Keyu Jin and Elsie Chen discuss China's economic downturn, real estate meltdown, tech entrepreneurs disappearing, college graduates opting out. Elsie Chen's article on 'lying flat' trend. Analysis of Chinese economy, US-China relations, and Taiwan tensions.
Chinese youth adopting 'lying flat' lifestyle to rebel against societal pressures and opt out of work culture.
Challenges in Chinese economy, including housing crisis and youth unemployment, raising concerns about economic direction and US-China relations.
Deep dives
The Rise of 'Lying Flat' in China
A new trend called 'lying flat' among Chinese youth has emerged, reflecting a desire to opt out of societal pressures and expectations. This movement involves some individuals completely quitting work and simplifying their lives, sparking a viral phenomenon. Despite the Chinese government's disapproval and censorship of the trend, it highlights a potential shift in attitudes towards work and lifestyle choices.
Challenges in China's Economy
China's economy faces significant challenges, including a major housing crisis, high unemployment, and a focus on environmental protection and anti-corruption efforts. The recent lack of decisive actions from Chinese leadership to address these issues has raised concerns about the country's economic direction and its impact on US-China relations.
Youth Unemployment and Skill Mismatch
Youth unemployment in China, especially among college graduates, is a growing concern with approximately 25% unemployment rate. The situation is exacerbated by a mismatch between the skills held by young individuals and the job opportunities available, leading to a reluctance to accept certain roles. This dynamic reflects a complex issue in the Chinese job market.
US-China Relations and Technological Competition
US-China relations, particularly in the technological domain, are marked by tensions and efforts to prevent China's advancement in critical industries like semiconductors. The podcast discussion underscores the potential repercussions of restrictions on Chinese technological progress and how China's response may lead to innovations and shifts in economic strategies. The conversation hints at the complexities and uncertainties surrounding future dynamics between the two global powers.
How the Chinese economic downturn is affecting all kinds of people. How real estate meltdown, with enough unfinished empty apartments to fill the population of Germany, is at the center of it all. How tech entrepreneurs are mysteriously disappearing, and how college graduates don’t want to work.
Guests: Keyu Jin, London School of Economics, author of New China Playbook; Elsie Chen, a member of China’s “lying down” generation, now a Nieman Fellow at Harvard.
Elsie Chen’s New York Times article about lying flat. She interviews Luo Huazhong, the factory worker, who quit his job, went back to his rural village. His post about his lifestyle decision went viral, and inspired a movement dedicated to opting out.