A woman who is currently unemployed revealed that she hasn't had any contact with the outside world for over a week. She candidly expressed that the current employment situation in China is challenging. At 29 years old, she's unmarried and childless, which has led many companies to be reluctant to hire her. Despite having six years of work experience, she lamented feeling less desirable than a recent graduate, causing her great anxiety.
The woman shared that the prevailing wage in most cities currently ranges between 1,000 to 2,500 yuan (equivalent to 137 to 342 US dollars). According to the latest statistics on April 1st from the Ministry of Human Resources and Social Security, only 15 regions have a minimum monthly wage of 2,000 yuan (approximately 274 US dollars) or more, with Shanghai leading at 2,590 yuan (approximately 354 US dollars). Dongguan's minimum wage stands at 1,900 yuan (around 260 US dollars) per month. The reality might be even harsher: 600 million Chinese people earn an average monthly income of around 1,000 yuan (that’s 137 US dollars), and 900 million earn around 2,000 yuan (approximately 274 US dollars). Even if your monthly income exceeds 10,000 yuan, how much is left after expenses? Probably not much. This is the reality for most families.
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I just received another text message saying that I didn't pass the interview.

I'm 33 years old and I'm still in a coma.

A woman who is currently unemployed revealed that she hadn't had any contact with the outside world for over a week.

She candidly expressed that the current employment situation in China is challenging.

At 29 years old, she is unmarried and childless, which has led many companies to be reluctant to hire her.

Despite having 6 years of work experience, she laments feeling less desirable than a recent graduate, causing her great anxiety.

yuan, thinking, how can wages be this low?

That's because you haven't experienced life at the very bottom level.

The woman shared that the prevailing wage in most cities currently ranges between 1,000 to 2,500 yuan, equivalent to 137 to 342 U.S.

According to the latest statistic on April 1st from the Ministry of Human Resources and Social Security, only 15 regions have a minimum monthly wage of 2000 yuan, approximately 274 US dollars or more, with Shanghai leading at

Dongguan's minimum wage stands at 1900 yuan, around 260 US dollars per month.

600 million Chinese people earn an average monthly income of around 1,000 yuan.

That's 137 US dollars, and 900 million earn around 2,000 yuan, approximately

Even if your monthly income exceeds 10,000 yuan, how much is left after expenses?

Today's younger generation is constantly under stress.

I sleep at 5 or 6 in the morning and every day the bags under my eyes are almost dropping to my mouth.

Regarding meals, I dare not indulge in anything extravagant.

The moment I do, I find my income insufficient." Internet celebrity Mio, who is originally from mainland China, currently resides in Taiwan.

Recently, Mio shared a conversation she had with a friend in China who expressed her struggles to make ends meet and lamented being afraid to buy a good meal.

This led Mio to feel grateful for living in Taiwan.

Mio's friend, a graduate in music, currently works as a music teacher.

She conveyed to Mio that regardless of whether she teaches at school or privately, the compensation is extremely poor.

Furthermore, Mio's friend mentioned the economic downturn in China, leading her to feel overwhelmed.

Many young people are similarly anxious, losing sleep over these concerns.

In China, like Beijing, Shanghai, Shenzhen, and Guangzhou, with ample employment opportunities and higher wage levels, once attracted a significant number of people from other regions.

However, as China's economy continues to stagnate, recent trends show a widespread decline in wages across these major cities, affecting sectors including financial, technology, and public.

Even high-earning bank executives have faced salary cuts of up to 40%.

Some analysts believe that this indicates the halting growth trend of the Chinese economy, suggesting the Chinese dream has shattered.

Bloomberg, based on data from Zhaoping Limited, reported that Shanghai and Beijing witnessed year-on-year recruitment salary decreases of 9% and 6% in the second quarter, respectively, marking the most significant drop since at least 2015.

Concurrently, cities like Shenzhen, Guangzhou, and Hangzhou are also experiencing various wage declines.

Amid these plummeting wages, white-collar workers in China's major cities have felt the onset of winter.

Companies have slashed various benefits, including travel allowances and meal subsidies, exacerbating the challenges faced by these workers.

Such statistics stand in stark contrast to the official wage increase claims made by the Chinese Communist Party.

Nonetheless, videos posted online by Chinese citizens also depict the current situation in China's major cities.

The woman in the video, who currently resides in Shenzhen, disclosed that Shenzhen is not what it used to be.

The high salaries that once shone brightly are gradually fading away.

She stated that once she shared the current situation in Shenzhen, it would be a big shock to everyone.

