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https://www.youtube.com/watch?v=1RlyzBDZYfY China’s Great Depression Is Here: Empty Streets, Empty Malls, Empty Factories, Shanghai Collapses 3 September 2026 #chinaobserverAll over the country, more and more Chinese vloggers are posting videos saying the same thing: places that used to be lively now have shops shutting down left and right. Transcript All over the country, more and more Chinese vloggers are posting videos saying the same thing. Places that used to be lively now have shops shutting down left and right.0:1212 secondsThis year's been so hard to make any money. The market's just getting tighter and tighter. Take my shop. It's been here 10 years. I've still got regulars.0:2020 secondsOtherwise, I would have closed for good a long time ago. Look, it's 8:00 in the morning. Peak time for buying groceries.0:2727 secondsWhere is everybody? Factories are shutting down in droves as well. Supply is way bigger than demand.0:3636 secondsManufacturing plants are shutting down in stretches, but they're still putting up new factories. You build all these plants and there's no customers. What's0:4444 secondsthe point? They won't rent. Factories aren't empty because the rent's too high. There's just no manufacturing left and they're still putting up all these0:5252 secondsfactories. Rent them to who? Rent it to me, some broker as a dorm. I can't live in something that huge.1:011 minute, 1 secondIt's not about whether there's money to be made anymore. Is that there are no orders. Nobody's even in the market. So what if you drop your price? Does it1:091 minute, 9 secondseven matter? July and August this year, the line I heard more than anything else was no orders, no customers. Some1:161 minute, 16 secondsfactories have already sent a third of their workers home. The ones still working still get Saturdays and Sundays off. In a situation like this, you still think the only way to survive is volume.1:261 minute, 26 secondsWhere's your volume? In Guandong, one of China's major economic provinces, Fosan used to be considered quite developed.1:341 minute, 34 secondsThese days, things are looking pretty bad.1:391 minute, 39 secondsThe situation in Fosan right now, if I told people, a lot of them wouldn't believe it. 90% of people can't sleep at night. Supermarket owners can't sleep.1:481 minute, 48 secondsRestaurant people can't sleep. Furniture sellers can't sleep. Renovation and building materials people can't sleep. Beauty salon people can't sleep either.1:581 minute, 58 secondsThis is a lot of the showrooms on both sides are up for rent. Barely any cars on the road. It used to be packed with trucks here. It's really bleak.2:112 minutes, 11 secondsTiles keep getting cheaper, but the tile boss's pockets keep getting emptier.2:152 minutes, 15 secondsToday is my fourth day in Fchan. Right across from where I'm staying is the headquarters base. pretty much the biggest cluster of high-end tile brands2:232 minutes, 23 secondsin Fortun right now. Over the last few days, I've talked to a lot of tile showroom owners and we walked around ourselves. Fortun right now, I can only2:322 minutes, 32 secondsdescribe it with one word, bleak. Once real estate tanks, renovation and building materials are the first to get hit. Fortuner is the most typical2:422 minutes, 42 secondssnapshot of that. To put it bluntly, those bosses who used to live off the boom, drink everyday, hit the nightclubs, they really can't keep it up2:502 minutes, 50 secondsanymore. Wallets are empty and they don't even want to come out. A good model gets developed and it's immediately copied. They use less and less material, so prices keep dropping.
