Hello, this is Lee Tae-hyun. The Chinese economy is continuously deteriorating, and everyone seems to have a pessimistic outlook, adopting an attitude of whatever will be, will be. On August 4th, Independent Review and Chai Shiko shared an article written by his friend, Byun Sung-ho, about his experiences. In this article, Byun Sung-ho expressed his feelings after returning to China. He mentioned that it has been two weeks since he came back, and he has attended over twenty dining gatherings. However, everyone present at these gatherings expressed dissatisfaction with the current situation, stating that they are all just waiting for the day they will die. Byun Sung-ho said that after returning to Guangzhou, he generally felt a very negative atmosphere. He has met many friends during this time, including those in high-ranking positions within the system, such as department heads at prestigious universities, senior managers at large corporations, and chairpersons of corporate boards.

There were successful people from various fields. However, they were all mentally and physically exhausted, and everyone had given up. Many people asked him about immigration routes abroad. He mentioned that many company owners are currently laying off most of their employees and have completely given up, stating that golf courses have become the best place for them to spend their time. He had taken online taxis several times, and the drivers barely spoke or sighed, making the atmosphere inside the vehicle very oppressive. He lamented that even a person made of steel could not endure working all day. Chai Senku said that this not only reflects the feelings his friend experienced upon returning to Guangzhou but also describes how Chinese society has no choice but to accept reality. Guangzhou has undergone significant changes over the past few decades.

One of the cities that was most active in China's private economy was this place, and if it's like this here, it's hard to imagine what other cities are like. Most of the friends of Byung-seong Ho-jeon, who is a well-known figure, belong to the middle class, and they said they don't see any hope. They mentioned that the middle class in other regions is in the same situation. Ruby, a performer from Hunsung, said that she has a few wealthy middle-class acquaintances around her, and they all express their dissatisfaction. They are not working, not investing, and not opening stores; they are living slowly on the money they have, eating and drinking at a leisurely pace. This is because the chances of failing in investments are very high if they take any action right now. There are too many traps, and people are more hostile than ever. With the middle class sitting idle, young people are increasingly turning to mortgage loans, car loans, or everyday loans.

They said they feel suffocated by their expenses. They want to slow down and find a place to relax, even for a moment. Recently, youth nursing homes have appeared in various places in China. Youth nursing homes are different from traditional nursing homes; they do not have medical facilities or nurses and are more like guesthouses or relaxation spaces. Sometimes, activities such as farming or watching movies are organized. Young people here generally do not use their mobile phones or computers, and life is very simple. The fees for youth nursing homes vary depending on the region and activities. For example, in Chuihan, the cost is 1,200 yuan per month, which is about 228,000 won, including accommodation and meals. In one place in Wei, the cost is 880 yuan per month, approximately 680,000 won. Some places charge on a weekly basis. A youth nursing home near Suzhou opened last month, with a fee of 500 yuan, which is about 95,000 won.

I can stay here for a week. The person in charge mentioned that there are already hundreds of people on the waiting list during the building inspection stage. He said he rented a house in the mountains a year ago to use as a coffee self-sufficiency space, but he is now transforming it into a youth nursing home, promoting a campaign to encourage young people to live in the mountains. Youth nursing homes are currently spreading across China. A 30-year-old woman has opened a youth nursing home in the mountains of Anseong. I am someone who operates a youth nursing home right in the mountains. I chose early retirement at the age of 30 and invested all my savings to dive into life in the mountains. Initially, my parents opposed it, and my friends couldn't understand, leading to various opinions. After six months of hard work, I created a fish pond and raised a few pigs and hundreds of ducks. Now, the dam is almost completed. In the future, we will be able to dive and swim here.

You can go camping and have a barbecue. I also have a cute little donkey that I take care of. When I wake up tomorrow morning, I will feed the fish and prepare a meal for everyone. This place is far away from the noise of the city. In October 2022, Bok established China's first youth nursing home in Yunnan. In an interview with Voice of America, he mentioned that only people aged 18 to 45 who have work experience can reside in the youth nursing home. He stated that it is mainly for young freelancers or those who have faced difficulties in their jobs, allowing them to rest and then start anew. Many people report that after leaving the youth nursing home, their mindset has changed, and they are achieving better results in social life, learning, or work. In October 2022, I made the decision to establish the youth nursing home, offering the most affordable rent so that young people who want to relax can enjoy a free and open-minded environment here.

이곳에서 생활을 누릴 수 있도록 했습니다. 산을 의지하고 물가에 자리한 이곳은 주변 마을 주민들도 매순간 찾아옵니다. 이곳에는 20년대와 80년대에 태어난 분들이 있습니다. 주로 예술 창작자와 직장인들이 많죠. 저희는 45세 이상은 받지 않고, 한 번도 일해본 적 없는 사람도 받지 않습니다. 비수기 요금은 월 1,500 인민폐입니다. 이곳은 원래 학교 기숙사였으며, 저는 45만 위안을 들여 12개의 방을 개조했고, 상하층으로 이루어져 있습니다. 2층에는 발코니가 있고, 공용 주방이 있어 혼자서 요리를 할 수도 있습니다. 청년 양로원의 등장은 중국 경제의 현황을 엿볼 수 있는 기회를 제공합니다. 많은 외국 자본이 중국에서 철수하고, 많은 공장이 문을 닫고 있으며, 모든 업종이 불황을 겪고 있습니다. 요식업계도 파산의 물결에 휩싸이고 있습니다. 중국 국가 통계국의 최신 데이터에 따르면, 올해 1분기만에...

