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A tale of two economies: China’s painful transition
While China’s tech successes have captured the imagination of the world, ordinary Chinese feel squeezed by a slowdown that refuses to lift. This is the first in a limited Opinion series on the Chinese economy.
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Few shoppers were seen at the second-hand luxury goods department store, Super Zhuanzhuan, which opened in June in Beijing amid a persistent slump in China's economy.
ST PHOTO: TAN DAWN WEI
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When The Place opened in Beijing’s Central Business District in 2007 ahead of the Summer Olympics held in the city, the landmark shopping mall boasted Asia’s largest LED sky screen and was the epitome of China’s consumer boom where brands like Zara, Adidas and Aldo drew crowds eager for foreign goods.
But as I walked through the sprawling commercial development recently, the vibe was markedly different than even just six months ago when I left Beijing. Storefronts like Sephora and Calzedonia sit shuttered, foot traffic has dwindled and the LED canopy no longer dazzled shoppers.
