SINGAPORE: At the heart of Shanghai’s bustling 'Ju Fu Chang' district - an area comprising the Juluwinforbet gaming, Fumin and Changle Roads in the Puxi neighbourhood - sits a trendy new bar inspired by The Beatles. 

The doors to 'Strawberry Fields’ opened in mid-September, the brainchild of Mr Daga, a 31-year-old former architect from the city of Guangzhou, and his partner, 26-year-old Ms Yiyi, once a fashion designer from the northeastern Liaoning province.

Fueled by the desire to reshape their lives, the couple took a leap of faith, using their savings to start a new business amid ongoing economic uncertainty. 

“I started bartending full-time in May,” Mr Daga, who prefers to be known by that name, told CNA. “After I quit my job, my partner left hers. We now run the bar together.”

From architect and fashion designer to bar owners, Mr Daga and Ms Yiyi opened 'Strawberry Fields' in mid-September. (Photo: Mr Daga)From architect and fashion designer to bar owners, Mr Daga and Ms Yiyi opened 'Strawberry Fields' in mid-September. (Photo: Mr Daga)

China has been trying to crank up its economy in recent weeks, and keeping to its commitment of achieving a 5 per cent growth for the year. But for some young entrepreneurs, they are not feeling encouraged.

“From a long-term perspective, the Chinese economy still doesn’t look optimistic because of fundamental issues like the falling birth rate and ageing population,” he added. 

The decision by the US Federal Reserve on Sep 18 to slash rates sent global markets rallying and had far-reaching implications beyond America, experts said – influencing mortgages, monetary policies and financial markets around the world. 

In China, jobseekers, households, and businesses like Mr Daga’s bar, have been navigating a complex post-pandemic economic environment. 

SILVER LININGS FOR CHINA’S ECONOMY 

The Fed’s easing alone will not be the cure-all for the world’s second largest economy which has been faltering amid a property crisis, weak spending and high youth unemployment rates among other woes, experts have noted. 

But the moves did in fact, help create “a more favourable environment for China to ease its own policies without negatively impacting other priorities”, according to Mr Lynn Song, chief economist for Greater China at ING. 

“The main impact should be through Chinese policymakers finally unleashing more policy support in the aftermath of the Fed cut,” Mr Song said. “Lower interest rates tend to most directly benefit real estate due to the leveraged nature of the industry, while the impact on retail and manufacturing may be less direct.”

On Sep 29, China’s central bank announced the lowering of mortgage rates for existing homes before the end of the month, a measure welcomed by experts who said it demonstrated policymakers’ resolution to turn things around. 

In an attempt to stem the downward spiral that saw housing prices in August fall by their fastest rate in nearly a decadewinforbet gaming, the People’s Bank of China (PBOC) reduced the deposit requirement for Chinese citizens looking to buy a second home.

The crisis in China's vast property sector has been a major drag on the country's economy (Photo: AFP/STR)

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