'I get anxious without a job': Why many Chinese are ‘stuck in a rat race’ and forced to ‘lie flat’

China’s once booming economy is now grappling with a significant downturn, marked by the slowest GDP growth in decades and rising unemployment rates. Multiple factors are fueling this crisis, including the global economic slowdown, ongoing trade tensions with the United States, and the government’s stringent measures against the private sector.

The collapse of the real estate giant Evergrande, which was saddled with over $300 billion in liabilities, has triggered a ripple effect across various economic sectors. This downfall has severely impacted the construction industry, local government finances, and consumer confidence, with a sharp 20% decline in property sales year-on-year in major cities.

Adding to the turmoil, Beijing’s regulatory crackdown on leading technology firms and private businesses has significantly reduced their market values and stifled innovation. This crackdown, aimed at promoting “common prosperity” and enhancing data privacy, has inadvertently hampered economic growth, particularly in the technology sector, which has seen a drastic slowdown.

China’s staggering debt, now over 300% of its GDP, poses another challenge, limiting the government’s ability to stimulate the economy through traditional measures like infrastructure development and tax reductions.

Youth unemployment: A persistent challenge

As per a South China Morning Post, the employment scenario, especially for the youth, remains dire in China. The unemployment rate for young individuals aged 16 to 24 stands at a worrying 15.3%, with a slight increase to 7.2% for those aged 25 to 29. Despite robust economic growth figures in the first quarter, generating sufficient employment for this demographic continues to be a formidable challenge, the SCMP report said.

Jiang Yujie, a 26-year-old from Shanghai, embodies the struggles faced by many young Chinese today. After experiencing job instability and high work pressure, Jiang expressed her concerns: “My colleagues and I could sense that our company lacked the budget for hiring new people, and I was already doing the workload of three people, the job burden is the main reason for my first resignation,” she told the SCMP.

Jiang shared his personal struggles, saying, “I get anxious without a job, while I feel depressed by the pressure when I have a job.” She further expressed his feelings of entrapment, saying, “I’m stuck in a rat race and unable to find peace even if I want to lie flat”.

Jiang’s sentiment reflects a broader trend where young individuals are increasingly “lying flat” – opting to do just enough work to enjoy their lives without the pressures of ambitious career pursuits.

Despite efforts to enhance youth employment, private sector woes continue to suppress job growth. Xu Hanren’s experience as a microbusiness owner illustrates the bleak hiring landscape. “Most jobseekers are in their mid-20s to 30s, but I also got some CVs from people over 35, and one even had a PhD,” Xu noted, highlighting the intense competition for limited job openings.

The government has recognized the need for urgent measures to support youth employment, promising to bolster skills training in sectors like advanced manufacturing and elder care. However, with a record 11.79 million college graduates entering the job market this year, the challenge remains daunting.

(With inputs from agencies)

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