We thought the era of the pandemic was behind us.

However, the reality is that in Shenzhen, major corporations are downsizing, small businesses are closing, properties aren't renting out, and hotels are occupied by job seekers.

Shenzhen in 2023 is not the same as it was a few years ago.

During the rapid economic development, it was easy for an assistant position to earn a monthly salary of between 5 and 6,000 yuan, roughly 684 to 821 US dollars.

A promotion would see their salary surge to over 10,000 yuan, approximately 1,368 US dollars.

From what I've gathered, most companies are laying off staff, reluctant to expand, and the opportunity to earn high salaries has greatly diminished.

Ride-hailing services and food delivery services are suffering.

New properties aren't selling, and the secondary housing market isn't looking optimistic.

I feel the market is incredibly oversaturated." Another gentleman from Shenzhen revealed an unprecedented outflow of residents from the city signaling massive transformations in this historically prosperous metropolis.

Quote, 2023 marks a turning point in economic growth.

Fewer people want to invest in real estate, and car prices are dropping dramatically.

Even professions like food delivery drivers, which used to be short in supply, are now filled.

Businesses are struggling with layoffs and pay cuts becoming the norm.

More individuals are opting to complete postgraduate studies and civil service exams, and even salaries within the system are under threat.

The most impacted are the prominent financial and technology sectors amid the salary reductions in China.

Even relatively stable government positions aren't spared, affecting a significant portion of China's middle class.

Consequently, many are contemplating leaving major cities.

Bloomberg interviewed 18 individuals from the private and public sectors, revealing the harshness of the Chinese job market, which seems to be worse than the official youth unemployment rate.

White-collar workers are increasingly concerned about job security and personal expenditures.

Even though there's rising discontent among workers of all age groups, many still accept substantial pay cuts, reduced benefits, and working longer hours for job security.

A university recruitment officer in China commented, Graduates from 2022 and 2023 are finding it challenging to secure jobs.

Even after the pandemic subsided this year, the employment situation seems worse than in previous years.

Many firms are cutting back, including the once-thriving internet industry, which transitioned from expansion to maintaining the current workforce.

The layoff wave in China's internet sector began in 2022 and persisted.

Reuters reported that amidst stricter government regulations, repeated pandemic outbreaks and China-US tensions, big Chinese corporations' profits are below expectations, leading to recurring layoffs.

Mainland Chinese media reports that Alibaba, Tencent, and Kuaishou collectively reduced their workforce by 16,901 people in the first half of this year.

Alibaba's annual staff decreased by about the same number last year, with 11,000 people in the first half of this year alone, marking a record decline.

A recruiter in the technology sector in Shanghai shared with Bloomberg that many laid-off employees are willing to accept a new job at a pay cut of up to 50%.

Employers, meanwhile, have become more conservative in offering raises and promotions.

The CCP's stringent pandemic measures over the past 3 years slowed down the economy, putting additional pressure on the already tight corporate budgets.

On top of dwindling profits, many businesses are now forced to comply with the government's push for common prosperity, which involves salary caps, pay cuts, and reduced benefits.

For instance, CITIC Securities, a top Chinese investment bank, slashed the base salaries of some senior employees by 15%.

CICC, on the other hand, mandated its senior staff to fly economy class and choose only the cheapest train tickets.

Yixin, a business manager at a commercial bank in Shanghai, experienced a 10% salary cut despite his outstanding performance and the company's double-digit growth last year.

He remarked, quote, while the authorities encourage increased household consumption, on 1 hand, they're also imposing pay cuts and caps.

Maintaining salary stability in financial institutions is becoming a challenge.

A senior executive at a Hong Kong bank that does business with mainland clients noted that due to the reduction in bonuses, employee morale has suffered, implying that China's financial sector is lying down, that is, it's unmotivated and passive.

A manager from a new media company in Hangzhou disclosed that a third of their staff were laid off over the past 3 years with more expected in the future.

Quote, before the pandemic our goal was to go public said Mr.

Now the consensus is to seize any opportunity to survive.

Entrepreneurs of small and medium-sized enterprises are even more pessimistic.

Several have recently told the New York Times about their dwindling confidence in China's economic and national future.

1 car parts wholesaler mentioned a 15% year-on-year revenue drop in the first half of the year, with 2 of his 4 stores closing.

He shared, everyone around me is clueless about the next step.

I once believed our nation would only get better.

The New York Times interviewed Sun Junli, the owner of a chain of coffee shops.

