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China Economy: Colors have always been an integral part of human civilization. Even humans use colors to reveal their expressions. For example, red color for love, black for protest and yellow for friendship have been used for centuries. However, colors are used to measure the state of the economy in China. Let us know what is the meaning of summer blue and red doors in the economy of China?
“Kai Main Hong” a traditional idiom
Every year with the onset of spring, a traditional idiom in China comes into discussion, “Kai Main Hong”, which literally means “opening red door”. This idiom is usually used at the launch of a new business, but the Chinese government and the media adopt it as a positive signal at the beginning of the economic year every year.
This time too, expectations about China’s economy in the first quarter of the new financial year are strong. According to a report published on the South China Morning Post, Financial Data Provider Wind believes that China’s GDP growth rate in the first quarter is estimated to be 5.16 per cent on average, which is believed to be a strong start in the global recession environment.
China is scared of summer blue
However, the trend of the last few years does not consider this initial passion to be sustainable. Last year, China started the year with an annual growth of 5.3 per cent, but in the second quarter, the figure fell to 4.7 per cent. Even further decline was seen in the third quarter, when growth was just 4.6 per cent.
This falling speed is called “Summer Blue” in China. Where the ‘blue’ of summer comes after the ‘red’ passion of spring. This trend is not new. The same was seen during the US-China Trade War in 2019. At that time too, economic lethargy was seen continuously after the first quarter. Apart from this, in the second quarter in 2010 and 2012 also, the growth rate was recorded.
Trade war is giving force to Summer Blue
Many economic experts in China believe that the ongoing trade war with the US may increase the sound of summer blue. Apart from this, the challenges of domestic demand, youth unemployment and real estate sector still remain in China. In such a situation, even though the figures of the first quarter of this year look positive, it is difficult to say how long this good start of “Kai Main Hong” will last.
