for 1.35%, and those with an average spending of over 1,000 yuan accounting for 0.31%. At that time, there were more than 2,700 high-end restaurants with an average spending of 500 yuan or more in Shanghai.
Insiders in the industry revealed that the existing physical stores are still closing down in large numbers. One set of statistics shows that the closure rate of physical stores in China is as high as 93%.
#chinaobserver
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[@gatz900]

if the majority of people make very little money to spend, and young people cannot get jobs, businesses will have no one to sell to. Who would have thought.

[@jamegumb7298]

Propaganda. China is strong. Stronger than ever.

[@ericwilliams1659]

Yeah i agree, capitalism and the need for money can be very bad for people.

[@vodoo3dx243]

But Chinese people are good at saving money in the bank. 😂

[@doctorae724]

Logic is NOT allowed in the comments section!

[@A_L90]

I wonder when will the Chinese people revolt?

[@wheezysqueezebox7651]

Salary cuts, and layoffs, with foreign businesses fleeing... who would predict that retail stores and restaurants would suffer?

[@Sebastianmaz615]

👍🏼😆🤣

[@shawnd1966]

Are you referring to NYC?

[@Al-oe8ib]

Who thought that threatening the whole world would have sent every investor and manufacturer away??…..not the CCP

[@dirtyfingers1623]

@@shawnd1966 NYC is governed by idiots. What's your point? You the type that has to have the last words? We know most cities in the US governed by demoncrats are run down. Because someone mentioned China cities bad, you have to make a point about other cities. Feel better?

[@seraph3761]

@@shawnd1966many have gone to the conservative states where economy is more stabilized. They’re still in the US.

[@bugoy3430]

CCP starring Winnie the Pooh is the main villain.😂

[@pringlessourcream9527]

Wolf warriors and wuhan to thank.

[@Jasmin.M-hz5ty]

I'm from croatia,and here,only salles business is 100% successful business._And some cities like Split,have repurpused old etno buildings,to tourist objects.And i'm talking about Room rents,Motels,Hostels,BBQ,Bar's,Suvenier shop,and public beach renting to tourists._And when i go to shoping Mall,only food seling stores,and bars,are allways full.And McDonald is overcrowded every Saturday and Sunday,from 12pm to 6pm.

[@womblissimo6666]

Not exactly unexpected when the economy is so dependent on the stimulating force of foreign investment. A lack of transparency re economic indicators, stealing foreign IP, raiding foreign businesses, holding foreign workers, promoting anti-foreign nationalism and creating obstacles for foreign businesses have led to ALL foreign investment getting out of China. Not only foreign investment, but Chinese nationals are trying to get as much of their money out of China as well. Massive investment drain, coupled with unsustainable capital infrastructure projects to stimulate economic indicators, an over reliance on the domestic real estate market which is bilking citizens of their investments with tofu-dreg construction, and dodgy shadow banking. Monster investment in ill considered international loans for Belt and Road initiatives which cannot be paid back and might give China strategic resources and control of important international infrastructure, but leave huge unrecoverable debts on Chinese banks. All this on top of zero-covid measures.. heh. Anyone who did not see China's complete economic meltdown coming has not been paying attention. China's reporting on anything is wholly unreliable but you can't fool all of the people all of the time, and them chickens are very quickly now coming home to roost.

[@luislaplume8261]

More accurately it is like the vultures are coming home to feast on Premier Xi Jinping. 😮

[@seraph3761]

Investors, even inside the country, aren’t too thrilled about president Xi. Of course, president Xi can just do what he’s seen president Putin do and make them fall out of a window.

[@rogerm4310]

I feel sorry for the people but contempt for the incompetent CCP.

[@rishavsingh747]

Do not Pity them, They are Used to Being Subservient To their Rulers, They Even Now sometimes Call themselves 'Celestial Empire' Or in a Sense of monarcy and They Cannot even Think about Rebellion Because Most of Them want to be able to live For ever and Thus, they fear death, Desire To live long-> Fear Death-> No Rebellious Thoughts = Vote CCP

[@hagankeys3610]

You mean the incompetent sleepy Jo. Israel just gives you the middle finger.

