Quiet malls, full containers: The two-speed reality of the Chinese economy

THE malls in Shenzhen were quieter than I expected. Designer stores had more staff than customers. The only crowds were in the food courts.

The headlines told a different story. Customs data showed that China posted a record trade surplus of nearly US$1.2 trillion in 2025. Exports rose 6.6 per cent year on year in December.

These two scenes can coexist; they describe an economy running at two speeds. The picture on the ground is more mixed than the headlines suggest.