and its value has collapsed. pay me back. of course i m worried. what can i do? everywhere there are shelves of tower blocks which appear abandoned. this problem with real estate supply and demand isn t limited to this area. it isn t even limited to this city. you can drive out of here for hours and you ll find clusters of towers with unoccupied or unfinished apartments, many where workers stopped altogether. and consider that the same thing is happening in province after province right across the country. one estimate says that amount to 26 million unsold newly built homes. that s enough to house the entire population of italy. and it s also draining confidence. there s also not enough jobs for young people. 21.3% of 16 to 2a year olds didn t have one injune, prompting the government to stop publishing those numbers altogether. part of the problem is less jobs are being created by foreign companies. in september, foreign investment was down by a third compared to the same time a year
moving in a lot of different directions right now, trying to, of course, shore up their strategic alliances with russia, with north korea, with iran. and other players. they re trying to shore up economic ties and trade deals with different countries in europe, and also trying to walk the tightrope on relations with the u.s. the economy is in really sad shape here. all of the economic data that has been released is pointing to slower growth, even deflation. that s the economic data that they re choosing to reveal. there have been a number of indicators that have been quietly dropped over several months, and earlier this week, they announced they re going to suspend issuing youth unemployment data. it had already reached a record high of 21.3%. not reporting it anymore seems to indicate they don t expect it to go down anytime soon, and there are a lot of other factors at play, too, even in the youth
whether republicans and democrats like it or not, our economies are so connected, that a lost decade in china economically would have a negative impact on our economy. you listen to janis, the news is all bad economically for china. the fact that youth unemployment is at 21.3%, or at least it was until they stopped reporting the data, and that includes people working, if they only work one hour a week, this sounds like a country that is in real economic in dire straits. all of the economic indicators are bad right now out of china across the board. it is still, obviously, trying to find its footing after the covid outbreak and the pandemic swept through the nation and the growth has really slowed. to your point about the biden administration pivoting to asia, the war in ukraine still remains front of mind, but they have
their trading alliances a little bit stronger post-covid? well, you see china moving in a lot of different directions right now, trying to, of course, shore up their strategic alliances with russia, with north korea, with iran, and other players. they re trying to shore up economic ties and trade deals with different countries in europe and also trying to walk the tight rope on relations with the u.s. the economy is in really sad shape here. all of the economic data that has been released is pointing to slower growth, even deflation. that s the economic data that they re choosing to reveal. there have been a number of indicators that have been quietly dropped over several months. earlier this week they announced they re going to suspend issuing youth unemployment data. it had already reached a record high in 21.3%.
year. going into reverse again for the first time since china began to emerge from its covid lockdown.0n wednesday, on wednesday, retail sales growth slowed to 2.5%, a sign of the nervousness of consumers. and on the same day, beijing s statistics agency decided not to publish the latest figure for youth unemployment as had been scheduled. it reached a record high of 21.3% injune and was forecast to rise even more. james early is chief investment officer at bbae, a digital investment platform. he joins me from washington. thanks very much for being with us today james. thanks very much for being with us todayjames. now we know thanks very much for being with us today james. now we know that house prices are a barometer of the health of economies all over the world, but they are particularly important in china, why don t you explain to us a little bit more? in the west, i mean housing is one thing we put our