[@goodnightmyprince6734]

People have no money

[@peterwulff469]

- many Chinese have skipped the soulless materialism.

[@user-in2km7pb9u]

No need for real money when we can just use software like Bitcoin to express financial actions

[@RostislavKozlowski]

CCP stolen the money

[@blackbelt2000]

they use social credits instead.

[@rufanuf1]

@@peterwulff469 Yes, and even a life.

[@centurione6489]

It's just the location for the new Zombie Apocalypse movie.

[@j.dunlop8295]

Terrible, karma for treatment of guests manufacturers! Insults, degrading and poor economic support of Chinese civilians, and foreign employers?

[@RobinPhillips1957]

Only the criminal CCP could do this!

[@nickavanti]

Shame on your shit-talking

[@kamsunleong6648]

Relax bruh. I have been hearing about China's economy being finished since the nineties. You will keep hearing that for a lot more years to come.

[@Beanerds]

You seen San Francisco , LA or NYC lately ? thank demoncrates !

[@Luming-di9rf]

You're a fool to believe this crap. By the way, only the US government could do this and in fact is doing it in the godforsaken US.

[@leek5682]

Someone beat me to it. Australia, UK, and the US had varying degrees of totalitarian responses to the pandemic

[@tombox2759]

LOL CCP karma

[@charted8015]

It is not karma. We Americans put them out of business.

[@surajkushwaha-lb3ix]

@@charted8015 how?

[@johnsmith-ek8mf]

​@surajkushwaha-lb3ix Moving factory out of China and into other countries.

[@user-ll9qk2el4d]

@@johnsmith-ek8mf While it didn't help, this is a simplistic and incomplete explanation. A large part can be blamed on Xi's disastrous zero covid policy as well as the frauds and collape of the real estate market.

[@rich1051414]

The people working in the government don't want to be effected by the economic downturn themselves, and are shielding their eyes to protect themselves. Sadly, the CCP are practically the only group not effected. If anything, they are doing better since their own wages are unaffected by deflation, so things are cheaper without getting paid less.

[@gaius_enceladus]

Ahhh, this is *wonderful* to see! Sitting here sipping my coffee in the morning, celebrating the spiraling of China into the economic abyss! Keep up the great work, Pooh Bear!

[@thedude-fs1pq]

Agree

[@alapaticornell4391]

Great job CCP & Xi the poo--bear😢😢😂😢

[@aracelimalone1167]

I hope those greedy Chinese investors start selling off their inventory of American homes soon

[@seraph3761]

He needs to be replaced asap, this is the problem with communism, old tradition. China cant be progressive when they cling to such old ways of thinking

[@auggieeast]

A pension of 70 yuan? So $10 a month?

[@chauchau7920]

🫣

[@kateryan9988]

Soon to be $5 when the CCPigs can no longer manipulate the Yuan's prices.

[@ruirodrigues2938]

Yeah.. I heard that and had to check in google that seventy was indeed 70...

[@darioviscuso6099]

@@ruirodrigues2938 you heard and after you check in google.. I want to congratulate with your brain for escape from your body!

[@karunama3771]

It's actually a little less now that the yuan has dropped in value.

[@erniequives7613]

That's the cause of greediness of cpp leaders,the investors going out,lost of trust.

[@JohnV935]

Exactly

[@Antigurke555]

A jobless youth is really dangerous

[@lance8080]

Send them to the rice farms 🇨🇳

[@KC-rt4hp]

A police state, fearing their population, with an itchy trigger finger is even more so.

[@Antigurke555]

@@KC-rt4hp A recipe for disaster.

[@BR-hi6yt]

CCP's central planning produces unintended consequences like the seven black swans mentioned in this video.