She benefited from China's economic boom over the past decade, escaping poverty and becoming wealthy by opening clothing stores and restaurants.

In 2018, her income reached $8 million, a prime example of realizing the Chinese dream.

However, Chinese banks later started to limit loans to small businesses.

The outbreak of the pandemic further deteriorated her business situation.

By November 2020, she had accumulated debts of $1.5 million.

Unable to repay her loans, she was blacklisted as a defaulter in

Employees in China's so-called new economy sectors have also been affected.

According to a survey, in industries like electric vehicles, batteries, and solar and wind energy, the average salary for new employees in June dropped 3.6% year-on-year, down to

This is the most significant decrease since 2015.

Amidst challenging times for private enterprises, many job seekers from the mainland have been flocking to take civil service exams and applying for public institution positions in recent years, hoping to find stability within the CCP system.

However, even these traditionally guaranteed stable jobs are showing signs of strain.

Bloomberg's interviews with 10 local government officials revealed that the Chinese government is cutting many employees' bonuses, cash allowances, and base salaries.

A report from Chaixing Media shows that in the first half of 2022, civil servants across China experienced waves of salary cuts, with reductions averaging 20 to 30%.

Coastal provinces like Guangdong, Zhejiang, and Jiangsu were impacted the most.

Local government officials in southern Jiangsu and Ningbo reported salary reductions of about 25% and 1 3rd, respectively.

Jason Wu is a prison guard in a city in northern Guangdong.

Since 2021, his bonuses have been steadily decreasing, leading to an overall 15 percent reduction in his compensation, with no official explanation provided.

Public servants in poorer provinces and cities have been hit even harder.

For instance, a debt-ridden official from a northern province mentioned his overall salary was slashed by 35%.

Another official stated he hasn't received a bonus for 3 consecutive years.

Some civil servants were even asked to repay up to 5 years' worth of bonuses or cash subsidies, significantly reducing their monthly income.

Analysts suggest that as China's real estate crisis deepens and the revenue from land sales, a significant source of local government finance, declined sharply, coupled with hefty expenditures on continuous pandemic controls and nucleic acid tests, local government debt has skyrocketed.

Goldman Sachs estimates that the debt of China's local governments now stands at approximately 94 trillion yuan, about 13 trillion U.S.

The Wall Street Journal reported that against a backdrop of economic slowdown, some cash-strapped local governments are resorting to profit-driven law enforcement, intensifying fines and penalties for minor violations like traffic defenses, and business and safety regulations.


Speaker 0: I just received another text message saying that I didn't pass the interview. I've been unemployed for over a year. I'm 33 years old and I'm still in a coma. I really can't find a job this time. I didn't even pass the interview.

And I didn't

Speaker 1: even pass the

Speaker 0: second interview. I think my life is now in despair.

Speaker 1: A woman who is currently unemployed revealed that she hadn't had any contact with the outside world for over a week. She candidly expressed that the current employment situation in China is challenging. At 29 years old, she is unmarried and childless, which has led many companies to be reluctant to hire her. Despite having 6 years of work experience, she laments feeling less desirable than a recent graduate, causing her great anxiety. Many might scoff at a monthly salary of

Speaker 0: 2,000

Speaker 1: yuan, thinking, how can wages be this low? That's because you haven't experienced life at the very bottom level. The woman shared that the prevailing wage in most cities currently ranges between 1,000 to 2,500 yuan, equivalent to 137 to 342 U.S. Dollars. According to the latest statistic on April 1st from the Ministry of Human Resources and Social Security, only 15 regions have a minimum monthly wage of 2000 yuan, approximately 274 US dollars or more, with Shanghai leading at

Speaker 0: 2590

Speaker 1: yuan, approximately 354 US dollars. Dongguan's minimum wage stands at 1900 yuan, around 260 US dollars per month. The reality might be even harsher. 600 million Chinese people earn an average monthly income of around 1,000 yuan. That's 137 US dollars, and 900 million earn around 2,000 yuan, approximately

Speaker 0: 274

Speaker 1: US dollars. Even if your monthly income exceeds 10,000 yuan, how much is left after expenses? Probably not much. This is the reality for most families. Today's younger generation is constantly under stress.

I sleep at 5 or 6 in the morning and every day the bags under my eyes are almost dropping to my mouth. Regarding meals, I dare not indulge in anything extravagant. The moment I do, I find my income insufficient." Internet celebrity Mio, who is originally from mainland China, currently resides in Taiwan. Recently, Mio shared a conversation she had with a friend in China who expressed her struggles to make ends meet and lamented being afraid to buy a good meal. This led Mio to feel grateful for living in Taiwan.

