China’s Paper Tiger Is Finished, the Great Depression Has Arrived! People Live on Instant Noodles

The current situation is that on the surface, everyone looks fine. Everyone says they are not affected. Not affected. But actually, behind the scenes, they're eating instant noodles, eating pickled vegetables, while showing their perfect side on the surface. Do you agree with what I'm saying? In Guangzhou, a boxed lunch for 4 Yuan is selling like crazy. You're telling me that Guangzhou is upgrading its consumption? Either you're stupid, or you're lying. For 4 Yuan, there are four dishes. Scrambled eggs, potatoes, noodles, and pickled vegetables. This 4 Yuan lunch is selling like this. And you tell me this is consumption upgrading? A 4 Yuan lunch box, equivalent to just about 0.55 USD, has become a popular choice for citizens in Guangzhou, a first-tier city in China. The fact that the public can only rely on cheap lunch boxes and instant noodles for basic meals reflects the harsh reality of China's current economic downturn. I really can't believe it. This year, even rice is hard to sell. Today, I ran out of rice at home, so I went to the wholesale market to buy a few bags. The owner told me that this year, the grain and oil business is really tough. According to the latest statistics, the sales of rice have decreased by 30%. I don't get it. If you're cutting back on vegetables and meat, I can understand. But don't you have to eat rice? Are people not eating rice anymore? Everyone must have seen this. There are already millions of people dramatically quitting smoking. Some people online are saying, I don't want my family to lose their backbone because of my uselessness. 10 Yuan can buy 2 kilos of rice, enough for a family for one day. 50 Yuan can give the whole family a good meal. A large-scale economic downturn is coming. No matter where it is, downturns are inevitable in the economic cycle. We have a client in business services, originally spending millions to make high-end products. But now they're entering the market with products priced at 39.9 Yuan and 18.9 Yuan. They are now reorganizing their business team. This is a long-term downturn. It may follow us for the next 20 to 30 years. Especially, you can see that the ports in the Yangtze River Delta area, some reports have shown a 30 to 40% decline. This is the arrival of a big recession. With the continued decline of China's economy, consumer spending has plummeted to a critical point, with even basic necessities seeing reduced consumption. According to the latest statistics, in Shanghai, the country's largest consumer city, consumer spending in March dropped by 14% compared to the same period last year, while Beijing saw a 10% increase. At the same time, the unemployment rate across the country continues to rise. From coastal developed areas to inland cities, wages have regressed by a decade, and many people are forced to accept low-paying, high-intensity jobs to survive. However, even with these jobs, opportunities continue to shrink, and the shadow of economic depression looms nationwide. I spent the whole day outside today and ended up with nothing. Has the world really become so harsh for people in their 40s? I've already lowered my salary standards, I've lowered my expectations, but still haven't received a clear response. Does this mean I'm going to be eliminated by the world? In Zhangjiakou this year, there have been a lot of unusual phenomena. Not sure if you've noticed. First, wages have dropped to what they were 10 years ago. It was normal to find jobs paying four or five thousand, but now the streets are full of jobs paying only two to three thousand. Secondly, there's simply no work in Zhangjiakou. Many of my friends who returned from Beijing are now running back to Beijing. Third, the real economy is cold. There are shops closing down everywhere on the streets. Yesterday I went to a shopping mall to buy clothes, and there was no one there. Many business owners are struggling to stay afloat with loans. A man posted a video saying, you wouldn't believe it, someone's actually doing a job for 9 yuan an hour in Guangdong. 9 yuan, 9 yuan an hour. 6 yuan an hour, it's all 6 yuan, the market is tough this year, take it or leave it. Every morning around six o'clock, many people are waiting on this street for day jobs. After choosing, only about 10 people get hired. The area across the road around the hospital is full of people doing casual jobs paid by the day. According to the latest data, in 2025 the average hourly wage in China will be about 47 yuan, which is about 6.8 US dollars. Yet low-wage jobs offering 9 or even 6 yuan per hour are attracting many people, showing how tough the job market is. Look, this place near Zhangjiakou bank, you see the sign on the door, not working anymore, not working anymore, store closing, clear stock. For the boss, this is also a relief, right? Without physical stores, your city becomes a ghost town. Now the closure rate of physical stores is 93%. If 93 out of 100 stores close down, it means 98% of workers will lose their jobs. Things aren't easy now. Over there, the traffic police are issuing tickets, here the city management is checking small vendors, and all the cars are getting towed. Faced with such a harsh reality, many