[@djaygnus6996]

When you intent to do business by predator and unlawful behaviors and unfair treatment. Investors get out

[@jabba334]

It's an interesting, and apparently worldwide(?) phenomena that shopping malls have/will fail. It's already been the case in America for at least the past decade, so many have closed. My guess is that people find most non food goods through the internet and physical retail spaces simply cannot compete. Think about it. Having to navigate a malls' huge parking lot, walk a long way to find the store(s) you are interested in then carry out whatever you bought on the return trip simply limits how much people will buy. Then there're smart phones in everyone's pocket so, see something you like and you can instantly look it up and order it if it's cheaper, turning malls into glorified demo stores that didn't/don't make any money.

[@achong007]

All CCP Wolf Warrior fault.

[@paulcusack8067]

Observe This!!!! Everything is going to get a lot worse!!!!! Corruption, Corruption, Corruption!!!!!!

[@dliu115]

Because China's previous economic growth wasn't a demand driven growth or a consumption driven growth, the economic struggles of china are logical. And because the main driver of Chinese growth over the past few decades was manufacturing and export driven. Limited by covid and the De-risking and reevaluation of western nations supply chains, China will likely continue to struggle economical. Thier recent economic boost was only because they exported virtually all of thier unsold manufactured and agriculture surplus to Russia (which is starting to get fed up up with this)

[@elmernagui744]

malls are dying especially in the US.. this is the trend due to online shopping

[@NorthbyWest]

Unless the mall is mixed use with services: With residences , fresh food, repair shops, as well as carwash for instance. Then it works.

[@prernasingh8908]

Malls the world over are shuttering. Brick and mortar retail is plummeting everywhere. The world has changed. Physical retail, cinemas, dining out will eventually die in the face of digital shopping, online streaming and ordering in.

[@spidertao]

I went to China back in 2018 and compared to Korean malls, you guys had easily 1/5 the foot traffic. We couldn’t believe how there were so many malls and so few people. It’s no surprise that post covid, people changed their lifestyles. The Korean movie industry hasn’t recovered either. Every theatre used to be packed and no, nobody goes to the cinemas. People really changed how they spend their time and money.

[@georgegonzalez2476]

Simple- online shopping and loss of foreigners and covid all working together. It’s not all that different all around the world except,for tourist destinations like Thailand.

[@user-ei1ct4gn7s]

You don't think Thailand has a whole host of problems ? ... think again !

[@yp3420]

... whataboutism ​@@user-ei1ct4gn7s

[@davidmacindoe2983]

It's not like this in Australia, despite Xi's trade sanctions against us.

[@siennaserrano4387]

always be humble.. this is what is going to happen if you keep on bullying third world countries... this is what you called karma.... china still can't stand without foreign investments

[@bengraham5699]

why is this?? China Inflation is only 0,1%. People should have money in their pocket since everything is still cheap in China 🤔

[@Velereonics]

lol wait their pension is 70 RMB? isn't that like $10

[@TheCrazierz]

$10 and they get to live instead of being sent to gulag

[@tjinla9850]

More like $5.00 US per month.

[@AA13494]

@@TheCrazierz in china its called Laogai, they all(communists)have really cute names for labour camps.

[@pietroghsvf]

@@AA13494 labour camps as those in the USA, with the highest prison population in the world and forced labour?

[@AA13494]

@@pietroghsvf lol. what labour are those prisoners in usa doing?? surviving off of state money. they r in there for a reason, not bcz of polictical dissent.

[@ksteinmuller]

I go to Beijing every few weeks, and it looks fine to me... I suspect that shopping centre overpriced their rent so everybody left.

[@zootallures6470]

So it’s all about the rent? Even all the closed shops, restaurants and boutiques you see on the streets?

[@Toto-dn6dv]

A good joke.

[@kentcrawley8166]

I was in Guangzhou in February where the malls and restaurants were packed.

[@dreams2reality410]

Yet the economy grew 5.3% in the 1st quarter of 2024. Lol

[@kateryan9988]

It's almost like the communists pull the numbers out from their ass!

[@tommyguyishere]

Their fake numbers can’t make it better. They created it, now live in it.

