Desperate Unemployed Sleep on Streets, Going Hungry; Urban Decay Is Shocking.

Excuse me, do you still need people here? No, no, I can do any job. Just arrange it. I can do it well. No, no, we have already hired people. Can I help here for two days? I just need food for these two days. No salary. I will leave after two days. Just having food is enough? Yes, I just need food for these two days. Nothing else. Where are you from? Hunan. Why do you want to be so miserable? I can't find a job so I want to come here to help for two days. Just to have some food. After eating, I will have the strength to find another job. Haven't eaten? No, I haven't eaten for a day and a half. I will cook you a meal. I can do my work first. No, no, wait outside. Thank you. You're welcome. The restaurant owner later told the media that he noticed the man seemed to have a limp and that what he said didn't sound like a lie. So he cooked for him. He also told the man, If you don't have money to eat, come to my place anytime. I won't charge you. After all, it's not easy to be alone outside. This video moved and saddened netizens. Is it so difficult for young people to find jobs now? Others lamented, It's not that young Chinese people don't work hard, but it's getting harder and harder to survive. Sadly, this situation is now common in China. Many videos have been uploaded on mainland social platforms, showing people going to other places to find work, running out of money, failing to find a job, and fainting on the street from hunger. Some people are so hungry that they want to jump off a bridge. Hello, brother. Why do you live here? What do you want to do? Let's record it. We are here to help people like you. Have you encountered any difficulties? If not, how can you live here? It's so cold. How old are you this year? In your 20s? You can definitely choose to find a job. I can't find my ID card. Did I lose it long ago? If you lost it, you can apply for a new one. Then what can you do here? Find a job. Find something to do. Then, how many days have you been looking? I've been looking since today, almost more than 10 days. Then, where is your hometown? I'm from Henan. Henan. I have been wandering for a while. I can't get the internet to work, and I haven't found a job. I really have no other choice. Later, I thought about it, and decided to pick up some bottles to exchange for living expenses. Picking up bottles is temporary. I think if I collect a few thousand yuan, I will go hiking. I have no other choice. Otherwise, I will really starve to death outside. Brothers, if you come to Dongguan and have no place to live, don't panic. Look below. There are people living under the bridge. They live quite well. There are several guys living here. Look, there is still a person sleeping below. Brothers, if you come to Dongguan and have no place to live and no money to rent a house, don't panic. There are many bridge holes and many bridge bottoms in Dongguan where you can live. As long as you don't mind the poor environment, you can live anywhere. Seeing the current employment and living conditions of Chinese people is truly distressing. The mainland economy is in decline and there are more and more unemployed people. The internet is full of wailing. Many people are crying while looking for jobs. They live in anxiety and confusion every day, not knowing where to go in the future. Goodbye, Zhejiang. I will never come to Zhejiang again. This sentence makes many people sad and reluctant to leave Zhejiang. Recently, hundreds of thousands of migrant workers stranded in Zhejiang have started choosing to go home because they cannot find suitable jobs. Many people go home every day because Zhejiang's good companies are no longer short of workers. The current factory situation in Jiangsu, Zhejiang, and Shanghai may not be visible to workers who have just started working. Why are so many workers pulling their suitcases back home? It is possible that you come here to work and support the vendors and landlords, but you can't support us workers. Not to mention support, there isn't even a job. If you want to talk about good jobs, there are none that pay more than 8,000 or 9,000 or even over 10,000. The only jobs available are the kind that recruit every day, every month, and every year. A factory that used to be looked down upon? You have to stand while working, it's an assembly line, and the dormitory is far away. Now has people squeezing in at the door. Countless middle-class people have fallen into poverty overnight, as if waking from a dream. A few years ago, during the bubble boom era, everyone was comparing cars and houses. Now, sudden poverty and loneliness have created a huge gap, leaving countless people feeling helpless and lost. China's economic situation is getting worse, and the new year is coming. Some analysts believe that the RMB may collapse next year, and the social crisis may lead to civil war. Recently, news has spread on the internet. In Shanghai and Beijing, because people know that