The number of restaurants that have ceased operations or been canceled has reached 460,000, which is a 230% increase compared to the same period last year. In March alone, 180,000 restaurants closed their doors. A restaurant official lamented that business is becoming increasingly difficult. A video posted online shows the owner of a seafood restaurant in Jangsu, Danyang City, on the night of July 22, expressing frustration as they could not even pay the rent due to a lack of customers. The footage captured the owner destroying their own shop late at night, with tables and pieces of dishes scattered everywhere, as the owner continued to throw tables and chairs outside. It appears that someone later reported the incident to the police, as several officers arrived at the scene. The owner, in anguish, shouted, I did my best, but the situation is getting worse, and it's too hard to support my family. After the video was released, many netizens expressed their sympathy for him.

If they don't work, they have no money, and even when they do work, there are no customers, so I wondered how painful it must be. There were reactions indicating that the difficulties faced by the lower class are beyond imagination. A restaurant owner who opened their business last year pleaded while crying. They invested 90 million won in traditional medicine and 170 million won to start this restaurant. Initially, business was good, but since September, sales have gradually declined, and they are barely holding on. They thought people would gather to eat before the New Year, but now they are only making about 2,000 won a day, which is roughly 380,000 won, and they said it has become increasingly difficult to endure. As the economy stagnates, many people have lost their jobs, and the number of people dining out at restaurants has decreased. With the Chinese economy in decline, even Shanghai has begun to decline, and many shops in busy areas are closing. One business owner mentioned that their area, which used to be very lively, has changed significantly. For example,

There was a restaurant serving bone soup and pork belly, as well as a noodle shop, but when I returned to this street last year, I discovered that about 80% of the shops had closed down. In March of this year, I came here with my colleagues for tea, and I found that even the gym on this street had closed. Currently, only a few shops remain on this street, and the rest have all shut down. Some shops have been empty for over a year, nearly two years, but they are still not for rent. She and her colleagues mentioned that if the shops in front of our company start to reopen, then the economy will likely recover, and our area will also rise in value. However, they do not know when that recovery will happen. The downturn in the restaurant industry is due to the decrease in income among the Chinese population. Many people have lost their jobs and their financial means, so they are tightening their belts. Mrs. Lu from Shandong Province stated on Radio Free Asia that all industries are affected.

The current outlook is not very good. People are hesitant to spend money due to unavoidable circumstances. As a result, consumer spending patterns have changed. They cannot see hope or a future, but when they do spend money to maintain normal expenses, the first consideration is comparison, and the second is budgeting. They need to budget for things like how much their children's education costs, how much their living expenses are, and how much medical expenses will be if they or their elderly relatives fall ill. Recently, a savings strategy from a Chinese SNS platform has gone viral, with posts encouraging everyone to save receiving over 100,000 views. According to a domestic survey, among 2,200 respondents, the proportion of those with a habit of saving money every month is highest among workers born in the 1990s at 42%, while those born in the 1995s, all in their 20s, reached 41%. In January of this year, the deposits of Chinese residents increased by 6.2 trillion yuan, approximately 178 trillion won, reaching the highest level ever recorded for the same period in history.

I recorded this. The reason for this phenomenon is that young people do not see hope and have already lost their confidence. Many people are preparing for the worst-case scenario and are desperately saving money to cope with uncertain risks in the future. The next internet user shared their personal experience, explaining to everyone why they should save money. Let me tell you why you should save money. Even if it's just 300 or 500, make sure to save every month. It will definitely help you. Let me share a story from my own experience. When I got married, a relative of mine forced me to save 500 yuan every month and told me not to touch that money no matter what. I followed that advice. I wondered how much help 500 yuan would really be, but I went along with it. So, I ended up saving 6,000 yuan in a year.

What I particularly remember is that the following year, I had a child, and my husband was earning only about 1,800 to 2,000 yuan from his medals. Once the child was born, our expenses suddenly increased because we had to buy formula, and we were short on money. At that time, I took out the 6,000 yuan. Thanks to that money, we were able to get through that difficult period. However, since then, I haven't saved again, and over ten years have passed. I really regret it. If I had saved 6,000 yuan every year, I would have accumulated 60,000 after ten years, and now it would be 100,000 yuan. This is the end of today's video. Thank you for watching.

【중국인사이트】中 현 상황! 경제 폭망에 중산층 모두 불만 투성! ‘될대로 돼라’! (이태연 보도)

Scripts

【중국인사이트】 中 현 상황! 경제 폭망에 중산층 모두 불만 투성! ‘될대로 돼라’! (이태연 보도)

Scripts

【중국인사이트】中 현 상황! 경제 폭망에 중산층 모두 불만 투성! ‘될대로 돼라’! (이태연 보도)