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00:00You
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00:25Strange phenomena emerging citizens summoned for not buying a house withdrawals require police approval
00:32The talent shortage in China's manufacturing industry is exacerbated the post-2000 generation flocking to jobs
00:40delivering food rejecting working in factories
00:43The tragic plight of Chinese students abroad families bankrupt financial cutoffs forcing them to end studies and return home
00:51The CCP retrospectively investigates 30 years of tax payments numerous private enterprises may go bankrupt
00:58China's nearly half of the major cities are sinking with Beijing's sinking the fastest
01:04Cough twice smart TV pushes cough medicine ads
01:08Citizens in China have discovered that they are being eavesdropped on and monitored 24-7
01:14Step on board for today's show dive into decoding China where you'll find all the essential information you need
01:20Strange phenomena emerging citizens summoned for not buying a house withdrawals require police approval
01:27China's economy is disintegrating at an unimaginable speed
01:32The Chinese Communist Party is employing various tactics to delay the impact of economic collapse on its regime
01:39Strange phenomena such as needing police station approval to withdraw money from banks or being summoned by one's workplace if depositors are not
01:46Buying houses are starting to emerge
01:49The CCP has attempted to rescue the housing market
01:52But measures like lifting home purchase restrictions and lowering down payments the largest scale initiatives to date have not been effective
01:59A recent article by a domestic WeChat public account revealed that a street office in Qingdao
02:04Shandong province issued a notice stating that if residents are found to have substantial bank deposits, but are not buying houses
02:10It indicates that they are not buying a house
02:12If residents are found to have substantial bank deposits, but are not buying houses. It indicates a lack of awareness
02:18The committee would then intervene to remind residents to buy houses
02:23This task has been incorporated into the staff performance assessment
02:28If they fail to meet the targets, the community will be penalized and the community secretary might also face financial penalties
02:36A netizen pointedly asked how does the neighborhood committee know who has money?
02:41On the 12th, Mr. Zhang, a resident of Qingdao, told Radio Free Asia that he had also heard about the neighborhood committee
02:48mobilizing residents with large deposits to buy houses, claiming it was to help the government out of difficulties
02:55He mentioned that there has been rampant construction over the past two years
02:58There are too many houses in Qingdao now, both second-hand and new houses are not selling
03:04Qingdao has now introduced a policy allowing people to exchange old houses for new ones, with government subsidies available
03:10But the public response remains tepid
03:13He said the main reason is that people don't have money and there are concerns about the economic outlook
03:20If the economy collapses, people will lose their safety nets
03:24Banks have also lowered the down payment to 7.5%, but the more favorable the policies, the less willing people are to buy houses
03:33Mr. Zhang, a resident of Shanghai, used his own two-bedroom apartment as an example
03:38The house price dropped from over 4 million yuan to over 2 million yuan, a house dropped by more than 1.3 million yuan
03:45For ordinary people, those who can't afford it still can't afford it
03:49Because low-income wages are only enough for daily household expenses, where is the extra money to buy a house?
03:56China's economic prospects are bleak, with skyrocketing unemployment rates
04:01Thus, even though house prices continue to plummet, no one is willing to buy
04:06This, in turn, exacerbates the economic deterioration, creating a vicious cycle
04:12An earlier article by the Australian Broadcasting Corporation stated that China's economy is
04:18disintegrating at an unimaginable speed and the collapse of the real estate market is causing concerns about China's financial system
04:25Currently, worrying signals have already emerged in China's financial system
04:29On the 11th, a depositor at Jilin Bank was unable to withdraw 100,000 yuan,
04:34approximately 13,800 US dollars, with the bank requiring approval from the local police station
04:41During an interview with mainland media, staff from this branch stated that withdrawals over
04:4520,000 yuan, approximately 2,800 US dollars, need police station approval
04:52This is not only the case at Jilin Bank, several other banks have similar requirements
04:57This news caused an uproar online
05:00The independent media outlet Coldeye on Finance mentioned that this indicates insufficient
05:05liquidity in small and medium-sized banks fearing mass withdrawals by depositors
05:11If this news triggers panic, a run on banks could ensue
05:15The economic situation in northeast China is dire,
05:18so local authorities are using every possible means to restrict withdrawals
05:23If the economic downturn continues, will other regions also impose withdrawal restrictions?