ordinary citizens see no way out. Struggling to survive but repeatedly encountering setbacks, they are left with no choice but to lie flat in resignation. The world has really changed. In Shanghai now, if you don't buy a house, you win. If you don't buy a car, you win. If you don't start a business, you win. Not getting married or marrying later, you still win. After working in real estate for over 10 years, I've seen it clearly. If you have a little ambition, you lose everything. The only way is to lay flat, then you win everything. How absurd is that? Now in Wuhan, how many homeless people are lying outside? Look closely. These are the people lying behind the water town in Wuhan. Why aren't they working? Is it really that hard to find a job now? There's even a girl lying here. How come you're sleeping here? I have nowhere to go, no job, no money really. Have you tried asking for help from your family? I can't tell my family. This can't go on. Have you eaten yet? No, can you buy me some food? I have only 5 yuan on me. How about I take you to eat some instant noodles? Okay, thank you. In the face of the severe employment situation and mounting economic pressure, family relationships are also under unprecedented strain. Unemployment and low incomes have led many families into hardship, exacerbating marital conflicts and contributing to a surge in divorce rates. Quitting work just like that? Is everyone not putting up with their boss these days? I get scolded by my boss every day, but I still show up to work the next day. If you just quit when you're not happy, you have already switched jobs twice. Can't you be a bit more reasonable? I have to pay the mortgage, the car loan, the kids' tuition fees. I can't afford it all by myself. The clothes and cosmetics you bought before work? You don't even earn enough to cover these costs. Can I go look for a job tomorrow? Other people's wives in their 30s and 40s can stay at home, but I have to go out and work? Can you be more realistic? In this era, I'm the only one earning for four people. It's too hard. There are two 90 laws facing middle-aged men like me. First, 90% of people who lose their jobs will never find another one. They'll permanently leave the workforce. They either work in small businesses, media, or take on jobs like security guards, nannies, or cleaners. Second, if the unemployment lasts more than a year, or if income is interrupted for over a year, the family can't maintain its original lifestyle, the divorce rate hits 90%. The reality is that harsh. A library can show you the current employment situation. On Monday mornings, it's full of middle-aged people. Starbucks has become like a shelter for middle-aged unemployed people, with their briefcases and fixed seats sitting there all day. The plight of middle-aged unemployment is shocking, and the job prospects for young people are equally bleak. In today's competitive job market, fresh graduates are facing tremendous challenges. A high education degree is no longer a guarantee of stable employment, with many being forced to take low-wage jobs or positions unrelated to their field of study. This has become a common reality for the younger generation. If I hadn't gone to university, if my mom hadn't used up all her savings to help me pay for a regular degree, I would have been better off. I'm from Anhui, and I graduated this year with a For the past month, I've been unemployed. The school is now letting us fend for ourselves in the job market, and I don't know what to do. I'll soon have to move out of the dorms and find my own place. After so many years of study, finally graduating with a degree, our family expected a decent salary and a better life after I graduate. But my resume has been revised again and again, and I've applied to over a hundred places, but there's no response. Everyone says that us Gen Zs are the ones cleaning up the job market, but I can't even get into it. Now I'm going to take a job as a waitress for around 3,000 yuan. Does that seem fair to you? It doesn't feel fair at all. If I hadn't gone to university, I could have worked with peace of mind and not be in this situation, caught between a rock and a hard place. The employment problem is really severe. It's not just people over 35 who are being fired and can't find a job. Now even the young people around 26 or 27 can't find work. My university roommate only makes 3,000 yuan a month, working two shifts a day, 12 hours a shift. It's such a high-intensity job, but the pay is low, and this is Tianjin. Plus, this year there are over 10 million new graduates competing for jobs. I can already imagine that my industry is going to disappear. I work in real estate brokerage in Tianjin, and I know that they've issued a document that says we can't talk down the real estate market, but the reality is that no one is making money and everyone's wallets are empty. How are we supposed to buy houses? This low-paying job, I'm done with it. I'm filled with anger. How come some people are still making money while the economy is declining? It's so hard. Why is the pay so low? It's so little. I don't even want to do things the proper way anymore. I'm thinking about making quick money instead. Making money is really tough, and these days your degree doesn't seem