The whole industry has fallen into a death loop. There's really no way out.3:043 minutes, 4 secondsThe vlogger also said Foschan is a lot more depressed now than it was 5 years ago. The streets are empty. There aren't many people in the restaurants either.3:123 minutes, 12 secondsWhat's hardest to understand is that this is a city where you can't get a meal after 2:00 p.m. The restaurants actually close after 2:00. For his first meal in Fosan, it was already 3:00 p.m.3:223 minutes, 22 secondsHe called four or five places and they were all closed. In the end, he ordered takeout. In the first quarter of this year, Foschan's economy contracted by3:303 minutes, 30 seconds2.4%. His GDP ranking in Guandong also dropped to fourth. In 2025, Fosan's GDP3:373 minutes, 37 secondsgrew just 0.2%. That put it last in Guangong and at the bottom among China's trillion UN cities. China's real estate3:443 minutes, 44 secondsindustry has a long supply chain. It's tied to more than 50 sectors. Steel, cement, home appliances, building materials, logistics, and more. Years of3:533 minutes, 53 secondsdecline in the housing market have left demand for home furnishings badly depressed. And Foschan is a major hub for China's kitchen and bathroom4:004 minutesindustry. According to the Foschan Sanitary Wear Industry Association, the Foschan production area once had more than 2,000 bathroom fixture4:084 minutes, 8 secondsmanufacturers clustered there. As the real estate industry shifted, a lot of small and medium-sized companies without real competitive strength have quietly4:174 minutes, 17 secondsstopped production or switched to something else. Official figures from the government showed the real estate picture from January to July this year4:244 minutes, 24 secondslooks even worse. From January through July, nationwide real estate development investment came in at 4.3 trillion yen,4:324 minutes, 32 secondsabout $640 billion, down 19.2% from a year earlier. That drop widened by 1.2 percentage points compared with January4:404 minutes, 40 secondsthrough June. Newly started housing floor space was 2.9 billion square ft, down 24%. Completed housing floor space was 2 billion square ft, down 23.2%.4:504 minutes, 50 secondsSales of newly built commercial housing came to 4.8 8 billion square ft down 11.8%. As mainland China's economy keeps4:584 minutes, 58 secondssliding, county economies in places that used to be relatively developed, Z Jang, Jang Soo, Shanghai, and elsewhere have5:055 minutes, 5 secondsstarted tightening, too. Locals say that over the past 2 years, wages in these counties have kept falling. For a lot of young people, after they pay Social5:145 minutes, 14 secondsSecurity, their monthly pay is only enough to eat. Some are even having trouble making the mortgage. shut.5:225 minutes, 22 secondsSuddenly, I just want to laugh. That kind of helpless laugh. I can imagine construction sites in small counties, but I never imagined it could get this5:305 minutes, 30 secondsbad. 10 yen an hour work. I interviewed for one day. 2,000 yen. 2,200 yen, too.5:375 minutes, 37 secondsThen they take 400 out of the 2,200 yen for social insurance, leaving you with a little over 1,000. How do you live on a5:455 minutes, 45 secondslittle over 1,000 yen? I knew you would be low, but this low is just ridiculous.5:505 minutes, 50 secondsTell me, how are you supposed to live on just a little over 1,000 yen a month?5:545 minutes, 54 secondsOn top of that, because jobs are so hard to find, a lot of young people in Shanghai and Hanzo are moving back to small towns and competing for the same6:026 minutes, 2 secondsopenings. That's directly driving down the pay. Shanghai is the most developed city in mainland China. Its GDP makes up6:096 minutes, 9 secondsabout 4% of the national total, and for years, it sat at the top among mainland cities. But since the 3 years of CO measures, Shanghai's economy hasn't been
doing well either. A government report at the end of July showed that in the first half of the year, not a single one of China's 31 provincial level regions reached 100% fiscal self-sufficiency.6:296 minutes, 29 secondsAdded together, the local fiscal self-sufficiency rate was only 56.3%.6:346 minutes, 34 secondsTheir revenue also can't fully cover their huge spending habits. Even Shanghai, long the strongest fiscally, is running in the red. Over the past 36:426 minutes, 42 secondsyears, foreign companies have been pulling out of Shanghai in large numbers or shrinking their operations there.6:486 minutes, 48 secondsThis year, high-end foreign beauty brands like France's Filora and South Korea's Hints shut down their Shanghai operations and pulled out of domestic6:566 minutes, 56 secondse-commerce. Industrial Codings company Sherwin Williams liquidated its Shanghai Asia-Pacific headquarters and exited the China market entirely. After taking back7:057 minutes, 5 secondsall the equity in the joint venture Nokia Shanghai Bell, Nokia hasn't just closed Hanzo. Traditional business R&D at its bases in Shanghai, Beijing,7:147 minutes, 14 secondsChandu, and Ching Dao is also being gradually cut, merged, or