4 ms·

the laying flat movement has mostly to do with lack of jobs/opportunity for young people. - there's a societal trend to not hire people over the age of 30-35 i

the laying flat movement has mostly to do with lack of jobs/opportunity for young people. - 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 2y ago
> there's a societal trend to not hire people over the age of 30-35 in China > 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?
- wholemodern 2y ago
  It's typically on Chinese social media apps, and when they get popular they get taken down immediately by the government here are some remnants in non-chinese websites. http://www.xinhuanet.com/fortune/2023-06/26/c_1129716071.htm http://www.xinhuanet.com/fortune/2023-06/26/c_1129716071.htm https://botanwang.com/articles/202308/%E4%B8%AD%E5%9B%BD%E5%81%9C%E5%8F%91%E9%9D%92%E5%B9%B4%E5%A4%B1%E4%B8%9A%E7%8E%87%E3%80%80%E8%B5%84%E6%B7%B1%E6%96%B0%E9%97%BB%E4%BA%BA%EF%BC%9A%E5%BA%94%E5%B1%8A%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E7%94%9F%E5%A4%B1%E4%B8%9A%E7%8E%87%E6%81%9080.html https://botanwang.com/articles/202308/%E4%B8%AD%E5%9B%BD%E5%... https://www.voachinese.com/a/more-chinese-white-collar-workers-report-decreasing-wages-20240209/7481715.html 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-dropped-in-february-amid-price-war-long-holiday-df7465f3 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-home-prices-fall-as-slump-shows-few-signs-of-abating 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-headache-china-stingy-shoppers-returning-their-goods-75-sales-volume/ https://fortune.com/asia/2024/04/17/luxury-brands-new-headac...
  - nradov 2y ago
    Popping the residential real estate investment bubble was probably the root cause behind the collapse in sales of cars, luxury goods, and other consumer products. A lot of consumers who had made highly leveraged investments on unoccupied apartments in "ghost cities" were sitting on significant paper wealth for a few years and felt comfortable spending money. Now that has largely evaporated.
- stevenae 2y ago
  Last time I tracked this closely: https://www.reuters.com/article/idUSL4N3960Z5/ https://www.reuters.com/article/idUSL4N3960Z5/
- bobthepanda 2y ago
  The last official youth employment hit over 20% before China stopped publishing the figure. https://www.reuters.com/world/china/china-stop-releasing-youth-jobless-rate-data-aug-says-stats-bureau-2023-08-15/ 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-part-1the-golden-ticket-syndrome/ 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.
Izkata 2y ago
> lack of jobs/opportunity for young people. > 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"?

spywaregorilla 2y ago

> there's a societal trend to not hire people over the age of 30-35 in China > 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?

wholemodern 2y ago
It's typically on Chinese social media apps, and when they get popular they get taken down immediately by the government here are some remnants in non-chinese websites. http://www.xinhuanet.com/fortune/2023-06/26/c_1129716071.htm http://www.xinhuanet.com/fortune/2023-06/26/c_1129716071.htm https://botanwang.com/articles/202308/%E4%B8%AD%E5%9B%BD%E5%81%9C%E5%8F%91%E9%9D%92%E5%B9%B4%E5%A4%B1%E4%B8%9A%E7%8E%87%E3%80%80%E8%B5%84%E6%B7%B1%E6%96%B0%E9%97%BB%E4%BA%BA%EF%BC%9A%E5%BA%94%E5%B1%8A%E5%A4%A7%E5%AD%A6%E6%AF%95%E4%B8%9A%E7%94%9F%E5%A4%B1%E4%B8%9A%E7%8E%87%E6%81%9080.html https://botanwang.com/articles/202308/%E4%B8%AD%E5%9B%BD%E5%... https://www.voachinese.com/a/more-chinese-white-collar-workers-report-decreasing-wages-20240209/7481715.html 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-dropped-in-february-amid-price-war-long-holiday-df7465f3 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-home-prices-fall-as-slump-shows-few-signs-of-abating 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-headache-china-stingy-shoppers-returning-their-goods-75-sales-volume/ https://fortune.com/asia/2024/04/17/luxury-brands-new-headac...
- nradov 2y ago
  Popping the residential real estate investment bubble was probably the root cause behind the collapse in sales of cars, luxury goods, and other consumer products. A lot of consumers who had made highly leveraged investments on unoccupied apartments in "ghost cities" were sitting on significant paper wealth for a few years and felt comfortable spending money. Now that has largely evaporated.
stevenae 2y ago
Last time I tracked this closely: https://www.reuters.com/article/idUSL4N3960Z5/ https://www.reuters.com/article/idUSL4N3960Z5/
bobthepanda 2y ago
The last official youth employment hit over 20% before China stopped publishing the figure. https://www.reuters.com/world/china/china-stop-releasing-youth-jobless-rate-data-aug-says-stats-bureau-2023-08-15/ 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-part-1the-golden-ticket-syndrome/ 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.

Izkata 2y ago

> lack of jobs/opportunity for young people. > 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"?