From “common prosperity” to widespread unemployment, the collapse of China’s “social contract” has come to the surface. It is estimated that 296 million workers in China are facing slow wage growth; New college graduates have difficulty finding jobs; The urban middle class has suffered heavy losses in the real estate crisis; The wealthy are reeling from authorities’ crackdowns on the internet, finance, and medical industries. Not to mention, China’s national security regulations have worried foreign companies, causing many of them to have stopped investing in the country.
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