The PRC is absolutely in a recession. No one is arguing against that, but to say a recession will lead to a 50% collapse in GDP is absolutely ludicrous.
The only middle income countries that have seen such a dramatic collapse in GDP are those in an active state of war like Ukraine, Syria, or Lebanon.
Property values are something like 70% of China's wealth, but only 30% of production. A GDP drop of 15% is very conceivable.
I think it's likely GP is wrong about the 50% figure, but if they were correct the CCP would never publish the number for fear of scaring away foreign investment. So it may be worth looking into more deeply.
The PRC is absolutely in a recession. No one is arguing against that, but to say a recession will lead to a 50% collapse in GDP is absolutely ludicrous.
The only middle income countries that have seen such a dramatic collapse in GDP are those in an active state of war like Ukraine, Syria, or Lebanon.