phased out.7:197 minutes, 19 secondsNokia's average headcount in the greater China region has dropped from about 13,700 in 2020 to around 7,200 now.7:277 minutes, 27 secondsLately, quite a few vloggers have been filming how depressed Shanghai looks. All closed. Not one shop still open.7:367 minutes, 36 secondsOver here, they wrote two little words.7:387 minutes, 38 secondsRentree, no charge. Would you want to come here and open a business?7:437 minutes, 43 secondsLet's take a look today at Chupul Road, which used to be packed with traffic.7:477 minutes, 47 secondsWhat's it like now? Let's see what Shanghai's brick and mortar economy looks like. Across the street used to be Shanghai's hottest market. Shouldertosh7:547 minutes, 54 secondsshoulder. Whether you came to stock up or just buy clothes Saturday, Sunday, if you walked a little slow, your shoes would actually get stepped right off.8:038 minutes, 3 secondsThis is the first floor. They used to sell shoes and bags here. Now you stand at the door and you can smell a strong musty smell. It's been vacant for a long8:118 minutes, 11 secondstime. Let's go inside and see if there are any vendors left. What's it like in there? Coming through here. Look, these are all men's slippers. Next to them,8:198 minutes, 19 secondsloungewear. And over here, there's a special 100 for three pieces. Women's clothes 59. Retail prices are cheap,8:278 minutes, 27 secondstoo. It used to be when we came to this market, especially on weekends. You just stand there and the crowd would push you right along.8:368 minutes, 36 secondsbegin.8:378 minutes, 37 secondsHave you noticed lately it feels like there are fewer and fewer people in Shanghai? We run a hotel in a small restaurant too. Our hotel and this8:458 minutes, 45 secondslittle restaurant compared with last year the drop in customers is pretty obvious. Just now a guy came into my place. We talked a bit. He works in the8:538 minutes, 53 secondsbuilding here and comes to our restaurant to eat. He said the whole building feels a lot emptier. The buildings around here emptied out too and the people dropped off all of a9:019 minutes, 1 secondsudden. It's really obvious. He's been here for 6 years. Feels like fewer people every year. So going forward, who knows? Every industry is having a hard9:109 minutes, 10 secondstime now. Anyone who can still hang on is already doing pretty damn well. This government insider said Shanghai knees are all cursing Xi Jinping now for9:189 minutes, 18 secondsdriving Shanghai's economy into the ground. Complaints are everywhere online. You can't make money delivering food.
Too many people doing it. I made 12 yen in 2 hours. What am I supposed to do? Forget it. I'm done talking about it.9:369 minutes, 36 secondsA lot of bosses have fallen back into poverty now. Nobody saw this coming. How did it get to this point? Actually, it's not that hard to understand. I deal with9:459 minutes, 45 secondspeople in debt every day. I know it's not just one industry that's dead. Every industry is dead. Whether they run9:529 minutes, 52 secondsbathous, do construction projects, or operate so-called tech companies. They still blame it on the industry being bad, the overall environment being bad, and that's why they went under.10:0610 minutes, 6 secondsI'm in my 30s. I pull my hair back and there's a lot of gray. I used to make over 10 million yen a year, lived in a10:1310 minutes, 13 secondsvilla, drove a million Porsche. Now, after I sold off 25 million yen in assets, I'm still 3.2 million in debt.10:2210 minutes, 22 secondsNow, I've fallen to delivering food during the day and running a street store at night, splitting every bit of money in half. In 5 years, I went from owning six shops to having nothing.10:3310 minutes, 33 secondsIn July, the urban unemployment rate for people ages 16 to 24, not counting students, hit 17.9%.10:4110 minutes, 41 secondsThat's a new high in 11 months. But people outside China generally believe the official figures are cooked and the real unemployment rate could be twice that.10:5310 minutes, 53 secondsHey everyone. After we lost our jobs, we couldn't sit still for a second. The two of us immediately found a factory and went in for an interview. We ended up11:0211 minutes, 2 secondsleaving after trying it for an hour. No air conditioning in the plant. You have to squat on the ground the whole time looking for stuff. Just way too hot.11:1111 minutes, 11 secondsNext, we're heading home. Then we'll look around for other work.11:1811 minutes, 18 secondsThis year is getting harder and harder for working people. A lot of them are carrying their bags. finish Jang Su,11:2511 minutes, 25 secondsthen hit Jang, then finish Jang, and then hit Guong. Looking for work every day and hitting a war every day. Either11:3211 minutes, 32 secondsthe pay is too low or they don't want men or they don't want anyone older, don't want anyone without a degree. A11:4011 minutes, 40 secondslot of people never imagined before they left home that finding a job could be this hard. That part, the part that really hits you, a lot of them can't11:4811 minutes, 48 secondshold on anymore. They actually want to go home. But the family thinks you're out there working and making money. How do you even tell them you don't have a11:5611 minutes, 56 secondsjob? So, a lot of them just keep toughing it out, looking for work all day, then lying in a rented room or a park at night, staring at nothing. Only12:0612 minutes, 6 secondspeople who've actually been through it know the scariest thing now isn't being tired. It's seeing no hope.12:1612 minutes, 16 secondsI heard a lot of people who lost their jobs this year just chose to lie flat.12:2112 minutes, 21 secondsI'll quietly ask one thing. If you're lying flat, where does the daily spend come from? Where does the daily living expenses come from? I've been lying flat