Trump will come and the RMB will turn into scrap paper, the number of people and the amount of foreign currency withdrawn from the bank has increased significantly since November 5th. It seems that people in the wall know that the CCP is coming to an end, and only foreign currency has value. Official data from the Communist Party of China also shows that unless there is a miracle in December, this year will be the first net foreign direct investment deficit in history. These will affect foreign exchange reserves and further destabilize the economy. The public is not optimistic about the economic outlook. Judging from this month's Central Economic Work Conference, the Politburo of the Communist Party of China cannot find a way out of the predicament. Zhai Shanying, former chairman of the Investment Banking Department of China Construction Bank, also said at the elite forum that the Central Economic Work Conference has sent out an extremely bad signal. But no one has said it publicly. The Chinese economy does not have core industries that can generate major income. Reading the full report really means that one can only survive next year by borrowing national currency, local debt, credit swaps, etc. In fact, borrowing money. If a country explicitly tells the world that it can only survive by borrowing money, then it has no money. When it comes to any source of income, what is its monetary value? Zhai Shanying continued to say that the purpose of printing money next year should be to repay debts. And the ultimate point of debt is basically the bank. That is, money is printed by the central bank, circulated everywhere, and finally returned to the banks to settle. The people still do not have money, so printing money on a large scale will be terrible and lead to serious deflation. Zhai Shanying believes that the RMB will depreciate significantly next year. Even in first-tier cities in China, there are signs that people are struggling to make a living. A 30-year-old female master's student in Shanghai posted a video saying that she had worked for nearly six years and was fired on New Year's Eve. Now, I am married and have no children. It is not easy to find another job. A netizen revealed, Putuo District, Baoshan District, Shanghai borrowed money to pay police salaries. You heard that right? It is Shanghai. The vacancy rate of commercial buildings is very high. Tenants cannot rent out their landlords' houses, and a large number of unemployed people have to return to their hometowns. Some people even took pictures of homeless and abandoned children on the streets of Guangdong as if they were back in Shanghai in 2008, worrying that poverty, unemployment, and the last generation will become daily habits in the future. Xi Jinping cannot save the economy, so how can he ensure the stability of his regime? The CCP has a tradition of waging war with other countries to deflect conflicts, but now the military is conducting a major purge and the people are unstable. Xi Jinping probably does not dare to use the military. Why is it so concerning that China is printing a lot of money now? The entire country can only survive by borrowing money. In the New Tang Dynasty's elite forum, Zhaixuan Ying, former president of the Investment Banking Department of China Construction Bank, pointed out that the true value of the national currency should be closely linked to the country's economic situation. And all of this depends on the guarantee of national credit. According to his analysis of the current economic situation in China, the Chinese economy under the leadership of Xi Jinping has been heading towards the dilemma of lacking core industries in recent years. This problem was clearly reflected in the 2024 Central Economic Work Conference. Zhaixuan Ying believes that the core of the report is that China can only survive by borrowing money next year, which is a signal that points directly to the core problem of China's economy. Zhaixuan Ying further pointed out that China currently has no main business income, and economic growth mainly depends on real estate and foreign trade. But these two industries are collapsing rapidly. With the economic recession, the value of currency has become increasingly difficult to reflect. Zhaixuan Ying said, when a country clearly tells the world that it can only survive by borrowing money and has no source of income, then where is the value of its currency? He also mentioned that if monetary easing is implemented in 2024, the printed funds may not enter the circulation field but will be mainly used to repay debts. The logic of printing money is to repay debts. The authorities call for debt repayment, but in fact there is no debt repayment. The printed money finally goes back to the bank and the public still has no money. He said that printing money will not bring inflation but will aggravate the problem of deflation. In the end, the printed money will only fill the bank's balance sheet and will not be effectively invested in the social economy. In