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Investors monitor stock prices at a securities company in Jiujiang, China. AFP/Getty Images

For Ma Liang, a travel agent in Chengdu, China, bookings for overseas group travel are nearly full. Demand for travel outside of China is so low that many services have been cut, from flight routes to excursions at the famous sights and shopping districts of cities like Paris, Rome, and New York—where throngs of Chinese used to roam in hordes, spending $255 billion in 2019, and becoming a lucrative cohort internationally. As of December, the capacity of flights leaving and entering China had reached just over half of the same period in 2019, according to flight analytics firm OAG Aviation Worldwide.

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China’s now four-year real-estate crisis continues to rile investors who haven’t been paid, and buyers whose homes were never completely finished. The property sector produces about a quarter of China’s annual economic growth, and it comprises roughly 70% of household wealth, as citizens have long thought of it as the safest place for their savings. The problems are leading to losses for domestic and overseas investors, to a wave of layoffs from distressed firms.

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One worry is how Taiwan’s government handles the situation. China would view a display of disunity as a sign of weakness.

Chinese officials didn't provide details on the proposal. But it still created a firestorm on local social media.

Recruiting If you're unfamiliar with the work of carbon accountants, machine learning specialists, sustainability educators and manufacturing process engineers, you have plenty of company.

Some Chinese businesses are bracing for additional U.S. levies at a time when Beijing is already cutting assistance due to overcapacity.