China’s factories, the manufacturers for the world, now meet domestic demand, too. And so they’re more vulnerable to the country’s weakening consumer spending — as reflected in stagnant iPhone sales — and broader economic slowdown, all made worse by the U.S.-China trade war.
We looked closely at Huojiancun, an area at the edge of glittering Shanghai where factory workers assemble iPhones. Their dwindling paychecks aren’t just weakening their prospects but also the economic microcosm that had emerged around them, including a bustling night market and food stands.
Impact: China’s slowdown reverberates in complicated ways. It could be putting Beijing at a disadvantage in the trade war. But weak spending by Chinese consumers is also affecting major technology companies, whose general pallor makes them unlikely, our reporter writes, to power any new highs on Wall Street.

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