at home this year and I've already feel like I can't make ends meet. I want to make money. I dream about making money.12:3712 minutes, 37 secondsFirst thing I think when I open my eyes every day is making money. The problem is I don't even know how to make money or way I can make it.12:4512 minutes, 45 secondsA lot of people can't find work. Plenty of others are getting by on odd jobs and they're sleeping on the streets to save money.12:5612 minutes, 56 secondsEarly morning in the station passageway.12:5812 minutes, 58 secondsNo soft bed. The cold floor tiles are their bed tonight. They're not homeless.13:0313 minutes, 3 secondsThey just can't bring themselves to spend a few dozen yen on a hotel. Save that lodging money for the rice and oil at home. For the kids living expenses,13:1113 minutes, 11 secondsfor the old folks medicine, just waiting for the cheapest green train at dawn, heading to the next job site, the next odd job, scraping together a wage to get13:2013 minutes, 20 secondsby. A lot of people are making a living picking through trash. One blogger filmed a dumpster that got rummaged through several times a day.13:3113 minutes, 31 secondsI said this a long time ago. China's trash doesn't need to be sorted. They even put out a few bins, recyclable, non-recyclable. What's the point? Just13:3913 minutes, 39 secondsthrow it all in. Somebody's already sorted it precisely for you. They go through it eight times a day. You still need to sort it at home. On the street,13:4813 minutes, 48 secondsyou also often see people who pick through trash fighting and grabbing things from each other. China's GDP grew 4.3% yearonear in the second quarter.13:5613 minutes, 56 secondsThat's slower than the first quarter's 5% and the weakest quarterly pace in more than 3 years. First half GDP was up14:0414 minutes, 4 seconds4.7% from a year earlier, but speculation that the official numbers are inflated never really stops. The latest official July data also showed the broader economy staying weak.14:1514 minutes, 15 secondsIndustrial added value rose 4.5% yearonear, a clear step down from June's 5.3%.14:2114 minutes, 21 secondsTotal retail sales of consumer goods grew just 0.6%, well below market forecasts. with the economy. This week,14:2914 minutes, 29 secondsthe Chinese Communist Party's central financial and economic affairs commission put out articles for four days straight in late August trying to14:3714 minutes, 37 secondsrestore market confidence. It said you can't look at China's economy only by speed and you shouldn't be bothered by a single quarter or month's numbers being14:4514 minutes, 45 secondshigh or low. Hong Kong's Bing Pal wrote that a few articles aren't going to move the market, restore confidence, or quote, seeing the bright story of14:5414 minutes, 54 secondsChina's economy end quote. What the market cares about is what actual measures there are to fix incomes and expectations. The lives of ordinary15:0215 minutes, 2 secondspeople are still hard. Real unemployment is rising and incomes are still falling.15:0715 minutes, 7 secondsA veteran political and economic analyst based in the USQ said on his show that the central financial and economic affairs15:1515 minutes, 15 secondscommission is headed by Xi Jinping himself. These articles were shei talking directly to the people bypassing15:2215 minutes, 22 secondsevery ministry. Chin said the commission itself admitted three things. One, that the economy is shrinking. Two, that15:2915 minutes, 29 secondsinvestment isn't coming back. And three, that there won't be a big flood of stimulus. Chin said the party has fallen into a complex trap. The first problem15:3815 minutes, 38 secondsis that the economy needs saving, but there's no money. The second is whether to pursue highquality growth or protect the security of the regime. In essence,
this series of articles is zoning high strategic mobilization to pull back the defensive line while the economy is hemorrhaging. It signals a party is15:5615 minutes, 56 secondsgiving up on broad-based prosperity is shifting towards a quasi wartime economic system. Limited funds won't flow into ordinary people's pockets.16:0416 minutes, 4 secondsInstead, they'll keep being pumped into the front lines of a high-tech cold war, into energy security strongholds, and into the party's own stability maintenance machine.
