The Chinese economy is facing a crisis, with migrant workers, labor brokers, and shop owners moving out of coastal cities and returning home due to reduced job opportunities. The crisis began earlier this year, as China lifted its COVID-19 controls near the end of 2022. The country s economy has been struggling to stage a comeback, with President Xi Jinping acknowledging the challenges in 2023.
The omission comes at a time when China’s internet industry is struggling from decreased consumer spending and a faltering domestic economy, following a series of regulatory crackdowns.