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wholemodern | 1 year ago
- there's a societal trend to not hire people over the age of 30-35 in China. after months of looking for work, they've given up
- there's an unofficial 70% youth unemployment rate, and with 12 million new grads each year and intense competition for government work, sometimes hundred of applicants for a single stable government spot, the new grads give up
- the young generation has realized that no house/car/marriage/kid (没房没车没妻子) is a good way to live, and there's no pressure on them to create a life. so they lay flat. thus the abysmal marriage/child rate in China, which is near the bottom of world ranking
- the new grads don't want to work in a factory, day or night shift, for $2/hour.
- if the workers are in 1st tier cities, they can barely save up any money working and living there, due to the recent 50% reduction in wages ($1000/month -> $500/month) and increased spending on necessities. so it's easier for them to just not work and live off of parents.
spywaregorilla|1 year ago
> there's an unofficial 70% youth unemployment rate
> , due to the recent 50% reduction in wages
I couldn't find anything on these points. The second one seems completely unbelievable while also being at odds with the first claim.
What are you referring to?
bobthepanda|1 year ago
https://www.reuters.com/world/china/china-stop-releasing-you...
Basically there is a trend of overeducation; China is producing millions more university graduates than it needs, without enough white collar jobs, and at the same time there are a lot of job openings in much more poorly paid factory work. This is not unique in East Asia, South Korea also has a lot of youth unemployment for similar reasons. https://keia.org/the-peninsula/low-youth-employment-in-korea...
Also, China is currently suffering from deflation because it produces many more goods than it can consume or export, and wages are also being cut.
wholemodern|1 year ago
here are some remnants in non-chinese websites.
http://www.xinhuanet.com/fortune/2023-06/26/c_1129716071.htm
https://botanwang.com/articles/202308/%E4%B8%AD%E5%9B%BD%E5%...
https://www.voachinese.com/a/more-chinese-white-collar-worke...
if you want to verify secondary effects: Retail sales of passenger cars in China declined to 1.095 million units, down 21% from a year earlier and 46% from January. https://www.wsj.com/business/autos/chinas-vehicle-sales-drop.... A decline of real estate development investment widened to 9.5% in the first quarter from 9% in the first two months https://www.bloomberg.com/news/articles/2024-04-16/china-hom... Stingy Chinese shoppers are returning their goods, erasing up to 75% of their sales value.https://fortune.com/asia/2024/04/17/luxury-brands-new-headac...
stevenae|1 year ago
Izkata|1 year ago
> there's a societal trend to not hire people over the age of 30-35 in China
Did you mean "under" or is it more complicated than "young people"?