China news roundup / Nachrichten 2022-01-10
2 years ago in #china by bossel (72)
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The video asking if China is "heading for" an economic crisis is way behind. I've been screaming from the rooftops since 2017 that China is ALREADY IN an economic crisis and is running out of ways to hide it.
Depends on how you define crisis. I'm not as negative about the situation as you are. For what I can see that economic growth has largely stalled for a while now (again depending on which numbers you rely on). But for most commoners not much seems to have changed. From pensioners in the south to some poor peasants in the north, & some former students in between, I haven't heard much about personal economic problems.
But emperor Xi is of course hard at work to change that.
Admittedly, my only source of information is middle-classers, but for them, there has been a major pinch since 2017 and it has been getting worse. Families that used to have enough disposable income to go on three or four international vacations per year now cannot afford one, and those same families that used to be able to spend as much as they like on extracurricular lessons now cannot spend more than a few hundred RMB per week.
Not what I would call an economic crisis, for my taste, because people can still make a decent living. But I agree that for some in the middle class life has become less luxurious. One friend of mine is a secondary school teacher & suffered huge income losses from the tutoring prohibition. Another one works in a software company & lost overtime income. Both can still live quite comfortably, though.
"Decent" is a point of view. My sources are largely confined to Beijing and the surrounding province (Hebei), but average incomes have dipped as much as 40% and everybody has had to make painful cutbacks to their standards of living. The government itself is running out of ways to hide that they don't even have any more money they can borrow.
Anyway, if your friends are living comfortably there then they are doing better than my clients. I'll just leave it at that, with the re-iterated disclaimer that my sources are largely limited to Beijing.