Having entered the New Year 2024 and the economy across China is in a serious recession, recently many mainlanders revealed that markets ones crowded with passers-by are now extremely deserted, the atmosphere looks very gloomy and dreary, a large number of factories and stores have closed down leading to mass layoffs, unemployment and numerous people including many young individuals being compelled to stay at home. Homeless people are sleeping on the cold snowy streets and people’s lives are encountering countless difficulties, thousands of protests have taken place across China in the final days of the year, marking a wave of change in this era.
Numerous workers and laborers are owed wages have lost their legal rights and find their lives pushed to the brink compelling them to stand up and protest even wealthy individuals and investors have joined the demonstrations because their rights are being infringed upon. Chinese people have gradually overcome their fear of the CPC daring to stand up one after another when pushed into a corner. Previously every market in Guangzhou was bustling with business activities, however the current situation is very gloomy with a significant number of factories and stores closed, wages have not increased in recent years while prices have been rising annually making it difficult for employed individuals to support their families. Once magnificent Guangzhounow feels very depressed. The economic situation is poor, and job opportunities are scarce. Some elderly people have no year-round income, and there is no one to care for them.
According to the government, if you have a son, you don’t get paid; it’s the children who make money, without money, young people face difficulty affording food. Life is very challenging and they can’t even dream of buying a house or a car. The real estate sector traditionally regarded as the backbone of the Chinese economy is currently experiencing a collapse. Moreover, China’s massive stock market is undergoing a historic downturn in the days leading up to the Lunar New Year. The process of domino collapse is taking place in many areas of the mainland economy. The state of real estate market is pessimistic in present times, China’s real estate is collapsing like a bubble and house prices nationwide continue to decline. In Greater Bay area prices have dropped by up to 80%. Many businesses have gone bankrupt, large companies have laid off employees and wages are decreasing day by day.
Unemployment and cost cutting measures are the unfortunate reality, leaving many people unable to afford basic necessities, workers find themselves unable to pay rent and end up becoming homeless sleeping at night on street corners in sewers parking garages etc, even the desire to return home is hindered by a lack of funds. Nanjing residents have expressed the deteriorating situation in their local area with increasing unemployment and once vibrant places now deserted, the number of homeless people is growing daily. These days condition of Nanjing is deteriorating fast, prices in Nanjing are high, income is very low, many people are unemployed, house prices are falling, many people are bankrupt and physical stores are basically closed. People are often at the poverty threshold, henceforth, People are thinking in different terms asthey must work hard to have food and clothing, and falling sick is not an option. once they get sick, the hard earned money of decades will vanish.Guizhou people are also experiencing the same thing, economic situation is in recession factories are closing and there are too many unemployed people. The people are in a very miserable state lacking land for farming and engaging in small businesses, ordinary people face significant difficulties with low income and living without income is pitiful.
Even conditions of Shanghai is also not good, a 72 year old shopping mall had to close due to no customers were visiting there since long. This departmental store was founded in 1952, announced its closure sparking fears of an economic slowdown. Netizens commented, now Liubai departmental store is about to be demolished, Pacific Ocean is closed, Ganghui and Oriental Commercial Building are no longer in their glory days. The employees of Liubai Departmental Store are preparing to be fired. The boss and manager will pay severance pay to the employees one last time before they flee. Since Pacific Departmental store closed last year another old departmental store in Shanghai has gone out of business. Shu Jahui is really no longer glorious and will close soon. According to a report by mainland China News on February 5th following the closure of Shanghai Pacific departmental stores Shuhui store last July another long standing shopping mall in the Shu Jahui business district will also withdraw from the historical stage. An article described Nanjing pedestrian street as the most prosperous in Shanghai and said that the entrance to the vast landmark plaza was deserted euphemistically called upgrade with only the top few floors open for business and not many people go there.
thehongkongpost.com