China in Misery: The Bitter Tears behind “Poverty”

Today’s “Epoch Focus” brings attention to significant events happening around the world. Let’s delve into the highlights.

First, we take a look at the state of the Chinese economy. In recent years, China’s economy has been on a downward trend with weak domestic demand. Following a downgrade in consumption, a trend of “extreme low consumption” has emerged in China. Amid a gloomy economic outlook, many young people have started competing to see who can be poorer. While on the surface they may seem to be making the best of a bad situation, the reality reflects much hardship and tears.

Recently, it has been observed that extreme low consumption has spread throughout China. Due to pessimism about the future, not only low-income groups but even the middle class have joined in on cost-cutting measures. Reports show white-collar workers earning 30,000 yuan a month fighting over 12 yuan box lunches, office workers in Beijing’s financial district bringing their own lunches, and a surge of 400% in searches for 98 yuan discounted flights. The 4 yuan simple tea series from Heytea sold out 300,000 cups.

In the past, many young people called themselves “moonlight tribe,” full of hope for life and willing to pay for things they liked. But faced with the harsh reality and witnessing others struggling to make ends meet with mortgage and medical expenses, they have awakened to start saving money.

Some netizens note that it is not awakening but rather running out of money, with a pessimistic outlook for the future. Comments reflect on cutting expenses, from using samples to not buying unnecessary items, avoiding takeout, and reducing dining out. People have drastically scaled back on spending, including on education, with children giving up interest classes.

Another netizen shared changing their habits to cope with financial strain, from downsizing skincare products to avoiding snacks and takeout, and giving up on gym memberships, prioritizing basic survival.

Comments continue, highlighting the impact of financial struggles on people’s social activities, with fewer cars in the community at night. The economic strain is felt by all, with the era marked by a lack of spending and a deep sense of hopelessness.

In Shandong, a former state cadre revealed that saving money has become the norm. With supermarket shelves of expired goods being picked clean, even Pizza Hut has started price wars, signaling a shift in the market. The collapse of local businesses and a rental market downturn have added to the harsh economic landscape.

In Hebei, a healthcare worker mentioned the halt in bonus payments at hospitals, leading to financial stress at home. To make ends meet, she plans to sell food items at a market stall. The dire situation has forced her to curb spending, focusing only on essential needs while even skimping on clothing.

Amidst this backdrop, social media platforms like Douyin are flooded with videos comparing poverty levels. While some videos may appear comical, the underlying message is poignant and reflective of the struggles faced.

One anecdote, in particular, has struck a chord with netizens and bloggers. The conversation between a blogger and a crematorium, discussing job opportunities and the fear of being poor, sheds light on the harsh reality that many are grappling with. The storytelling medium serves as a cathartic outlet, resonating with many experiencing financial hardships.

Stay tuned for more updates and translations…