Chinese President Xi Jinping.
Chinese President Xi Jinping.
  • Chinese business owners and consumers told The New York Times they're concerned about the economy.
  • China is dealing with declines in manufacturing and trade as well as record-high youth unemployment.
  • Larry Summers said last week China's economic proespects had been "greatly exaggerated" in the past.

Chinese consumers and business owners are in a panic as the country faces economic headwinds and has even lost its status as the number one trading partner for the world's largest economy — the US.