Chinese consumers pull back again, piling more pressure on Xi's economy

Economic Decline: China's economy is facing significant challenges as consumer spending drops, housing prices continue to fall, and investment in property has decreased sharply, leading to a lack of confidence among the public.

Debt and Lending Issues: Borrowing has declined for the first time in 20 years, with many loans being used to pay off existing debts rather than for new investments, indicating a troubling demand situation that could hinder future economic growth.