China Beige Book's Qazi: There is not an obvious growth driver in China for the next several years
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- China's economic recovery is showing signs of weakening and losing steam.
- Sales in the Chinese real estate market have been declining, with property prices at their lowest levels.
- Policy support and lower mortgage rates have been implemented to stabilize the sector, but a full recovery is not expected.
- China is facing challenges in balancing the need to stabilize the real estate market without reinflating the property bubble.
- Chinese policymakers are unlikely to provide extensive support, and real estate will likely no longer be a significant driver of economic growth.
- In the absence of real estate, there is no clear growth driver for China in the coming years.
- Manufacturing and electric vehicle/auto sales may still provide some support to the economy, but overall growth will continue to slow.