[@AGZFreddy1983]

and the German companies and some American companies are so naive into thinking the economy would get better and invested way to much into china all of a sudden.

[@raymondrust9084]

Who in his right mind believes in CCP economic stats!

[@user-mf7nb6fg1b]

that's cuz the CCP keeps building ghost cities where no one is ever gonna live ...

[@jschudel777]

Yep, that's called a recession. Malls are an unnecessary luxury that people can do without.

[@buildmotosykletist1987]

No wonder my neighbours need to send food parcels to family in China.

[@civicboi96]

China's middle class was completely artificial and way too reliant on foreign trade. It is going to revert back to its historical standard which is like 97% peasantry. Of course, this is also kinda happening in the US as we are moving back towards industrial revolution era like conditions.

[@brianfarmer858]

Very informative! Keep up the great work.

[@amelierenoncule]

I can hear, mes amis, old Willie Nelson singing, "Turn off the lights, the party's over..."

[@Musashi0387]

It's funny how they always have an asian person crying in the thumbnails.

[@randylaffy7679]

This is happening in the USA too. Folks save up and watch out.

[@lance8080]

Vote out Democrats

[@robhappe2705]

Somebody is paying for that!

[@user-ll9qk2el4d]

By changing the constitution of the People's Republic of China, Xi has the power to remain the president for life. On the other hand, he will blame his underlings for the failures he has caused.

[@user-xp3bn2ui5w]

Same thing happening in the USA and Europe , nothing new 😂

[@Jack-It-UP]

Thanks for the great reporting.

[@briansandford614]

🇨🇳China & India 🇮🇳 will have to learn as Japanese & Americans did. You can club the competition to death but all you’ll do is put yourself’s and everybody else into Depression !

[@Velereonics]

graduating and not being able to get a job isn't that weird in the US at the moment actually. for lower level jobs like retail and things like that sometimes you won't be hired just because they think you won't do a good job because you're educated (there's actually some evidence to support this it's not even that people with degrees are stuck up it's that their brains can't stay focused on things that are really monotonous and repetitive) And then you don't have the experience right when you graduate to get mid-level jobs. so I was stuck at home for a bit after I graduated. Like really really garbage trash jobs for like 3 years that paid really poorly and I was still stuck at home, and then I randomly got a job that was better lower level jobs too, if there's no education or specialization required, you're competing against illegal immigrants as well as everyone else because they don't necessarily have to be paid the legal amount, they can work multiple jobs, exceed 40 hours easily because nobody's ever going to notice, etc

[@Sebastianmaz615]

👍🏼😀

[@jphone9200]

No way 93% closed that's impossible ofc malls go out of business ..... they have been for a decade

[@robhappe2705]

They only eat instant noodles!

[@9-23-15]

Yep, and that is not very healthy. They are going to pay for it in the future.

[@tommyguyishere]

Flavored river stones to suck on

[@mindyourownbusinessplease1120]

No better in the US, Uk... the world sucks

[@johnmagic6408]

Летим на Марс. Там экономика только растет.

[@mindyourownbusinessplease1120]

Better than 🌎​@@johnmagic6408

[@tazboy1934]

Stop funding war and giving million to israrlel

[@LordGreavous]

i love the shade of tower 3

[@andreipolytov1059]

Всего лишь оптимизация расходов. Бываю в Китае 2-3 раза в год. По сравнению с США и ЕС в Китае все бурлит. Найти отрицательные моменты можно в любой стране. Западные страны сейчас в застое, коррупция и монополизация просто высосали все деньги из экономики. Бесконтрольная печать денег привела запад к упадку и коллапсу. Кормить запад уже никто не хочет. Можете верить или нет, но Китай на подьеме. Динамика развития положительная, видна даже не специалистам. Это сильно пугает запад. То же самое было с СССР после 1946 года. Увеличение ВВП СССР просто напугало весь запад.

[@Toto-dn6dv]

No, China is crumbling...

[@oscargrainger2962]

Absolute rubbish. It’s now a race between Russia and China who hits the bottom first.