05:29It's possible
05:31Additionally, with the involvement of police and other public authorities in finance,
05:35if individuals engage in so-called misconduct, such as bypassing the Great Firewall to post
05:41online, the police might freeze their personal accounts
05:44Coldeye on Finance advised Chinese citizens not to keep their money in banks
05:51The talent shortage in China's manufacturing industry is exacerbated
05:56The post-2000 generation flocking to jobs delivering food, rejecting working in factories
06:02In recent years, the phenomenon of young people being unwilling to work in factories has become
06:07increasingly prominent in China's job market
06:10Due to the hard labor, low pay, and lack of prospects in factory jobs,
06:14some members of the post-2000 generation prefer delivering food to working in factories
06:20This exacerbates the talent shortage in China's manufacturing industry
06:25Why are young people reluctant to work in factories?
06:29A social media influencer known as Dezhongguo analyzed that some factory jobs are seasonal
06:34and not permanent. Factories may need more workers for a certain period,
06:39but once that period is over, the excess workers are laid off
06:44This job instability is one reason young people are hesitant to work in factories
06:49He pointed out that young people would rather deliver food, packages,
06:53or drive-for-ride hailing services
06:56While these jobs are often considered demeaning,
06:58many young people find factory conditions even less acceptable
07:02They believe delivering food is preferable due to the flexibility of gig work,
07:06which is the main reason for their reluctance
07:09If factory wages were attractive enough and employers did not offer empty promises,
07:14young people might be more willing to work in factories
07:18He compared the situation to the high number of unmarried young adults,
07:21attributing this to high housing prices and low wages, which make marriage unaffordable
07:27Similarly, people are urged to spend to boost the economy,
07:30but without money, how can they spend?
07:33The first generation of factory workers primarily comprised rural migrants who
07:37moved to cities during the early years of the reform and opening-up policy
07:42The second generation mainly consisted of post-80s
07:46The current third generation of migrant workers is the post-2000 generation,
07:51who are seen as unwilling to enter factories
07:54Unlike the previous era of frequent overtime,
07:57factories now limit overtime hours as a norm to cut costs due to poor economic conditions
08:03Products that cannot be sold become stagnant inventory,
08:06leading to additional storage costs
08:09Moreover, assembly line work is monotonous and low-paying, and workers must follow orders
08:15The frontline managers often have limited education,
08:18and workers may have to deal with troublesome individuals
08:22According to the 2023 Migrant Worker Monitoring and Survey Report released
08:26by the National Bureau of Statistics of China on April 30,
08:30the total number of migrant workers nationwide reached 297.53 million
08:36Of these migrant workers, those aged 16 to 30 account for 16.6 percent,
08:41and those with a high school education or below make up 84.2 percent,
08:45with the majority having a junior high school education, totaling 155.01 million
08:51The low educational level of many migrant workers
08:54does not meet the increasingly higher standards required by factories
08:59Without a certain level of education or professional skills,
09:02young migrant workers find it challenging to enter good factories
09:06With the increased automation in factories, the demand for skilled workers has also risen
09:12This is one of the reasons why the wages of ordinary workers cannot see a significant increase
09:18The challenges faced by the physical economy during the past three years of the pandemic
09:22have led factories to streamline their structures, preferring machines over human labor where
09:26possible Research indicates that for every additional industrial robot, 1.6 workers,
09:33and in some fields up to 3.3 workers, may lose their jobs
09:37This trend is particularly evident in China, where both labor-intensive jobs
09:42and the development of artificial intelligence are advancing rapidly
09:46The issue of young people unwilling to work in factories has become
09:50increasingly prominent in recent years The authorities face not only the challenge
09:55of recruiting assembly line workers but also concerns from manufacturers about
09:59the shortage of technical talents such as engineers in the field of intelligent manufacturing
10:04The education system has failed to produce the talents urgently needed by the market
10:10The tragic plight of Chinese students abroad, families bankrupt,
10:14financial cutoffs forcing them to end studies and return home
10:18During the three-year pandemic, the CCP's extreme lockdown measures and recent crackdowns on
