Concerns China’s economic downturn is ‘worse’ than feared

Sky News Business Editor Ross Greenwood says there are concerns China’s economic downturn is “worse” than feared. Mr Greenwood said this comes as one of China’s “most successful” global retailers, PDD Holdings, revealed “profit and sales must inevitably slow”. “PDD owns the online retailer Temu, now the most downloaded free app in America, parts of Europe, the UK, Japan and South Korea," he said. “It was launched in Australia in April last year and by August overtook Amazon as the most downloaded free shopping app here. “Temu … is known for the cheapness of the products it sells and the deals it offers. “In China, consumers are struggling under the weight of the massive property crash that hurt disposable wealth. "But PDD was expected to hold up because of the cheapness of the goods it sells.”