[@9231tomi]

But what about the situations in tourist attractions or tourism industries? Overseas travellers might not be aware of the significance of the economy downturn so they might be extremely disappointed when they realise they can't do their shopping

[@sew2prosper]

I wouldnt feel comfortable standing in that building.

[@franciscovessani6720]

I have been watching this alarmist channels about china for 3 years now, and thats it, they just rant and rant about china's imminent collapse, and its been 3 years now, nothing happened

[@martinleung212]

I visited China a month ago. Most restaurants I went to were almost full, and some I had to wait to be seated. Sure, there would have been restaurants that have collapsed, but at the same time there would have been heaps that either survived or were recently started. I went to a floating restaurant serving Cantonese dim-sum, with a river cruise throw in for good measure. The cruise I went on was on a weekday (ie not a public holiday) and it was about 70% full. I'm sure it will be full during the weekends.

[@DonesdeMotivacion]

Yeah but I keep getting hammered when I short China, is ridiculous that American Investors keep putting money in Hang Seng and not here

[@GestaltGames]

wait, theres a 2022 new year poster event in the video, weird... all these videos you guys make must be exagerated or fake.

[@Joseph-ut4ui]

Germany faced economic disaster, twice, right before they went to war.

[@really9025]

These negative Chinese reports are weird. A good friend just returned home after retiring from a twenty year job in China. When I enquired about whether all the negative reports are true he laughed. He tells me it is a western narrative but he has no idea why. He says the economy is still exceptionally strong compared to the US and Canada. Very strange!!!

[@seraph3761]

I’ve seen a lot of Chinese locals comment on here saying the opposite. You sure? Or has he been chinaized where he can only say the good things and never the bad 😂

[@really9025]

@@seraph3761 I agree with you. I am only passing along what he said.

[@farmerdude3578]

In China they say the same about the US.

[@joedoe2312]

Amazon, shein, temu, Alibaba, aliexpress, streaming retailers???

[@zachfenton608]

That's what happens to lockdowns, cbdc, social credit

[@gregorywilson2124]

Apartments? The mall is gone forever.

[@TT-dp8qh]

Stores closed there are not so different than those stores here either!

[@dev4statingx90]

This is what happens when you don't let foreign investment in your country

[@michaelstevens3479]

And only yesterday an article declared Chinese retail spending is rising, confused ? so you should be.

[@andrewgarcia8415]

One thing I never understood if money is fake and printed how is still that people don’t realize inflation happens because greedy people ruin the value of it.

[@user-in2km7pb9u]

Everyone and their grandmother have realized this long time ago, why do you think stocks have been going up non stop for decades in the US

[@Onion_Knights]

why go mall when u can just buy online? bypassing parking, traffic jam, etc etc? why brick and mortar shop when u can just setup online store with just few employees? people learned that while in that 3 years lockdown

[@user-od9kw7wb4j]

The whole world is expriencing weird economic conditions.

[@manpanan11278]

I just came back from Shanghai and Beijing, and the cities are buzzling with commercial activities. Are these videos from 2021-2022 during height of the pandemic?

[@evonine4730]

right? If China Observer has the balls to observe real china, they should do livestream there like Jakenbake live. This channel survives on US propaganda money doing evil editing other people's content to spread hate on China.

[@GestaltGames]

theres a 2022 new year event poster in the video, so I gess its closed because of the pandemic.

[@zootallures6470]

The collapse of the real estate market is not from 2-3 years ago.

[@lance8080]

China is done 🇨🇳

[@DemoNinja79]

That looks just like New York, San Fran and Chicago!

[@raydemos1181]

that one mall looks like water tower place on Michigan Ave in Chicago

[@Trainboy1EJR]

They didn’t say anything about theft, so it looks like China is still doing better! XD

[@vincentyeo88]

But there are no homeless people outside.

[@aracelimalone1167]

I wonder if the Chinese who bought a bunch of American 🇺🇸 homes as investments have sold or are going to sell off?