Mio's friend, a graduate in music, currently works as a music teacher. She conveyed to Mio that regardless of whether she teaches at school or privately, the compensation is extremely poor. Furthermore, Mio's friend mentioned the economic downturn in China, leading her to feel overwhelmed. Many young people are similarly anxious, losing sleep over these concerns. In China, like Beijing, Shanghai, Shenzhen, and Guangzhou, with ample employment opportunities and higher wage levels, once attracted a significant number of people from other regions.

However, as China's economy continues to stagnate, recent trends show a widespread decline in wages across these major cities, affecting sectors including financial, technology, and public. Even high-earning bank executives have faced salary cuts of up to 40%. Some analysts believe that this indicates the halting growth trend of the Chinese economy, suggesting the Chinese dream has shattered. Bloomberg, based on data from Zhaoping Limited, reported that Shanghai and Beijing witnessed year-on-year recruitment salary decreases of 9% and 6% in the second quarter, respectively, marking the most significant drop since at least 2015. Concurrently, cities like Shenzhen, Guangzhou, and Hangzhou are also experiencing various wage declines.

Amid these plummeting wages, white-collar workers in China's major cities have felt the onset of winter. Companies have slashed various benefits, including travel allowances and meal subsidies, exacerbating the challenges faced by these workers. Such statistics stand in stark contrast to the official wage increase claims made by the Chinese Communist Party. Nonetheless, videos posted online by Chinese citizens also depict the current situation in China's major cities. The woman in the video, who currently resides in Shenzhen, disclosed that Shenzhen is not what it used to be.

The high salaries that once shone brightly are gradually fading away. She stated that once she shared the current situation in Shenzhen, it would be a big shock to everyone. We thought the era of the pandemic was behind us. However, the reality is that in Shenzhen, major corporations are downsizing, small businesses are closing, properties aren't renting out, and hotels are occupied by job seekers. Shenzhen in 2023 is not the same as it was a few years ago.

During the rapid economic development, it was easy for an assistant position to earn a monthly salary of between 5 and 6,000 yuan, roughly 684 to 821 US dollars. A promotion would see their salary surge to over 10,000 yuan, approximately 1,368 US dollars. But that's no longer the case. From what I've gathered, most companies are laying off staff, reluctant to expand, and the opportunity to earn high salaries has greatly diminished. Ride-hailing services and food delivery services are suffering.

New properties aren't selling, and the secondary housing market isn't looking optimistic. I feel the market is incredibly oversaturated." Another gentleman from Shenzhen revealed an unprecedented outflow of residents from the city signaling massive transformations in this historically prosperous metropolis. Quote, 2023 marks a turning point in economic growth. Fewer people want to invest in real estate, and car prices are dropping dramatically. Job hunting is increasingly challenging.

Even professions like food delivery drivers, which used to be short in supply, are now filled. Businesses are struggling with layoffs and pay cuts becoming the norm. More individuals are opting to complete postgraduate studies and civil service exams, and even salaries within the system are under threat. The most impacted are the prominent financial and technology sectors amid the salary reductions in China. Even relatively stable government positions aren't spared, affecting a significant portion of China's middle class.

Consequently, many are contemplating leaving major cities. Bloomberg interviewed 18 individuals from the private and public sectors, revealing the harshness of the Chinese job market, which seems to be worse than the official youth unemployment rate. White-collar workers are increasingly concerned about job security and personal expenditures. Even though there's rising discontent among workers of all age groups, many still accept substantial pay cuts, reduced benefits, and working longer hours for job security. A university recruitment officer in China commented, Graduates from 2022 and 2023 are finding it challenging to secure jobs.

Even after the pandemic subsided this year, the employment situation seems worse than in previous years. Many firms are cutting back, including the once-thriving internet industry, which transitioned from expansion to maintaining the current workforce. The layoff wave in China's internet sector began in 2022 and persisted. Reuters reported that amidst stricter government regulations, repeated pandemic outbreaks and China-US tensions, big Chinese corporations' profits are below expectations, leading to recurring layoffs. Mainland Chinese media reports that Alibaba, Tencent, and Kuaishou collectively reduced their workforce by 16,901 people in the first half of this year.