10:23private enterprises have led to a significant decrease in wealth among the middle class
10:27This has left their children studying abroad in a financial bind,
10:31unable to continue funding their education
10:34This issue, which first gained widespread attention last year, has only worsened
10:39Over the past two years, Chinese social media and news outlets have frequently
10:43reported cases of students facing financial cutoffs, with some wealthy second-generation
10:47students being forced to work part-time as nannies or take on odd jobs to complete their studies
10:53Wang Xiang, a pseudonym, a Chinese student in his junior year at a US university,
10:58shared that a classmate from Guangdong had to return to China due to financial cutoff,
11:02just a year short of graduation
11:04He mentioned that his family is also in a semi-financial cutoff situation
11:09His father used to run a building materials business, but it has been declining since 2020
11:15His family used to have an annual income of several million yuan,
11:18but now they can barely scrape together tens of thousands of yuan a year for him
11:22His tuition alone costs 60,000 to 70,000 dollars per year, not including living expenses
11:29Meng Jun, an entrepreneur living in the US,
11:32noted that financial cutoffs for overseas education have been common since the pandemic began
11:37Many of my child's classmates had to return home midway through their second or third
11:41year of college because their family's businesses closed down and went bankrupt
11:45It's very normal
11:47They had no choice but to return because they couldn't afford to continue their education
11:52A 2023 survey by New Oriental Education and Cantor found that among students and
11:57parents planning to pursue graduate studies abroad, 27% said their financial plans were
12:02affected by the pandemic, a significant increase from the previous two years
12:06The China Students Study Abroad Intention Survey report shows that families with an annual income
12:11of 100,000 to 300,000 yuan make up nearly 40% of those planning to send their children abroad
12:18Meng Jun stated that such families are prone to economic crises
12:22Media reports indicate that the majority of families facing financial cutoffs include
12:27middle-class private entrepreneurs from the real estate, education, and manufacturing sectors
12:32Meng Jun highlighted that the situation of the middle class in China is vastly
12:36different from that in the West
12:38In the West, there are comprehensive protections for healthcare and education,
12:42while in China, the costs of healthcare and education alone can overwhelm a family
12:47A single cancer patient can drain a family's finances, even with health insurance
12:52Thus, the financial situation of the middle class in China is very unstable
12:57It's not just families with students abroad,
12:59many families in China have already fallen back into poverty, which is very tragic
13:04These families with students abroad have seen drastic changes overnight due to the pandemic,
13:09falling back into poverty
13:11With the economy in decline and no hope in sight, many families have gone bankrupt
13:16Issues like mortgage and car loan defaults, layoffs, and company closures are increasing,
13:21exacerbating social conflicts, all caused by the CCP
13:25Some students have expressed that financial cutoffs for studying abroad are terrifying
13:30After putting in so much hard work,
13:32being forced to stop suddenly means having to start over in life
13:36The CCP retrospectively investigates 30 years of tax payments,
13:40numerous private enterprises may go bankrupt
13:44On the evening of June 13, VV Food and Beverage Company Limited announced that it had recently
13:49received a forwarded tax notice from its former subsidiary,
13:52Zhijing Distillery, issued by the CCP State Taxation Administration
13:57The notice indicated that Zhijing Distillery had failed to file tax returns for the consumption
14:02tax from 1994 to 2009 and was required to repay a total of 85 million renminbi,
14:07approximately 11.7 million US dollars, in taxes
14:12This 30-year tax recovery notice has attracted public attention
14:16On June 16, former Beijing lawyer and chairman of the China Democracy Party in Canada,
14:21Lai Jianping, told an Epoch Times reporter that the CCP is currently
14:25facing extreme financial difficulties and severe economic contraction
14:29Tax collection across regions is challenging,
14:32and the tax base is continuously shrinking, making government operations difficult
14:36Due to financial difficulties, the authorities have no choice
14:40but to significantly increase revenue from fines and forfeitures
14:44He said, this method of fines and forfeitures is akin to robbery using illegal means,
14:49essentially reflecting that the authorities can no longer maintain
14:52normal operations through regular fiscal income
