China's Economic Crisis: Delivery Jobs and Employment Challenges

Highly educated individuals are increasingly turning to delivery jobs amid China's economic crisis.

### The Surge of Delivery Workers in China
Highly educated individuals are increasingly taking up part-time delivery jobs in China, driven by the country's **prolonged economic downturn**. The number of delivery workers has surged to **10 million**, with fierce competition leading to a **significant drop in delivery fees**. The employment crisis is particularly challenging for middle-aged individuals and recent graduates, many of whom are now turning to delivery work for **survival**.

### The Impact of Education on Delivery Workers and Economic Struggles
Many college graduates are now entering the delivery service, with a significant number holding **advanced degrees**. The Chinese government's decision to stop announcing youth unemployment rates has raised concerns, with college graduate unemployment reaching as high as **18.8%**. The struggling economy has led to a notable decline in **mooncake production and sales**, while a once-successful shabu-shabu restaurant has had to **drastically lower prices** to survive.

### The Impact of Unpaid Bills and Pingti Consumption in China
Unpaid bills from food ingredient suppliers have led to **sudden business closures**, while the concept of pingti consumption is gaining popularity by offering **affordable alternatives to luxury brands**. Luxury department stores in China are struggling with **declining sales and empty storefronts**, leading to closures of renowned establishments. The real estate crisis, with **falling housing prices and increasing vacancy rates**, is further contributing to the economic downturn in China, despite government efforts to implement **stimulus measures**.

### The Current State of the Housing Market and Local Finance
The housing market is experiencing a downturn, with prices **falling below purchase rates**, leading to **reduced consumer spending**. Local governments are heavily borrowing to engage in real estate development, resulting in a **significant rise in debt**. In response to the crisis, the Chinese government has announced a **major stimulus package and policy changes** to alleviate the financial burden on homeowners, but there are calls for **stronger measures to address the ongoing economic challenges**.

### Changing Perceptions of Wealth and Poverty in China
A U.S. survey of 40,000 Chinese people showed a shift in the perception of wealth and poverty from **personal ability** to **relationships and unequal opportunities** between 2014 and 2023. China's economic growth forecast has been downgraded, with global banks projecting a growth rate between **4.5% and 4.9%**. The declining demand in China is impacting businesses and exports, raising concerns about the **potential negative effects of U.S. regulations** on China's IT sector.

### The Economic Crisis in China: A Deepening Recession and Its Impacts
* 📉 Highly educated individuals are increasingly taking part-time delivery jobs, reflecting the **severity of China's economic downturn**.
* 📦 A tragic incident involving a delivery worker in Hangzhou has sparked discussions about the harsh realities faced by workers in the gig economy, with reports indicating he **only slept four to five hours a day** while making around **500 yuan for 100 deliveries**.
* 📊 The number of delivery workers in China has **surged to approximately 10 million**, with platforms like Meituan and Ele.me reporting **significant increases in their workforce** amid fierce competition and plummeting delivery fees.
* 🎓 Surprisingly, among these workers, there are **80,000 with master's degrees** and **300,000 with four-year college degrees**, highlighting a **growing trend of educated individuals forced into low-paying jobs**.
* 🏢 The Chinese government has ceased reporting youth unemployment rates, with estimates suggesting that the actual rate could be as high as **450%**, exacerbating the employment crisis.
* 🍽 The economic strain is also reflected in the food industry, where sales of mooncakes have **drastically declined**, and even once-thriving restaurants are **struggling to survive**, leading to **significant price cuts**.
* 🏬 Luxury brands are feeling the pinch, with department stores reporting **empty aisles and major closures**, indicating a **shift in consumer spending habits** amidst economic uncertainty.
* 📉 Despite government efforts to stimulate the economy, including **lowering mortgage rates for millions**, experts remain skeptical about the effectiveness of these measures in **reversing the ongoing recession**.

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