Part 3/14:
This persistent lowering of prices is underscored by the experiences of young Chinese entrepreneurs and consumers. For example, a 24-year-old woman named Jifong, who graduated two years ago, illustrates how economic hardship affects individual lives—a cocktail store she once operated faltered amid intense price wars driven by food delivery services offering deep discounts. Her story exemplifies a nationwide downturn: declining wages, job losses, reduced investment, and a shrinking consumer base.