14:56Therefore, the authorities are trying to extract more from society to fill the fiscal gap,
15:00which is their fundamental motive
15:02Hu Liren, a former Shanghai entrepreneur now living in the United States,
15:06told an Epoch Times reporter that the so-called 30-year retrospective investigation is just an
15:11excuse by the CCP, as many tax evasion activities were even conducted with local government support
15:17He said, the CCP will not genuinely investigate the past 30 years, it's just a slogan
15:23The real purpose is to make you ultimately surrender all your assets
15:28He said that many private enterprises are now facing enormous difficulties
15:32because the Chinese economy is massively collapsing,
15:34with almost all industrial chains gradually disintegrating
15:38In this situation, if the authorities retrospectively investigate already
15:42struggling enterprises, these businesses will inevitably face complete collapse
15:47Lai Jianping also stated that China's current economic situation is very dire,
15:52and if the CCP continues to use tax investigations as a pretext and employs such predatory tactics,
15:58it is essentially framing these enterprises
16:00This will lead to the collapse of many businesses, further exacerbating China's economic plight
16:06China's nearly half of the major cities are sinking, with Beijing sinking the fastest
16:13The report from Voice of America on April 18 stated that an article published in the journal
16:17Science revealed that nearly half of China's major cities are facing moderate to severe
16:22land subsidence issues, posing a threat of flooding to millions of people as sea levels rise
16:27The article also indicates that within the next century,
16:30China's coastal cities may face significant land subsidence due to a variety of factors
16:35The authors of the paper found that 45% of China's urban land is sinking by more than
16:403 millimeters annually, with 16% of urban land sinking rapidly by over 10 millimeters each year
16:46This is attributed not only to declining groundwater levels,
16:49but also to the significant weight imposed by urban infrastructure
16:53Affected cities include the capital, Beijing
16:56According to the report, land subsidence currently costs China over 7.5 billion yuan
17:011.04 billion USD annually
17:04It is estimated that nearly a quarter of coastal land in the future may actually be below sea level,
17:10posing a greater risk of inundation to hundreds of millions of people
17:14A research group from South China Normal University stated,
17:17even if the subsidence land in China accounts for only a small part,
17:20it may pose a significant threat to urban life
17:23According to the New York Times Chinese website, Robert Nichols,
17:27a climate scientist and civil engineer at the University of East Anglia who reviewed
17:31the new study published in Science, said, this is a national issue
17:35Nichols also stated that, to his knowledge, this study is the first to use advanced
17:39satellite radar data to simultaneously measure subsidence in many urban areas
17:44The study found that the subsidence in these cities is partly caused by the
17:48significant weight of buildings and infrastructure
17:51Pumping from urban aquifers, oil drilling, and coal mining also play a role,
17:55all of which create underground spaces that may cause soil and rock compaction or collapse
18:00The report states that Beijing is one of the fastest-sinking cities nationwide
18:05Nearby Tianjin is also affected
18:08In 2023, several roads in Tianjin suddenly cracked,
18:11leading to the evacuation of thousands of residents from high-rise apartments
18:16Subsidence in these cities is uneven
18:18On the same piece of land, if adjacent plots sink at different rates,
18:22anything built on that land is at risk of damage
18:25According to reports from mainland media such as the Beijing News, on May 31, 2023,
18:30there was partial land subsidence in the Balitai town of Jinan District, Tianjin Municipality
18:36The ground swelled in a wave-like pattern, the road surface bulged,
18:39and nearby high-rise residential buildings cracked and sank,
18:42leading to the evacuation of 3,899 residents
18:47On the evening of August 8, 2023, the property management of the Haifu Jiangqing community in
18:53Wuhan issued an emergency evacuation notice to residents, stating that there was subsidence at
18:58the subway construction site, requiring all residents of a 30-story building facing the
19:02street to evacuate In March 2021,
19:06residents of the Xinjiang community in Xianfeng District, Harbin City, Heilongjiang Province,
19:11complained that the ground in front of the unit's door in the community had sunk
19:15The nearby road surface had also subsided by more than one meter,
19:19with an area of about 10 square meters
19:23Cough twice, smart TV pushes cough medicine ads
19:27Citizens in China have discovered that they are being eavesdropped on and monitored 24-7
