The Chinese economy grew by 5.2 per cent in 2023, according to official statistics. But for many in business, it probably did not feel like that from the evidence on the streets of Beijing and other large cities.

Restaurants were not busy, shops were vacant, and there were widespread reports of property prices falling more than the official numbers. Rhodium Group, a research company, argued in December that most economic indicators in 2023 suggested actual growth was more like 1.5 per cent. There were bright spots, it said, such as electric vehicle production, but these could not offset the “general malaise”.