Part 7/14:
Personally, middle-class families feel the economic strain acutely. Erica Chun, a former tech executive in Beijing, recounts her fall from affluence—lost jobs, reduced household income, and a switch to live streaming for income—highlighting how widespread the crisis is. Wage growth hollowed out in 2024, and even in high-tech industries like AI and green energy, starting salaries have dipped by 7% from 2022 levels. Multinational corporations such as Apple, Volkswagen, and Starbucks report declining sales, while Chinese household savings have surged to an unprecedented 110% of GDP—a sign of deep consumer hesitancy and economic uncertainty.