19:33The CCP's surveillance methods are constantly evolving, with smartphones, smart TVs,
19:38and other electronic products becoming tools used by the CCP to monitor the public
19:43Some internet users have reported that when they coughed a few times at home,
19:46their smart TV immediately pushed advertisements for cough medicine
19:50while others have received push notifications right after discussing certain products with
19:54friends According to a report from NTDTV on April 17,
19:58a Beijing resident named Ms. Huang recently stated that while chatting with her friends,
20:03they had just discussed what type of lipstick to buy, and the next moment,
20:06when she opened a certain shopping website on her phone,
20:09lipstick product recommendations popped up on the homepage
20:12Ms. Huang said that the shopping website could hear their conversation content,
20:16and she felt like she was being spied on
20:18The report also mentioned that Mr. Huang and his relatives and colleagues in Tian City,
20:23Shandong Province, would receive push notifications for related product
20:27advertisements on shopping websites after discussing a certain product at home
20:31He said he had heard of many similar situations, suspected of being eavesdropped on
20:36Many citizens commented, it's not suspicion, it's definitely being monitored
20:41Ms. Li from Shandong Province told NTD on April 14 that when she wanted to check her
20:46housing provident fund balance, the Shandong Provincial Provident Fund Program required her
20:50to use facial recognition, otherwise, she couldn't inquire
20:54She had no choice but to comply with the facial recognition
20:58However, just a few seconds after she checked, someone claiming to be from a bank called her
21:03and asked if she wanted a loan to buy a house
21:05The next day, another bank called to ask if she wanted a loan to buy a house
21:10She mentioned that the media said it was based on algorithms that commercial apps
21:14monitored consumers, but this provident fund program was from the Shandong Provincial
21:18Provident Fund Center, it was official, so how could her information be leaked so quickly?
21:24Some netizens shared similar experiences, our TV is Xiaomi's smart TV
21:29Even when it's turned off, the voice assistant often suddenly sounds while we're chatting,
21:33scaring the baby, indicating that it's still listening to our conversation after being
21:38turned off
21:38I just caught a cold and immediately received discounted information for cold medicine
21:44Netizens said, now you know why all the top generals of the rocket army have been arrested
21:49Huawei and Xiaomi, which you love, help leaders care about you 24-7
21:54Big brother is watching your every move on the wall
21:57The CCP's eavesdropping and surveillance are everywhere,
22:00attracting high attention from the international community
22:03According to a report by Deutsche Welle on April 15, German Chancellor Schulz's delegation
22:08received cybersecurity training before their visit to China and took certain preventive measures
22:13During the delegation's stay in China, members were advised to maintain the highest level of
22:18vigilance, with important information and storage devices never leaving their hands
22:23Experts from the German intelligence agency believe that the dangers of the CCP authorities
22:27spying on electronic devices are ubiquitous and require constant caution
22:32The German Federal Constitutional Protection Agency warned that with comprehensive CCP
22:36surveillance, Germans traveling to China should try their best not to carry private
22:40electronic products, including mobile phones, computers, tablets, etc. They should only use
22:46computers that are not connected to internal networks of companies or institutions within
22:51China They should also only store the most
22:53important very few numbers and data on their phones
22:57Even in places without devices such as mobile phones,
23:00conversations may still be eavesdropped on, including in cars and bedrooms
23:04The Constitutional Protection Agency even suggests that because many computers,
23:09mobile phones, and other electronic devices are produced in China,
23:12they should be scrapped after being brought to China and returned to Germany if necessary
23:19Foxconn is withdrawing, Chinese people are beginning to feel the pain
23:23The crisis is only just beginning
23:28Golden rice bowls are no longer secure
23:31Salaries in China's financial industry have been slashed, with widespread layoffs
23:35Could the economic crisis led to a regime change?
23:40CCP urges those age 60 to 70 to rejoin the workforce, sparking backlash
23:46Age 35 faces layoffs and difficulty finding employment
23:51A series of high-speed railway stations in China are haphazardly constructed for the
23:55purpose of land sales without functioning
23:59Xi launches the largest-scale battle to defend the regime
24:03Who will be the first to suffer the consequences?
