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Retirees in China's Guangzhou staged a protest in front of the Social Security Bureau as their pensions and medical insurance payments have been reduced
"Guangzhou retirees protesting in front of the Social Security Bureau as their pensions and medical insurance payments were reduced," tweeted Jennifer Zeng, an independent journalist based in New York, USA, on her official Twitter handle @jenniferzeng97. Zeng wrote that local government in China is facing financial problems now. "Local governments in #China are having financial problems now," Zeng tweeted on Saturday. Zeng provides insights about China and the Chinese Communist Party (CCP), according to Zang's Twitter bio. The Straits Times recently reported that the COVID surge in China has hit its southern commercial hub Guangzhou, denting its economic prestige as it faces a difficult road to recovery. Three weeks after Xi Jinping, China's top leader tried to reinvigorate China's stalled economy by abruptly abandoning his stringent pandemic restrictions, downtown Guangzhou is faced with an unpredictable - and uncontrolled - epidemic and financial uncertainty, people and companies are spending cautiously, suggesting that the road to recovery will take time, the report said. According to an Inside Over report, amid the surge in COVID cases and economic crisis in the country, China is stuck in a dilemma as its COVID policies are saving people's lives but at the same time, impacting its economy, effectively putting the second largest economy in a "double whammy". According to the news report, there are predictions that China is expected to witness more than a million COVID-related death in the coming days. At the same time, the Chinese government is struggling to impose restrictions due to its negative effect on the country's economy. According to analysts, China's economic growth will fall to 2.8-3.2 per cent this year, which would be the lowest in 50 years. (ANI)
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