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https://www.youtube.com/watch?v=1RlyzBDZYfY
China’s Great Depression Is Here: Empty Streets, Empty Malls, Empty Factories, Shanghai Collapses 3 September 2026 #chinaobserver
All over the country, more and more Chinese vloggers are posting videos saying the same thing: places that used to be lively now have shops shutting down left and right. Transcript All over the country, more and more Chinese vloggers are posting videos saying the same thing. Places that used to be lively now have shops shutting down left and right.
0:1212 secondsThis year's been so hard to make any money. The market's just getting tighter and tighter. Take my shop. It's been here 10 years. I've still got regulars.
0:2020 secondsOtherwise, I would have closed for good a long time ago. Look, it's 8:00 in the morning. Peak time for buying groceries.
0:2727 secondsWhere is everybody? Factories are shutting down in droves as well. Supply is way bigger than demand.
0:3636 secondsManufacturing plants are shutting down in stretches, but they're still putting up new factories. You build all these plants and there's no customers. What's
0:4444 secondsthe point? They won't rent. Factories aren't empty because the rent's too high. There's just no manufacturing left and they're still putting up all these
0:5252 secondsfactories. Rent them to who? Rent it to me, some broker as a dorm. I can't live in something that huge.
1:011 minute, 1 secondIt's not about whether there's money to be made anymore. Is that there are no orders. Nobody's even in the market. So what if you drop your price? Does it
1:091 minute, 9 secondseven matter? July and August this year, the line I heard more than anything else was no orders, no customers. Some
1:161 minute, 16 secondsfactories have already sent a third of their workers home. The ones still working still get Saturdays and Sundays off. In a situation like this, you still think the only way to survive is volume.
1:261 minute, 26 secondsWhere's your volume? In Guandong, one of China's major economic provinces, Fosan used to be considered quite developed.
1:341 minute, 34 secondsThese days, things are looking pretty bad.
1:391 minute, 39 secondsThe situation in Fosan right now, if I told people, a lot of them wouldn't believe it. 90% of people can't sleep at night. Supermarket owners can't sleep.
1:481 minute, 48 secondsRestaurant people can't sleep. Furniture sellers can't sleep. Renovation and building materials people can't sleep. Beauty salon people can't sleep either.
1:581 minute, 58 secondsThis is a lot of the showrooms on both sides are up for rent. Barely any cars on the road. It used to be packed with trucks here. It's really bleak.
2:112 minutes, 11 secondsTiles keep getting cheaper, but the tile boss's pockets keep getting emptier.
2:152 minutes, 15 secondsToday is my fourth day in Fchan. Right across from where I'm staying is the headquarters base. pretty much the biggest cluster of high-end tile brands
2:232 minutes, 23 secondsin Fortun right now. Over the last few days, I've talked to a lot of tile showroom owners and we walked around ourselves. Fortun right now, I can only
2:322 minutes, 32 secondsdescribe it with one word, bleak. Once real estate tanks, renovation and building materials are the first to get hit. Fortuner is the most typical
2:422 minutes, 42 secondssnapshot of that. To put it bluntly, those bosses who used to live off the boom, drink everyday, hit the nightclubs, they really can't keep it up
2:502 minutes, 50 secondsanymore. Wallets are empty and they don't even want to come out. A good model gets developed and it's immediately copied. They use less and less material, so prices keep dropping.
The whole industry has fallen into a death loop. There's really no way out.
3:043 minutes, 4 secondsThe vlogger also said Foschan is a lot more depressed now than it was 5 years ago. The streets are empty. There aren't many people in the restaurants either.
3:123 minutes, 12 secondsWhat's hardest to understand is that this is a city where you can't get a meal after 2:00 p.m. The restaurants actually close after 2:00. For his first meal in Fosan, it was already 3:00 p.m.
