People online, and especially newspapers, always act like China is having a gig nightmare, and that everyone is stuck in unemployment hell. But they obviously don’t see the totality of the economy, they are just looking at one number or another. A large number of unemployed people can be good because that can be a long period of personal, consensual downtime from work. So many newspapers were also reporting what you just posted as a brutal bust in the housing market ripping wealth away from millions of Chinese. But they do not understand the context of the economy whatsoever. A house isn’t an investment, and its something that takes up such a little part of someone’s total wealth in China that they do not care if the prices keep going down. You can pay off a big 80k rmb house in the countryside in about 3.3 years of minimum wage work, and by countryside I mean a rural/suburb area, you still have access to a fast train to the local big city. You typically pay nothing for the land the house is on, its free when allotted by the collective lands comittee, so you’re pretty incentivized to set up your own house by ordering a prebuilt one to be shipped there or paying builders to do it. Or if you really wanted to save money, you can hook up a fancy yurt to the free electric and sewage lines and grow your own food, this style of life is so cheap and easy to maintain in China that it really isn’t even worth mentioning the numbers. I talked to a trans lady that did that.
People online, and especially newspapers, always act like China is having a gig nightmare, and that everyone is stuck in unemployment hell. But they obviously don’t see the totality of the economy, they are just looking at one number or another. A large number of unemployed people can be good because that can be a long period of personal, consensual downtime from work. So many newspapers were also reporting what you just posted as a brutal bust in the housing market ripping wealth away from millions of Chinese. But they do not understand the context of the economy whatsoever. A house isn’t an investment, and its something that takes up such a little part of someone’s total wealth in China that they do not care if the prices keep going down. You can pay off a big 80k rmb house in the countryside in about 3.3 years of minimum wage work, and by countryside I mean a rural/suburb area, you still have access to a fast train to the local big city. You typically pay nothing for the land the house is on, its free when allotted by the collective lands comittee, so you’re pretty incentivized to set up your own house by ordering a prebuilt one to be shipped there or paying builders to do it. Or if you really wanted to save money, you can hook up a fancy yurt to the free electric and sewage lines and grow your own food, this style of life is so cheap and easy to maintain in China that it really isn’t even worth mentioning the numbers. I talked to a trans lady that did that.