[@harrywong4468]

Yeah I’m pretty sad this is happening. Guess I will just cry in my GT3 and go shopping 3 times a week, instead of 5 times. “CRY”

[@davyl3059]

The city should be named East San Fran. At least they don't have the crime.

[@talkingbutt3150]

So you prefer being kidnap and having your organs harvested over petty crime, that it ?

[@larrymcardle]

Not enough human feces in these videos to be compared to San Fran.

[@garylittleton3150]

No that’s in America. We go down hill

[@regardedking452]

It is wild seeing someone speedrun postwar America.

[@supertrucker99]

Retail here is down 😮

[@lance8080]

Move to the country and Rice farm 🇨🇳

[@volvol1]

This looks similar to what is happening in American malls and American retail shopping.

[@JustiisLeague]

This validates China’s actions on its neighboring countries such as the Philippines. Their economy is fast plunging and the bullying for oil and gases in the Philippines EEZ is happening.

[@watahyahknow]

you would think that someone owning one of these plazas / malls would give away the shop space to anyone willing to start a business and atracts public due to having everything under one roof this would be THE time for malls to get an edge over anyone else as they dont have to fight established malls

[@neilsmith5353]

..even though it's all closed they'll still go to work in the morning..resilient bastards the Chinese ..🐉

[@rickertom8122]

Wow, that is much better than ANY city in the US!!!🤣🤣🤣

[@vincentyeo88]

Yes, there are no homeless people camping outside. 🤣

[@patrickodonnell9388]

This is happening here in America most of the malls are dead everything is closing and things here in America dont look any better than China or Europe.

[@MrSam9860]

because of rampant corruption in govt and upper people every country fuk up.

[@kaijen2688]

Many malls in the USA look the same.

[@Roman49837]

You mean, the ones in California and New York. Of course, liberal states are going downhill while people move to more conservative states.

[@bicyclepromekaniko928]

The world is retaliating 😂😂😂😂😂

[@Vanessa-hc5gw65]

No difference in America

[@Utube1024]

0:27 2022 Happy New Year ....LOLLLLl

[@danieldumas7361]

Now, what is the name of the movement where young people refuse to work do to lack of validation (as just one reason)?!?

[@jumpingjohnflash]

Can you please please stop using the word "catering" incorrectly? catering = 餐饮, the word you want to describe the restaurant/bar industry is "hospitality" , (short for hospitality industry or 酒店业).

[@pachlon6375]

Excellent news!

[@k.vn.k]

Was it busy during Weekend lunchtime?

[@__BlacklotuS__]

being deceptive and making knock offs doesn't help either

[@StonerBob710]

Temu is doing just fine. 😅

[@vincentb2175]

Not really. It’s taking advantage of all the businesses that are closing and are selling at a loss. When those businesses run out of stock Temu won’t have anymore Chinese places to eat.

[@StonerBob710]

@@vincentb2175 I respect your opinion on this. I sell enamel pins. Their price is very easy to accept. If I could find a producer that would make what I want to sell that would be best.

[@abc2390986]

Temu is being functional here since it is not only destroying the US’ retail market.

[@gbottle0521]

Tofu Dreg Temu 🤣🤣🤣🤣🤣

[@vincentb2175]

@@abc2390986 last time I checked China has lost 70% of its retail stores.

[@darinkarambowich811]

Where are all the millions of people?

[@paulatyson3423]

Same everywhere mate

[@davoizchanger]

A sign of things to come.

[@Nadege-ho6tv]

NO MATTER WHAT, don't be confused, the same thing is happening in USA, big cities like LA or NYC, in Europe (in my country, France) - mondialized phenomenon

[@jimmylam9846]

Go have a look in NYC's Broadway, LA Hollywood or downtown SF..It is all freakin' same.....

[@abetskychua]

BAD KARMA!!! Always know your limits!!!

[@Durplepurple94572]

I thought the economy was finished months ago.

[@samu999]

The Lalaport in Jinqiao is doing pretty well