00:00 Beijing's iconic hutongs. Hundreds of years old, they are one of the few reminders of
00:07 China's past in the capital.
00:10 They're now a drawcard for tourists who want to shop and get a cheap meal, so we've come
00:15 to see how the economic downturn is affecting them.
00:19 Business is now very average. We're actually losing money.
00:25 The economy of our country is very good. It's increasing. It'll definitely increase this year.
00:31 This is what the government wants the world to see. Wealth and a thriving economy setting
00:36 a 5% growth target for the year. But the data suggests more rocky times are ahead.
00:43 Across China, the property sector has collapsed, international investors are bailing and the
00:48 post-COVID recovery has been slower than expected.
00:53 It's a political problem, but one that is increasingly hurting families who invested
00:58 in real estate. Millions of everyday Chinese people who thought they were doing the smart
01:03 thing have been left paying mortgages for homes that haven't been finished.
01:09 With fewer construction jobs around, China's vulnerable migrant workers are facing an increasingly
01:14 precarious future. While youth unemployment was so bad last year that the government temporarily
01:22 stopped reporting it after hitting a record high of 21% in June.
01:29 The employment environment is not that good. Beijing has its advantages because it's metropolitan.
01:34 Give more opportunity to the young people. I think we have a lot of flyers.
01:40 Something being felt across all walks of Chinese life.
01:43 For more UN videos visit: www.un.org/webcast
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