Shenzhen: From Chinese Dream to Economic Collapse!

Don't go to Shenzhen. Don't go to Shenzhen. I'll show you how many shops have closed around me, all empty. Shenzhen today is no longer the Shenzhen of a few years ago. Many factories have moved away. At night, you will only hear the echo of a ghost building. Many students from the 211 schools here can't even find jobs. Civil servants and teachers have all had their salaries cut. And programmers from big companies who used to earn 2,000 to 3,000 yuan now earn only a little more than 10,000. You must know that the economic situation in big cities is very bad now. If you can open a stall in the countryside and earn 6,000 RMB a month, then don't come here. The economic downturn has made the streets of Shenzhen deserted, no longer as bustling as before. The downtown areas that were once full of people now look empty. Many shops, restaurants and cafes have closed, with for-rent signs hanging from the windows. The once-bustling streets are now deserted, with only a few people, mostly ride-hailing drivers, food delivery people, and delivery workers. Although Shenzhen is one of the largest and most developed cities in China, this change clearly demonstrates the difficult situation the economy is facing. Small businesses, especially factories and retail stores, have had to close due to a lack of customers and are unable to sustain operations. Many workers cannot find stable jobs and face unemployment. Today let's learn about the recession in Shenzhen through videos shared by locals. Where can we still see the former prosperity of Shenzhen? Entertainment areas have become northeastern barbecue restaurants, and music clubs are now deserted. Looking everywhere, there are only empty spots. Kipo supermarket has closed and the pedestrian street has now become a parking lot. If you haven't been to Shenzhen, you probably won't believe it, but when you get here, you'll see that hope has really been lost. The Metour bicycle is now abandoned, and the mountain overlooking the pedestrian street has become a parking lot. The sky is gloomy, the clouds are thick, and the resort clubs don't even know if they still exist. Brothers, I'm in Shenzhen now, and it's past 7 p.m. Take a look at the streets here, and you'll see that they're deserted. Not a single person in sight. When I came here a few years ago, this street was very crowded, but I really didn't expect it to be like this this year. There is one person sitting here playing on his phone, and the clothing stores are completely empty. When I turned back, I noticed that some areas weren't very good locations, but I never imagined this situation. This clearly shows that the current economy of the entire country is not optimistic. Just look at this road. There's only one employee working here. In the past, these shops were very crowded. I even saw a milk tea shop with only one customer, and the fried dough shop, along with others, also had few customers. I am really confused now. I used to think that small cities like Hangzhou were deserted, but now I go out and look at Shenzhen, a big city that is also deserted. This is really heartbreaking and confusing. It is very difficult to know where all those people have gone when the economy is in such a gloomy state. Where will the road ahead go? Has Shenzhen become so deserted? This is the first fourth-generation Wanda shopping mall in the country. Three years ago, when it first opened, it was crowded, packed with vehicles, and the traffic jam was several kilometers long. But after only three years, it's now noon on the weekend, and the eight floors of the shopping mall are sparsely populated, with the aisles deserted and cold. Before, Cameron always had a line of people, everyone holding their bags, but now there are hardly any people left. And the restaurants, which used to be full of people waiting for tables, now not only have no one waiting, but only a few tables with customers. We went to a familiar restaurant, which used to have a lot of customers, but today it was just us. The entertainment areas that used to have long lines now have only two people playing. If the weekends are this deserted, who knows what it would be like on working days? Three years after opening, many stores in this mall have changed multiple times, making it feel like a river of shifting people. Opening a physical store is tough. Places like Nizuki and Haiti, which once required long waits, now see quick five- and one delivery worker shared that he only gets a dozen orders a day. Taxis are mostly empty, and public transport use seems to be rising. My husband and I have also faced staff cuts. Jobs are hard to find, so if you have a stable one, hold on to it. In Shenzhen and Shanghai, many office buildings are seeing companies return their premises, with around 25% of firms either closed or not returning after the holidays. This issue extends to shops and businesses as well. Streets are filled with for-rent signs, and even central locations are affected. Rent prices have plummeted. Office buildings in Bao'an are renting for 4 yuan per square meter, a 30% drop. Companies in Longgang are renting mall space for just 1 yuan a day. Landlords are waiving rent or reducing fees, but vacancy rates are growing. Unemployment in Shenzhen is high, and many stores are empty. Areas like Longhuam have rows of vacant shops in prime locations, but no tenants. Small businesses are closing, and even large companies are cutting staff. The fastest-growing industries now seem to be delivery and industrial vehicle driving, though competition is fierce. Unemployed people are often turning to these jobs temporarily. This year in Shenzhen, it's increasingly difficult to find work, and unusual trends are emerging. More people are out late at night, many are traveling but not working, and fewer pregnant women are seen in public. Even delivery drivers and street vendors are struggling. Many stores are transferring ownership or closing. Many stores in Shenzhen now offer free transfers, but still, no one is accepting them. New apartments aren't selling well, and the old real estate market is sluggish. People with money are saving it in the bank, while those who need to spend can't due to job loss or lack of funds. More young people are choosing not to work, buy homes, or marry. Foreclosures and distressed assets are rising, with more people unable to pay credit cards, car loans, or mortgages. The U.S.-China tariff war is intensifying, and despite the Chinese Communist Party's tough stance, foreign trade factories are halting production, causing chaos in the supply chain and impacting domestic manufacturers. Shenzhen, a key economic hub, is facing severe challenges. Many factories are closed, and small businesses are struggling with few orders. Unemployment has surged, leaving thousands without stable income. Experts warn that the economic downturn could worsen, leading to social unrest, particularly in cities like Shenzhen. A worrying fact is that 70% of employers in Shenzhen can't pay their employees. Larger companies are cutting staff, and many small businesses are on the brink of collapse. Even large office buildings see tenants changing almost every month. Every day, I communicate with countless bosses, many of whom are drowning in debt from online loans, small loans, and unavoidable expenses, highlighting how tough business is today. But who wants to be in such debt? Money is moved from one place to another just to keep the business afloat. If the bosses are struggling, what about the employees? The situation in Shenzhen is shocking. It's no longer the Shenzhen of a few years ago, with increasing difficulties across all industries. Jobs are harder to find, and salaries are dropping. Office buildings can't be rented, many are unemployed but still paying loans, and both the new and old housing markets are bleak. Even housing for talented people is now scarce. More tech drivers and food delivery workers are on the roads, while construction workers have returned home due to a lack of work. Life for grassroots officials has drastically changed. They once earned over 10,000 yuan a month, living well, but now face continuous salary cuts, leaving them with only 3,000 or 4,000 yuan after deductions. Their quality of life has sharply declined. They used to drive cars to work, but now rely on small electric cars. Their own car at home is rarely used. The most embarrassing part is meeting guests with a leader and worrying if their bank balance is enough to pay. It's a situation that makes them wish they could disappear. If Shenzhen's economy continues this way, I see no hope. In the past, work and social life here were full of vitality, with everyone optimistic about the future. Now, everything feels deflated, uncertain, and directionless. Have you noticed the changes in Shenzhen this year? Places like streets, restaurants, malls, and cafes are much emptier. I live in Fujian, once a crowded area, but now parking is easy to find, even late at night. My apartment, once hard to rent, now has vacant units. Many ground floor apartments are up for rent, and once-busy restaurants are empty with no need to wait. After 11 p.m., Shenzhen feels quiet. Only delivery cars are on the streets, but few people are out shopping. After nine years in Shenzhen, these last two years have been the toughest economically. If things don't change, I may quietly leave the city I once believed in.