3:223 minutes, 22 secondsHe called four or five places and they were all closed. In the end, he ordered takeout. In the first quarter of this year, Foschan's economy contracted by
3:303 minutes, 30 seconds2.4%. His GDP ranking in Guandong also dropped to fourth. In 2025, Fosan's GDP
3:373 minutes, 37 secondsgrew just 0.2%. That put it last in Guangong and at the bottom among China's trillion UN cities. China's real estate
3:443 minutes, 44 secondsindustry has a long supply chain. It's tied to more than 50 sectors. Steel, cement, home appliances, building materials, logistics, and more. Years of
3:533 minutes, 53 secondsdecline in the housing market have left demand for home furnishings badly depressed. And Foschan is a major hub for China's kitchen and bathroom
4:004 minutesindustry. According to the Foschan Sanitary Wear Industry Association, the Foschan production area once had more than 2,000 bathroom fixture
4:084 minutes, 8 secondsmanufacturers clustered there. As the real estate industry shifted, a lot of small and medium-sized companies without real competitive strength have quietly
4:174 minutes, 17 secondsstopped production or switched to something else. Official figures from the government showed the real estate picture from January to July this year
4:244 minutes, 24 secondslooks even worse. From January through July, nationwide real estate development investment came in at 4.3 trillion yen,
4:324 minutes, 32 secondsabout $640 billion, down 19.2% from a year earlier. That drop widened by 1.2 percentage points compared with January
4:404 minutes, 40 secondsthrough June. Newly started housing floor space was 2.9 billion square ft, down 24%. Completed housing floor space was 2 billion square ft, down 23.2%.
4:504 minutes, 50 secondsSales of newly built commercial housing came to 4.8 8 billion square ft down 11.8%. As mainland China's economy keeps
4:584 minutes, 58 secondssliding, county economies in places that used to be relatively developed, Z Jang, Jang Soo, Shanghai, and elsewhere have
5:055 minutes, 5 secondsstarted tightening, too. Locals say that over the past 2 years, wages in these counties have kept falling. For a lot of young people, after they pay Social
5:145 minutes, 14 secondsSecurity, their monthly pay is only enough to eat. Some are even having trouble making the mortgage. shut.
5:225 minutes, 22 secondsSuddenly, I just want to laugh. That kind of helpless laugh. I can imagine construction sites in small counties, but I never imagined it could get this
5:305 minutes, 30 secondsbad. 10 yen an hour work. I interviewed for one day. 2,000 yen. 2,200 yen, too.
5:375 minutes, 37 secondsThen they take 400 out of the 2,200 yen for social insurance, leaving you with a little over 1,000. How do you live on a
5:455 minutes, 45 secondslittle over 1,000 yen? I knew you would be low, but this low is just ridiculous.
5:505 minutes, 50 secondsTell me, how are you supposed to live on just a little over 1,000 yen a month?
5:545 minutes, 54 secondsOn top of that, because jobs are so hard to find, a lot of young people in Shanghai and Hanzo are moving back to small towns and competing for the same
6:026 minutes, 2 secondsopenings. That's directly driving down the pay. Shanghai is the most developed city in mainland China. Its GDP makes up
6:096 minutes, 9 secondsabout 4% of the national total, and for years, it sat at the top among mainland cities. But since the 3 years of CO measures, Shanghai's economy hasn't been
doing well either. A government report at the end of July showed that in the first half of the year, not a single one of China's 31 provincial level regions reached 100% fiscal self-sufficiency.
6:296 minutes, 29 secondsAdded together, the local fiscal self-sufficiency rate was only 56.3%.
6:346 minutes, 34 secondsTheir revenue also can't fully cover their huge spending habits. Even Shanghai, long the strongest fiscally, is running in the red. Over the past 3
6:426 minutes, 42 secondsyears, foreign companies have been pulling out of Shanghai in large numbers or shrinking their operations there.
6:486 minutes, 48 secondsThis year, high-end foreign beauty brands like France's Filora and South Korea's Hints shut down their Shanghai operations and pulled out of domestic
6:566 minutes, 56 secondse-commerce. Industrial Codings company Sherwin Williams liquidated its Shanghai Asia-Pacific headquarters and exited the China market entirely. After taking back
7:057 minutes, 5 secondsall the equity in the joint venture Nokia Shanghai Bell, Nokia hasn't just closed Hanzo. Traditional business R&D at its bases in Shanghai, Beijing,
7:147 minutes, 14 secondsChandu, and Ching Dao is also being gradually cut, merged, or phased out.
7:197 minutes, 19 secondsNokia's average headcount in the greater China region has dropped from about 13,700 in 2020 to around 7,200 now.
7:277 minutes, 27 secondsLately, quite a few vloggers have been filming how depressed Shanghai looks. All closed. Not one shop still open.
7:367 minutes, 36 secondsOver here, they wrote two little words.
7:387 minutes, 38 secondsRentree, no charge. Would you want to come here and open a business?
7:437 minutes, 43 secondsLet's take a look today at Chupul Road, which used to be packed with traffic.
