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#economicdownturn

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Norobiik @Norobiik@noc.social

The #TouristHotspot popular with #backpackers has become an unlikely second home for thousands of Chinese people seeking alternative lifestyles.

In recent years, an #EconomicDownturn and lingering trauma from the isolation of #China’s draconian #ZeroCovid regime has pushed people who would otherwise be seen as the country’s success stories to emigrate.

The Chinese émigrés leaving the pressures of home for laid back #ChiangMai | #Thailand
theguardian.com/world/2024/apr

Chinese tourists at a temple in Chiang Mai copy Photograph: Christopher
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Norobiik @Norobiik@noc.social

The troubles at #SichuanTrust are a microcosm of the strain spreading through #China’s £2.3tn #TrustIndustry as an #EconomicDownturn, combined with tighter government regulation, risks torpedoing a major part of the #ShadowBanking industry that has filled the gaps left by traditional financial institutions. #PropertyMarketCrisis #zhongzhi

‘It’s legalised robbery’: anger grows at China’s struggling #ShadowBanks

theguardian.com/business/2024/

Back toot: noc.social/@Norobiik/111720687

Sichuan Trust is offering smaller investors 80% of their capital back, but only 40% to larger investors.
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