to matter much. There are a lot of college grads who can't find jobs. I studied logistics at Tianjin University. Ah, you're quite the scholar. Well, I'm just a college graduate. There are many of us with degrees here. I feel like degrees aren't that important. My current job is from 8 in the morning to 11 or 12 at night. It's totally about earning money through physical labor. I feel like I really can't find a job. Today I want to share my thoughts with everyone. Ever since I've been unemployed, I've spent over half a month sending out resumes every day on sites like Boss and 51job, dozens of applications every day. I even spent over 60 yuan to get a membership, refreshing my resume every day, but it's all been in vain. As the new year approaches, her job search becomes increasingly urgent. I'm worried about not finding a job after the new year. What will I do when I go home for the holidays? But I'm even more worried about not finding a job after. What if the situation doesn't improve and I'm still jobless? I can't help feeling resentful. Did all those years of hard study lead to unemployment? Some netizens are also frustrated even if they find a job. In this world, in our society, who exactly is making money? Is it really this hard for us ordinary people to find a normal job? The woman with four years of work experience and a bachelor's degree in visual communication design recently received a job offer from a company specializing in designing online stores for JD.com and Taobao. However, she found the offer of a 3,000 yuan monthly salary unreasonable considering her previous pay. Moreover, the workload was immense, equivalent to that of three people, with limited holidays, making it unacceptable to her. A video shows a university student who graduated in June 2023. She worked in a small law firm in Guangzhou for a few months before resigning. Unable to find work post-resignation, she returned to her rural hometown. She reflects on the challenges faced by rural graduates like her, lacking background, resources, and connections in their job hunt, now resorting to helping out at home. For a long time, education has been seen as a path to changing one's fate in China, with admission to a prestigious university perceived as a golden key to opportunities. However, the 2023 employment rates of graduates from two top Chinese universities cast a shadow over this belief. Tsinghua University in Beijing recently released its 2022-2023 undergraduate teaching quality report. As of October 31, 2023, 2,603 of its fresh graduates opted for further studies, accounting for 81 percent. Of these, 2,100 continued in domestic institutions, making up 65 percent, while 503 went abroad, which was 16 percent. The report also reveals that 491 graduates chose employment, making up only 15 percent. Of these, 284 found jobs through contracted employment, making up 8.8 percent, while 207 opted for flexible employment, constituting 6.4 percent. The report indicates a surprisingly low percentage of graduates entering contracted employment, less than 10 percent. Allegations of falsified employment data have surfaced, with claims of universities forcing graduates to report fake employment agreements to receive their diplomas. The official term flexible employment basically means unstable employment relationships, often temporary or part-time, and is seen as synonymous with unemployment. This suggests an even lower actual employment rate among Tsinghua graduates. The report also notes that 69 percent of the employed graduates found jobs outside Beijing, with 25 percent heading to central, western, and northeastern China. This implies greater employment challenges in developed areas, prompting graduates to seek opportunities in less prosperous regions. Surprisingly, Tsinghua's report interprets this trend as an improvement in employment quality and a more rational employment structure. Fudan University in Shanghai, another top-tier institution, also faced scrutiny for its low employment rate, shocking many with its figure below 20 percent in 2023. According to its latest report, only 583 of its graduates from 2023 found direct employment, constituting 18 percent. In light of a challenging job market, a total of 2,278 graduates chose to pursue further studies, accounting for around 71 percent. The report reveals a continuous decline in direct employment among Fudan graduates over two years, with percentages dropping from 25 percent and 21.4 percent for the 2021 and 2022 cohorts, respectively. There's also a noticeable increase in graduates opting for further studies domestically, rising steadily over the past five years. From 2019 to 2023, the percentage of those going for further studies are 43 percent, 44 percent, 47 percent, 49 percent, and 53 percent, respectively. Netizens observe that if elite universities like Tsinghua and Fudan struggle with graduate employment, the situation is even more dire for others. The intense competition for jobs has led many undergraduates to pursue further studies. Analysts believe that the trend of top university graduates pursuing further studies reflects a privilege these institutions hold, allowing their students access to postgraduate and doctoral programs, both domestically and abroad. This creates a more