7:477 minutes, 47 secondsWhat's it like now? Let's see what Shanghai's brick and mortar economy looks like. Across the street used to be Shanghai's hottest market. Shouldertosh
7:547 minutes, 54 secondsshoulder. Whether you came to stock up or just buy clothes Saturday, Sunday, if you walked a little slow, your shoes would actually get stepped right off.
8:038 minutes, 3 secondsThis is the first floor. They used to sell shoes and bags here. Now you stand at the door and you can smell a strong musty smell. It's been vacant for a long
8:118 minutes, 11 secondstime. Let's go inside and see if there are any vendors left. What's it like in there? Coming through here. Look, these are all men's slippers. Next to them,
8:198 minutes, 19 secondsloungewear. And over here, there's a special 100 for three pieces. Women's clothes 59. Retail prices are cheap,
8:278 minutes, 27 secondstoo. It used to be when we came to this market, especially on weekends. You just stand there and the crowd would push you right along.
8:368 minutes, 36 secondsbegin.
8:378 minutes, 37 secondsHave you noticed lately it feels like there are fewer and fewer people in Shanghai? We run a hotel in a small restaurant too. Our hotel and this
8:458 minutes, 45 secondslittle restaurant compared with last year the drop in customers is pretty obvious. Just now a guy came into my place. We talked a bit. He works in the
8:538 minutes, 53 secondsbuilding here and comes to our restaurant to eat. He said the whole building feels a lot emptier. The buildings around here emptied out too and the people dropped off all of a
9:019 minutes, 1 secondsudden. It's really obvious. He's been here for 6 years. Feels like fewer people every year. So going forward, who knows? Every industry is having a hard
9:109 minutes, 10 secondstime now. Anyone who can still hang on is already doing pretty damn well. This government insider said Shanghai knees are all cursing Xi Jinping now for
9:189 minutes, 18 secondsdriving Shanghai's economy into the ground. Complaints are everywhere online. You can't make money delivering food.
Too many people doing it. I made 12 yen in 2 hours. What am I supposed to do? Forget it. I'm done talking about it.
9:369 minutes, 36 secondsA lot of bosses have fallen back into poverty now. Nobody saw this coming. How did it get to this point? Actually, it's not that hard to understand. I deal with
9:459 minutes, 45 secondspeople in debt every day. I know it's not just one industry that's dead. Every industry is dead. Whether they run
9:529 minutes, 52 secondsbathous, do construction projects, or operate so-called tech companies. They still blame it on the industry being bad, the overall environment being bad, and that's why they went under.
10:0610 minutes, 6 secondsI'm in my 30s. I pull my hair back and there's a lot of gray. I used to make over 10 million yen a year, lived in a
10:1310 minutes, 13 secondsvilla, drove a million Porsche. Now, after I sold off 25 million yen in assets, I'm still 3.2 million in debt.
10:2210 minutes, 22 secondsNow, I've fallen to delivering food during the day and running a street store at night, splitting every bit of money in half. In 5 years, I went from owning six shops to having nothing.
10:3310 minutes, 33 secondsIn July, the urban unemployment rate for people ages 16 to 24, not counting students, hit 17.9%.
10:4110 minutes, 41 secondsThat's a new high in 11 months. But people outside China generally believe the official figures are cooked and the real unemployment rate could be twice that.
10:5310 minutes, 53 secondsHey everyone. After we lost our jobs, we couldn't sit still for a second. The two of us immediately found a factory and went in for an interview. We ended up
11:0211 minutes, 2 secondsleaving after trying it for an hour. No air conditioning in the plant. You have to squat on the ground the whole time looking for stuff. Just way too hot.
11:1111 minutes, 11 secondsNext, we're heading home. Then we'll look around for other work.
11:1811 minutes, 18 secondsThis year is getting harder and harder for working people. A lot of them are carrying their bags. finish Jang Su,
11:2511 minutes, 25 secondsthen hit Jang, then finish Jang, and then hit Guong. Looking for work every day and hitting a war every day. Either
11:3211 minutes, 32 secondsthe pay is too low or they don't want men or they don't want anyone older, don't want anyone without a degree. A
11:4011 minutes, 40 secondslot of people never imagined before they left home that finding a job could be this hard. That part, the part that really hits you, a lot of them can't
11:4811 minutes, 48 secondshold on anymore. They actually want to go home. But the family thinks you're out there working and making money. How do you even tell them you don't have a
11:5611 minutes, 56 secondsjob? So, a lot of them just keep toughing it out, looking for work all day, then lying in a rented room or a park at night, staring at nothing. Only
12:0612 minutes, 6 secondspeople who've actually been through it know the scariest thing now isn't being tired. It's seeing no hope.
