As China hosts the SCO Summit in Tianjin, the contrast between global diplomacy and domestic economic distress is stark. Growth has slowed to 4.6%, youth unemployment has surged past 21%, and the property sector—once a pillar of China’s economy—remains in deep decline. The Goldin Finance 117, the world’s tallest unoccupied skyscraper, stands as a symbol of this downturn. Real estate uncertainty is dragging down jobs, savings, and public confidence. Despite limited recovery efforts, Beijing is now prioritising stability over expansion, letting parts of the sector fail to curb speculation. The result is a controlled but painful economic reckoning.
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