24:06Foxconn is withdrawing, Chinese people are beginning to feel the pain
24:11The crisis is only just beginning
24:15In recent years, the news of Foxconn's withdrawal from China has been constant,
24:19and this time, the province of Hunan, a major player in foreign trade, is feeling the direct
24:24impact. During the three years of the pandemic, China, known as the world's factory,
24:29implemented strict lockdown measures. Combined with geopolitical uncertainties,
24:33this triggered a global restructuring of supply chains,
24:36with foreign investment hastening its departure from China.
24:40Foxconn, being a major player in China's foreign trade,
24:43is seen as a barometer of China's trade landscape.
24:46Signs indicate that Foxconn's Zhengzhou branch is relocating production capacity
24:50to other countries, and the despair in Hunan may only be beginning.
24:54The Chinese new media outlet Bingchuan Think Tank published an article titled
24:58Hunan Foxconn, Things are Changing on the 20th
25:01The article points out that data and facts following Foxconn's relocation of some
25:06production capacity indicate that we have significantly underestimated the
25:09influence of leading enterprises and the chain reactions behind them.
25:13Who would have thought that Apple's accelerated expansion of factories in
25:16India would directly impact Zhengzhou in Hunan, thousands of miles away?
25:21Citing recent data released by China's General Administration of Customs on
25:25first-quarter imports and exports from 31 provinces, the article reveals declines in
25:3010 provinces, including Hunan. This decline is attributed to a significant drop in mobile
25:36phone exports, as Foxconn in Zhengzhou is a major manufacturer for Apple iPhones and
25:41the largest exporter in Hunan. Statistics show that mobile phone
25:45exports from Hunan were 57.61 million units last year, a decrease of 14.5% year-on-year.
25:52Export value plummeted from 71.1 billion renminbi, approximately 9.81 billion US dollars,
25:59to 27.2 billion renminbi, approximately 3.75 billion US dollars.
26:05While Apple's sales in China dropped by 19.1% in the first quarter of this year,
26:10global sales also declined, but not significantly.
26:13This indicates that Foxconn, which has long held the position as the world's top mobile phone
26:18manufacturer, is indeed withdrawing some production lines from Hunan.
26:22The article highlights that the global trade system operates like a butterfly effect,
26:27rather than being isolated. A small change in one part of the world can cause significant
26:32consequences elsewhere. Therefore, if Foxconn leaves, its departure won't affect just Foxconn
26:38alone. Some view Foxconn merely as a factory working for Apple, creating wealth but neglecting
26:44workers' rights, and being passive players in the industrial chain. However, the article points
26:49out that Foxconn's contribution to Xinjiang Comprehensive Bonded Zone reached 407.3 billion
26:55renminbi, approximately 56.2 billion dollar USD, last year, accounting for 74% of Zhengzhou's
27:02total imports and exports and 50.3% of Hunan's total. Those calling for Foxconn to leave China
27:08might not realize that they are jeopardizing their own and their compatriots' livelihoods.
27:13The impact of leading enterprises and their actions is often underestimated.
27:18Despite Huawei surpassing Apple in China's mobile phone market share,
27:22domestic alternatives may not seamlessly fit into Apple's ecosystem. This suggests that
27:27industrial transformation and relocation, while painful, may determine future economic trends.
27:33Regional economic development requires finding new pillars and solutions. While new energy vehicle
27:39manufacturing could potentially fill this gap, it cannot replace all industries simultaneously,
27:44such as real estate and mobile phones. Finally, the demonization of contract
27:49manufacturing overlooks the benefits it brings, including job creation, technology dissemination,
27:54and innovation, which cannot be easily replaced by domestic alternatives. Therefore, as efforts
28:00to reduce dependency on Foxconn begin, preparations must be made to address the repercussions.
28:06Golden rice bowls are no longer secure
28:11Salaries in China's financial industry have been slashed, with widespread layoffs.
28:16Could the economic crisis led to a regime change?
28:20The financial industry, once considered a golden rice bowl by the Chinese people,
28:24is now facing severe salary cuts. Even directors, who used to earn 10,000 yuan per month,
28:31now receive less than 1,000 yuan as salary.
28:34Additionally, industries such as technology and real estate are also experiencing hardships.