12:1612 minutes, 16 secondsI heard a lot of people who lost their jobs this year just chose to lie flat.
12:2112 minutes, 21 secondsI'll quietly ask one thing. If you're lying flat, where does the daily spend come from? Where does the daily living expenses come from? I've been lying flat
at home this year and I've already feel like I can't make ends meet. I want to make money. I dream about making money.
12:3712 minutes, 37 secondsFirst thing I think when I open my eyes every day is making money. The problem is I don't even know how to make money or way I can make it.
12:4512 minutes, 45 secondsA lot of people can't find work. Plenty of others are getting by on odd jobs and they're sleeping on the streets to save money.
12:5612 minutes, 56 secondsEarly morning in the station passageway.
12:5812 minutes, 58 secondsNo soft bed. The cold floor tiles are their bed tonight. They're not homeless.
13:0313 minutes, 3 secondsThey just can't bring themselves to spend a few dozen yen on a hotel. Save that lodging money for the rice and oil at home. For the kids living expenses,
13:1113 minutes, 11 secondsfor the old folks medicine, just waiting for the cheapest green train at dawn, heading to the next job site, the next odd job, scraping together a wage to get
13:2013 minutes, 20 secondsby. A lot of people are making a living picking through trash. One blogger filmed a dumpster that got rummaged through several times a day.
13:3113 minutes, 31 secondsI said this a long time ago. China's trash doesn't need to be sorted. They even put out a few bins, recyclable, non-recyclable. What's the point? Just
13:3913 minutes, 39 secondsthrow it all in. Somebody's already sorted it precisely for you. They go through it eight times a day. You still need to sort it at home. On the street,
13:4813 minutes, 48 secondsyou also often see people who pick through trash fighting and grabbing things from each other. China's GDP grew 4.3% yearonear in the second quarter.
13:5613 minutes, 56 secondsThat's slower than the first quarter's 5% and the weakest quarterly pace in more than 3 years. First half GDP was up
14:0414 minutes, 4 seconds4.7% from a year earlier, but speculation that the official numbers are inflated never really stops. The latest official July data also showed the broader economy staying weak.
14:1514 minutes, 15 secondsIndustrial added value rose 4.5% yearonear, a clear step down from June's 5.3%.
14:2114 minutes, 21 secondsTotal retail sales of consumer goods grew just 0.6%, well below market forecasts. with the economy. This week,
14:2914 minutes, 29 secondsthe Chinese Communist Party's central financial and economic affairs commission put out articles for four days straight in late August trying to
14:3714 minutes, 37 secondsrestore market confidence. It said you can't look at China's economy only by speed and you shouldn't be bothered by a single quarter or month's numbers being
14:4514 minutes, 45 secondshigh or low. Hong Kong's Bing Pal wrote that a few articles aren't going to move the market, restore confidence, or quote, seeing the bright story of
14:5414 minutes, 54 secondsChina's economy end quote. What the market cares about is what actual measures there are to fix incomes and expectations. The lives of ordinary
15:0215 minutes, 2 secondspeople are still hard. Real unemployment is rising and incomes are still falling.
15:0715 minutes, 7 secondsA veteran political and economic analyst based in the USQ said on his show that the central financial and economic affairs
15:1515 minutes, 15 secondscommission is headed by Xi Jinping himself. These articles were shei talking directly to the people bypassing
15:2215 minutes, 22 secondsevery ministry. Chin said the commission itself admitted three things. One, that the economy is shrinking. Two, that
15:2915 minutes, 29 secondsinvestment isn't coming back. And three, that there won't be a big flood of stimulus. Chin said the party has fallen into a complex trap. The first problem
15:3815 minutes, 38 secondsis that the economy needs saving, but there's no money. The second is whether to pursue highquality growth or protect the security of the regime. In essence,
this series of articles is zoning high strategic mobilization to pull back the defensive line while the economy is hemorrhaging. It signals a party is
15:5615 minutes, 56 secondsgiving up on broad-based prosperity is shifting towards a quasi wartime economic system. Limited funds won't flow into ordinary people's pockets.
16:0416 minutes, 4 secondsInstead, they'll keep being pumped into the front lines of a high-tech cold war, into energy security strongholds, and into the party's own stability maintenance machine.
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