competitive landscape for graduates from other institutions. It is reported that over the past four years, the number of registrants for the national master's degree entrance exam has continuously set new records—3.4 million in 2020, 3.8 million in 2021, 4.6 million in 2022. In 2023, the number of candidates reached a new high of 4.74 million. Data released earlier by the Beijing Municipal Education Commission indicates that in 2023, the estimated number of master's and doctoral graduates from universities in Beijing is about 160,800, while undergraduate graduates are expected to be around 136,100. This marks the first time that the number of postgraduate graduates in the city has surpassed that of undergraduate graduates. Many Chinese commented that those with the capability pursue further studies, while others enter the workforce early. Some believe that even postgraduate studies offer no guarantee of employment. The challenging job market, exacerbated by corporate layoffs, is expected to worsen next year. Some have pointed out that the job market has always been tough. One netizen who graduated with a bachelor's degree in 2006 mentioned that out of 38 classmates, less than 10 found employment immediately after graduation. There's also a revelation that the employment rate for undergraduates from the University of Political Science and Law was only 10 percent in the summer of 2023, with many relying on their parents' connections for job opportunities. Frankly, for recent law graduates, if they don't have connections through their elders, they struggle to find even menial jobs like serving tea. Some analysts suggest that the departure of large companies and a reduced need for highly skilled talent contribute to the employment crisis. A netizen mentioned that a colleague suggested the employment rate for Chinese youth might actually be below 50 percent. The person has several relatives struggling with employment. A cousin, who is a Tongji University architecture undergraduate and a Tsinghua University landscape architecture master's graduate, remains jobless this year. Additionally, two younger relatives, one a graduate of Shanghai Maritime University and the other from Xiamen University, both with bachelor's degrees, have also not found work. The common scenario now is resorting to postgraduate studies when unable to secure a job. This netizen emphasized that if employment challenge isn't addressed, it could pose a risk to social stability. Two years ago, I was an undergrad at the famous Project 211 University. Now I've been unemployed and staying at home for nearly two years. I remember selling toilet paper in a park in the hot summer, in 30-degree weather, making over 200 yuan. That was probably when I felt the most anxious. I'd go to every interview, memorize the standard answers, but when I recited them, they said I was too rehearsed and should speak more naturally about my real experiences. Yet when I did, they criticized my low EQ. Every day, I was nervous and scared, waiting for messages from job apps. Later, I cried for a long time. I then realized I was just an average person. I almost went crazy. China's physical economy has been severely impacted by three years of pandemic, leading to a continuous economic downturn. The wave of closures, layoffs, and unemployment across various industries has further worsened the employment situation. According to data from the Ministry of Education, there were 11.6 million university graduates in 2023. This number is expected to reach a record high of 11.8 million in 2024, an increase of 210,000 from the previous year, casting a shadow over the employment prospects for young people. Economists predict that the Chinese economy will continue to decline into 2024 as more companies relocate abroad, potentially triggering a larger wave of unemployment. Liu Wenchun, president of Shanghai University of Finance and Economics, warned in a joint report at the China Macroeconomic Forum of Renmin University of China last year that China's youth unemployment problem could persist for another decade and continue to worsen in the short term. If not properly addressed, this could lead to social issues beyond the economic sphere, even becoming a catalyst for political problems. Students are seeking strategies to cope with the difficult employment situation. For instance, Xiao Lin, who graduated in 2019 with a degree in accounting from South China Agricultural University, found his role misaligned with his studies and chose to return to vocational school to learn a new profession. A similar situation occurred to Xiao Wang, a 2019 pharmacy graduate from Southern Medical University. During her job search, she realized that most undergraduates were receiving low salaries, whereas friends who chose technical schools were earning more. In response, Xiao Wang decided to attend vocational school to gain new skills and certifications to enhance her competitiveness. One netizen said, Let me tell you a harsh truth. The reason college graduates can't find jobs isn't because of their degrees. It's because what we learn in school doesn't apply in the real world, in companies. Universities should take responsibility for the unemployment of graduates. A lot of what we learn in college is useless in the real