China's 'conscientious economist' goes viral for telling the truth

An outspoken economist has gained widespread attention on Chinese social media after his sober comments about the slowing Chinese economy resonated with the general public.

Fu Peng, chief economist at brokerage firm Northeast Securities, addressed a number of issues, including the stock market collapse and the housing crisis, at the 2024 Phoenix Financial Forum for the Greater Bay Area in early September.

His blunt and critical remarks quickly spread throughout online communities, even though Fu had previously attracted attention only in financial circles.

Among the widely shared comments is his vivid illustration of the concept of a downgrading of middle-class consumer behavior by linking consumers' choice of coffee to the shrinking housing market.

“When property values ​​fall, consumer spending also falls rapidly. Middle-class shoppers are switching from 40-yuan coffees to 8-yuan buy-two-get-two-free deals,” he said at the event organized by ifeng, a news portal of Hong Kong broadcaster Phoenix TV.