summary, Zhaixuan Ying pointed out that China's economy is facing serious challenges. The lack of core industries, over-reliance on borrowing, and the collapse of the real estate and foreign trade industries have made China's economic growth unsustainable. In this case, monetary easing policies can only bring more severe deflation, not economic recovery. The government's unexpected important signal scares China's rich Beijing is asking wealthy individuals and companies to recheck their tax bills for any underpayments. The Financial Times reported on Monday, November 4, a move that could further undermine investor confidence in the world's second largest economy and cause anxiety for businesses that are struggling to survive in difficult times. In recent months, tax officials have asked wealthy individuals and companies to self-check their tax payments and make up any shortfalls, as local governments look for revenue to replenish coffers depleted by the real estate slump. The tax move comes as Beijing prepares to announce details of a massive fiscal stimulus plan this week, which is expected to focus on restoring the finances of local governments, many of which are struggling to pay suppliers and employees. Economists are pinning their hopes on the stimulus package. The next phase of a plan launched in September to help restore confidence among households and investors after two years of deflationary pressure from the real estate crisis. Beijing's move comes as China's third quarter economic growth fell short of its official target of 5% this year. A China-based tax partner said the tax requirements have sparked uneasiness and even fear among wealthy Chinese in cities such as Beijing, Shanghai, and Shenzhen. When asked to conduct self-examinations, some of them simply didn't know what to declare. Many also hadn't realized before that their overseas personal income would be taxed in China, the partner said. Companies that found no problems during self-examinations have been asked to submit certificates with official seals and keep evidence for inspection, according to a notice from one city seen by the Financial Times. Authorities have also asked individuals to start paying back taxes, including from their overseas investment earnings, in some cases invoking a rarely used 2019 legal provision, people familiar with the matter said. One lawyer said his wealthy Chinese clients were able to negotiate with tax officials, suggesting they had some wiggle room on potential tax liabilities. The central and local governments' revenue-raising measures, which also include a sharp increase in fines and penalties for the private sector, come as China's property market has slowed for three years. The slowdown has hit local government finances and dented confidence among households and investors. Revenue from land sales, one of the government's main sources of revenue, fell nearly 25% in the first nine months of this year compared to the same period last year. National tax revenue fell 5.3% over the same period. China's total fiscal revenue fell 2.2% year-on-year to about 16.3 trillion yuan, $2.3 trillion in the January-September period, official data showed. Local governments clearly don't have the money, said an executive at a mid-sized manufacturing company in Suzhou, one of China's industrial hubs near Shanghai. The executive added that local governments often impose heavy fines on companies in his area. China's fiscal deficit has reached a critical point, said Gary Yang, senior economist at French bank Natixis. There is more urgency to find other sources of revenue. Taxing the rich and some companies has less direct economic impact on most residents. Ker Sheng Li, co-head of Asia Pacific at the Alternative Investment Management Association, a hedge fund industry group, said China's push for strict taxation was pragmatic and necessary given the current economic winds. On the other hand, if the crackdown is expanded, it could shake the confidence of companies and investors. He added, Chinese listed companies have made a slew of announcements about their tax bills in recent months. In addition to requiring self-inspections, local governments are also imposing fines on companies to make up for the decline in land transfer revenue, the Financial Times said. Last year, fines and confiscation revenues surged in seven of 16 provinces, with Chongqing in the west and the capital Beijing increasing by 22.4% According to Chinese media Yikai Global, many local governments have stopped publishing fine revenues due to the abnormal growth in recent months. According to local media reports, this kind of local government imposing additional fines and taxes on companies happens every day, which hits the morale of companies, said an economics professor in Beijing who asked not to be named. Tax collection targeting the rich and private companies may not be enough, said Ng of Netexis, adding that officials may ultimately consider real estate-related taxes and broaden the tax base.