world. Statistics from Guangdong Lingnan Vocational and Technical College show that over the past two years, the college has received over 150 graduates with bachelor's degrees or higher who chose to acquire technical skills certificates to better adapt to workplace demands and find more ideal jobs. This phenomenon seems to align with the interests of the Chinese Communist Party. As state media, Liao Wang Newsweek immediately began to hype the trend of undergraduates reobtaining vocational college certificates. Netizens reveal the hidden agenda. As long as one keeps getting certificates and continues studying, unemployment doesn't exist. Many Chinese believe that the CCP is again coaxing unemployed youth back to campuses as a temporary fix. Some netizens comment that in the eyes of the Communist Party, working just two hours a week doesn't count as unemployment. They suggest that the party's governance doesn't require citizens to become wealthy, but merely to survive. The severe unemployment crisis is having a profound impact on the younger generation. Many young people just starting their careers might be laid off within a year or two, jeopardizing their career prospects for the next three or four decades, forcing them to seek new means of survival. They face a bleak job market, withdrawal of foreign capital, declining wages, and fewer employment opportunities. Gradually, many are attempting to find their own way of life. Some young people have quit their jobs to seek spiritual growth and redefine their lives. Some have left metropolitan cities for places like Dali and Yunnan to start anew, while others delve into fortune-telling and philosophy to escape societal pressures. Some young people identify as 45-degree youth, a term to describe their predicament of drifting between being able to roll with the punches or lie flat. Media reports indicate that many are giving up, abandoning life plans, while others cautiously plan their lives to avoid any risks. Many are turning to civil service exams, although this is not the best option due to limited quotas and intense competition. Some young people have shown an interest in buying lottery tickets. Many believe this reflects their confusion about the future and desire for a change in life. Online, the despondency among young people is more evident. Many forums discuss ways to save money, and the concept of low desire is being advocated. Twenty-three-year-old beautician Xie Uran in Shanghai told reporters from the World Post, I used to order takeout frequently, but now I cook for myself to save money. She moved to Shanghai in 2018 and initially earned between 7,000 to 10,000 yuan per month. Now, due to reduced clientele, her monthly earnings have dropped to 4,000 yuan. Xie's Hong Kong, co-founder of Lu Digital Communication, a firm that helps brands understand and market in the Chinese market, noted, Today's young people are earning less than their parents, which wasn't the case 10 years ago. Therefore, this is no longer an era of unrestrained consumption. Previously in China, young people could earn enough money by working harder, especially before the U.S.-China trade war. Working hard for a month at companies like Foxconn could yield 3,000 to 5,000 yuan. But now, finding even a slightly better-paying job has become very challenging. Recently, a peculiar phenomenon has emerged across China. City libraries are filled to capacity within half an hour of opening at 8 a.m. Among the visitors are those recently unemployed, recent graduates preparing for further studies or job hunting, individuals studying for civil service exams, and even unemployed people pretending to work to avoid family concerns, as the pressure from the outside world becomes overwhelming. This indicates that the unemployment crisis is evolving into a comprehensive social crisis. For the Chinese Communist Party, a worrying trend is the data released by Times Media's Data Gu, showing that there are 175 million people born in the 1990s in China, 87 percent of whom are under financial debt, averaging a debt of 120,000 yuan per person. They are burdened with debt and lack the capacity for consumption. Financial expert Xie Jinhe on Facebook pointed out that this is a significant core issue currently faced by the CCP. Former Beijing lawyer and chair of the Canadian Federation for a Democratic China, Lai Jianping, noted that after the restructuring and shifting of supply chains, the significant reduction in foreign investment and exports will inevitably lead to the contraction of domestic manufacturing. Due to the sharp decrease in investment and exports, a lot of production capacity will be idle, leading to widespread unemployment. Feng Chongyi, associate professor at the University of Technology Sydney, believes that the economic downturn is deeply hurting China's livelihood, especially among young people. Facing unemployment, salary cuts, and the struggle to jobs, the harsh reality is increasing their resentment. He recalls the white paper revolution at the end of 2022, where many young people took to the streets to protest against unreasonable pandemic control policies, openly calling for CCP and Xi Jinping to step down. Feng Chongyi warns that if similar color revolutions occur, the party could be overthrown.