BEIJING — China's economy grew 5 percent last year, matching the government's target, but in a lopsided fashion, with many people complaining of worsening living standards as Beijing struggles to transfer its industrial and export gains to consumers.
BEIJING — China 's economy grew 5 percent last year, matching the government's target, but in a lopsided fashion, with many people complaining of worsening living standards as Beijing struggles to transfer its industrial and export gains to consumers.
China gave civil servants their first big pay bump in a decade, although the higher estimates measure the overall increase at roughly 0.1 percent of GDP. Financial regulators got steep wage cuts, as have many others in the private sector.For Jiaqi Zhang, a 25-year-old investment banker in Beijing, 2024 felt like a downturn, having seen her salary trimmed for a second time since 2023, bringing the total reduction to 30 percent.
Hits Target But Outlook Clouded
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