Alibaba's annual staff decreased by about the same number last year, with 11,000 people in the first half of this year alone, marking a record decline. A recruiter in the technology sector in Shanghai shared with Bloomberg that many laid-off employees are willing to accept a new job at a pay cut of up to 50%. Employers, meanwhile, have become more conservative in offering raises and promotions. The CCP's stringent pandemic measures over the past 3 years slowed down the economy, putting additional pressure on the already tight corporate budgets. On top of dwindling profits, many businesses are now forced to comply with the government's push for common prosperity, which involves salary caps, pay cuts, and reduced benefits.

For instance, CITIC Securities, a top Chinese investment bank, slashed the base salaries of some senior employees by 15%. CICC, on the other hand, mandated its senior staff to fly economy class and choose only the cheapest train tickets. Yixin, a business manager at a commercial bank in Shanghai, experienced a 10% salary cut despite his outstanding performance and the company's double-digit growth last year. He remarked, quote, while the authorities encourage increased household consumption, on 1 hand, they're also imposing pay cuts and caps. Maintaining salary stability in financial institutions is becoming a challenge.

A senior executive at a Hong Kong bank that does business with mainland clients noted that due to the reduction in bonuses, employee morale has suffered, implying that China's financial sector is lying down, that is, it's unmotivated and passive. A manager from a new media company in Hangzhou disclosed that a third of their staff were laid off over the past 3 years with more expected in the future. Quote, before the pandemic our goal was to go public said Mr. Huang. Now the consensus is to seize any opportunity to survive.

Entrepreneurs of small and medium-sized enterprises are even more pessimistic. Several have recently told the New York Times about their dwindling confidence in China's economic and national future. 1 car parts wholesaler mentioned a 15% year-on-year revenue drop in the first half of the year, with 2 of his 4 stores closing. He shared, everyone around me is clueless about the next step. I once believed our nation would only get better.

The New York Times interviewed Sun Junli, the owner of a chain of coffee shops. She benefited from China's economic boom over the past decade, escaping poverty and becoming wealthy by opening clothing stores and restaurants. In 2018, her income reached $8 million, a prime example of realizing the Chinese dream. However, Chinese banks later started to limit loans to small businesses. The outbreak of the pandemic further deteriorated her business situation.

By November 2020, she had accumulated debts of $1.5 million. Unable to repay her loans, she was blacklisted as a defaulter in

Speaker 0: 2021.

Speaker 1: Employees in China's so-called new economy sectors have also been affected. According to a survey, in industries like electric vehicles, batteries, and solar and wind energy, the average salary for new employees in June dropped 3.6% year-on-year, down to

Speaker 0: 13,755

Speaker 1: yuan, about

Speaker 0: 1,882

Speaker 1: US dollars. This is the most significant decrease since 2015. Amidst challenging times for private enterprises, many job seekers from the mainland have been flocking to take civil service exams and applying for public institution positions in recent years, hoping to find stability within the CCP system. However, even these traditionally guaranteed stable jobs are showing signs of strain. Bloomberg's interviews with 10 local government officials revealed that the Chinese government is cutting many employees' bonuses, cash allowances, and base salaries.

A report from Chaixing Media shows that in the first half of 2022, civil servants across China experienced waves of salary cuts, with reductions averaging 20 to 30%. Coastal provinces like Guangdong, Zhejiang, and Jiangsu were impacted the most. Local government officials in southern Jiangsu and Ningbo reported salary reductions of about 25% and 1 3rd, respectively. Jason Wu is a prison guard in a city in northern Guangdong. Since 2021, his bonuses have been steadily decreasing, leading to an overall 15 percent reduction in his compensation, with no official explanation provided.

Public servants in poorer provinces and cities have been hit even harder. For instance, a debt-ridden official from a northern province mentioned his overall salary was slashed by 35%. Another official stated he hasn't received a bonus for 3 consecutive years. Some civil servants were even asked to repay up to 5 years' worth of bonuses or cash subsidies, significantly reducing their monthly income. Analysts suggest that as China's real estate crisis deepens and the revenue from land sales, a significant source of local government finance, declined sharply, coupled with hefty expenditures on continuous pandemic controls and nucleic acid tests, local government debt has skyrocketed.

Goldman Sachs estimates that the debt of China's local governments now stands at approximately 94 trillion yuan, about 13 trillion U.S. Dollars. The Wall Street Journal reported that against a backdrop of economic slowdown, some cash-strapped local governments are resorting to profit-driven law enforcement, intensifying fines and penalties for minor violations like traffic defenses, and business and safety regulations.

Speaker 0: You

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Chinese Youth Are Crying ‘Can’t Bear It Anymore’: Salaries in Beijing & Shanghai Hit an 8-Year Low