28:40Reports indicate that people are pessimistic about the future, with protests erupting one
28:45after another, posing unprecedented political challenges to Chinese leader Xi Jinping.
28:51According to reports from the paper on May 22, Zhao Jia, a customer manager at a local bank in
28:56the western region, shared that this month she only received 1,000 yuan, approximately 141 US
29:03dollars, in salary. Last month, she received over 2,000 yuan. Previously, her monthly salary
29:11was over 10,000 yuan, approximately 1,409 US dollars. Accustomed to taking taxis for
29:18transportation, she now has to take the bus. WIND data shows that in 2023, among the 42
29:25A-share listed banks, 14 saw a decrease in the average salary per person, with the largest drop
29:30being 13.95%. In April, mainland media outlet First Financial reported that senior executives
29:37at Pinyin Bank saw their salaries reduced by over 40%, while those at China Merchants Bank
29:42and Mincheng Bank experienced salary cuts exceeding 30%. For a considerable period,
29:48the financial industry has attracted China's best university graduates.
29:53The investment banking departments of foreign investment banks and securities firms have been
29:57the pearls of the financial industry, coveted by graduates from top universities. However,
30:04the situation has changed since last year. News of salary cuts and layoffs continued to emerge,
30:10investment banking business declined, and industry supervision became stricter,
30:14causing prospective graduates preparing to join the financial industry to feel a strong
30:19sense of uncertainty. What is more concerning than salary cuts is the wave of layoffs.
30:25First Finance reported in early May that China International Capital Corporation's
30:29investment banking business line plans to lay off approximately one-third of its workforce.
30:35Foreign investment banks have also been downsizing their teams.
30:39According to Bloomberg, JPMorgan Chase conducted two rounds of layoffs in Asia last year,
30:44cutting about 50 positions. In April this year, Morgan Stanley, HSBC, Citigroup,
30:51and other investment banks in Hong Kong and mainland China also initiated layoffs
30:55in their investment banking departments. A research analyst at a state-owned mutual fund,
31:01surnamed Chin, stated that his salary had decreased by about 40%.
31:06Five years ago, he could afford regular trips abroad, dining at high-end restaurants,
31:10and buying luxury handbags for his wife. These luxuries have now become a thing of the past.
31:17Salary reductions are not limited to the financial industry.
31:22According to data from the recruitment platform Xiaopin, nearly one-third of white-collar workers
31:26saw a decrease in their salaries last year. From real estate, technology to the financial industry
31:33all have been hit by government regulation. Data from the People's Bank of China shows that people
31:39are pessimistic about the future. The situation is even more bleak regarding household wealth.
31:46China's real estate market has been slowly collapsing.
31:50Apartment prices in some cities have halved since reaching their peak in 2021 while during the same
31:55period, the Chinese stock market has fallen by more than one-third. Bloomberg reported that the
32:00collapse of China's real estate market has led to about 500,000 people being unemployed over the
32:05past three years, not including employees in related industries such as construction and
32:10marketing. Many analysts believe that this is not the bottom yet. According to data from
32:16Bloomberg Economics, by 2026, the scale of China's real estate industry may shrink to about 16% of
32:23the domestic GDP, which may lead to about 5 million people facing the risk of unemployment
32:28or income reduction. The bleak prospects have ignited public anger. The China dissent monitor
32:35under Freedom House shows that protests against the economy are becoming more frequent,
32:39especially regarding events related to the collapse of the real estate market.
32:44In 2023, researchers recorded 2,891 incidents of public dissent, about 80% of which were related
32:51to these issues. According to reports from the Liberty Times, Seth, a China expert at Harvard
32:57University who has visited China several times since 1976, bluntly stated that he has never
33:09been censored again.
33:17As God is my witness, I will never be censored again.
33:20As God is my witness, I will never be censored again.
33:23As God is my witness, I will never be censored again.
33:27As God is my witness, I will never be censored again.
33:30Wow, I made it through without being censored.
33:33Thanks to Tell Eyes, I never have to worry about censored media again.
33:37Tell Eyes tells it like it is.
33:39Tell Eyes advocates for free, uncensored content.
33:42Check it out for yourself. Uncensor yourself.