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Why consumer confidence in China has plummeted | The Business | ABC News

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China's property sector is a ticking debt bomb and Beijing must take forceful action, according to the International Monetary Fund. The IMF says China's growth could be lowered by as much as 1.6 per cent and global growth by 0.6 per cent if the crisis deepens. Property developer Country Garden has also warned it's at risk of defaulting on its international loans within weeks. Shaun Rein, founder and managing director of the China Market Research Group, says the property crisis and geopolitical tensions have plunged consumer confidence down to the lowest level he's seen it.

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