Economics Politics Asia Social Issues
Rebecca Choong Wilkins 钟碧琪
Rebecca Choong Wilkins 钟碧琪

@RChoongWilkins

13 tweets 4 reads Nov 29, 2022
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Why are young people in China protesting?
For years, Chinese people gave up their freedoms in exchange for the promise of economic prosperity. Now, Xi is asking them to give up more for less than ever before.
1/13
The social contract in China is changing -- for young people it's a dramatic shift that leaves them facing a much grimmer reality.
2/13
Some core tenets of the so-called China dream and the middle-class aspirations that defined the past decade no longer hold. Young people are living through their first economic downturn.
3/13
Covid zero has shut off China for more than two years. Borders are closed and stop-start lockdowns dominate daily life for many (though not all).
The fatal fire in Xinjiang sparked frustration and anger that's spilled over into protests but there are deeper issues.
4/13
UNEMPLOYMENT: Youth unemployment is near its record high of 20%. People aged 16 to 24 will likely take a hit on their lifetime earnings. A crackdown on the tech sector has escalated a job crisis for the youngest and brightest.
5/13
bloomberg.com
UNEMPLOYMENT: Youth unemployment is near its record high of 20%. People aged 16 to 24 will likely ta...
bloomberg.com

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CAREERS: Building a career in the private sector no longer looks very promising after crackdowns in tech, education and property. Now state firms are cutting salaries. And even safer local government jobs look precarious.
6/13
sixthtone.com
www.sixthtone.com

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PROPERTY: Buying property was once a foolproof way to accrue wealth in China. Owning a home was a goal for many. That's no longer the case. Under the remit of Common Prosperity, new-home prices have fallen for 14 months.
7/13
PROPERTY: Buying property was once a foolproof way to accrue wealth in China. Owning a home was a go...
BILLIONAIRES: For the ultra ambitious, the swift take down of both new (tech) and older (property) billionaires in crackdowns is a cautionary tale.
What now for young entrepreneurs inspired by China's eye-watering tech boom? Where do they go?
8/13
INTERNATIONAL ISOLATION: Going overseas is probably not an option -- almost all travel has ground to a halt during Covid Zero.
Even when borders reopen, there's a growing fear that foreign exposure through study or work may ultimately be viewed with suspicion in China.
9/13
For many young people in China, the next decade promises to be very different from the last -- and I'm not sure it's clear where they're going to direct their aspirations or hopes.
Familiar routes of social mobility and success seem to be less accessible.
10/13
Xi's speech at the party congress hinted at what might come -- moderate prosperity has been achieved, the spirit of frugality beckons.
Policymakers seem to be preparing for a different phase of development that doesn't provide young people with the same opportunities.
11/13
So far, Common Prosperity policies haven't done much to raise overall living standards or widen China's middle-class.
But it has wiped out the wealth of billionaires and undermined the real estate safety net for many homeowners.
12/13
TLDR: China's young people have a lot to worry about, alongside frustrations over Covid Zero.
The social contract has changed over the past few years -- rebalancing that ledger is going to be one of the thorniest issues for Xi even once covid measures are eased.
13/13

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