• SENSEX
    NIFTY 50
Business

In China's heartland, once-flush shoppers turn cautious

Updated : 2019-05-17 09:56:44

An economic slowdown in China, after three decades of unbridled growth, is being felt especially keenly in Henan. The province, with its 10 crore people, is a key pillar of China's aspirations to transform its economy by boosting domestic spending and raising living standards in the country's interior.But according to dozens of interviews with consumers and merchants across Henan, as well as trade group data, people in the province are spending less on everything from cars and household appliances to clothing and cosmetics.

A chef talks to his kitchen staff during their morning assembly outside a restaurant in Zhengzhou, Henan province, China, January 19, 2019. REUTERS/Thomas Peter
A chef talks to his kitchen staff during their morning assembly outside a restaurant in Zhengzhou, Henan province, China, January 19, 2019. REUTERS/Thomas Peter
Neon signs in the shapes of luxury brand names illuminate the facade of David Plaza, a shopping mall in Zhengzhou, Henan province. REUTERS/Yawen Chen
Neon signs in the shapes of luxury brand names illuminate the facade of David Plaza, a shopping mall in Zhengzhou, Henan province. REUTERS/Yawen Chen
People perform a tai chi routine at a department store in Zhengzhou. REUTERS/Thomas Peter
People perform a tai chi routine at a department store in Zhengzhou. REUTERS/Thomas Peter
A deliveryman leans against a cart outside a wholesale market in central Zhengzhou. REUTERS/Thomas Peter
A deliveryman leans against a cart outside a wholesale market in central Zhengzhou. REUTERS/Thomas Peter
A chef walks outside a restaurant at night in the old town of Luoyang, Henan province. REUTERS/Thomas Peter
A chef walks outside a restaurant at night in the old town of Luoyang, Henan province. REUTERS/Thomas Peter
People walk on a horseshoe-shaped glass bridge over Fuxi Mountain valley outside Xinmi city. REUTERS/Thomas Peter
People walk on a horseshoe-shaped glass bridge over Fuxi Mountain valley outside Xinmi city. REUTERS/Thomas Peter
Property saleswoman Zhao Na poses for pictures in an upscale showroom apartment in Zhengzhou. REUTERS/Thomas Peter
Property saleswoman Zhao Na poses for pictures in an upscale showroom apartment in Zhengzhou. REUTERS/Thomas Peter
People push shopping trolleys at a Walmart in Zhengzhou, Henan province. REUTERS/Thomas Peter
People push shopping trolleys at a Walmart in Zhengzhou, Henan province. REUTERS/Thomas Peter
Women buy steamed buns from a street vendor in the old town of Luoyang. REUTERS/Thomas Peter
Women buy steamed buns from a street vendor in the old town of Luoyang. REUTERS/Thomas Peter
Live TV

Ask Our Experts CNBC TV18