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"Three years of pandemic, one ibuprofen pill" - this phrase resonates with the collective experience of many over the past three years. Faced with stringent domestic restrictions, people have found their finances stretched thin. Storefronts on the streets have closed down, unable to afford rent, and companies have resorted to layoffs, leaving employees without wages.
However, it wasn't until the end of December 2022 that China, with its vast expanse, finally witnessed a comprehensive lifting of restrictions. Hopes soared for rapid economic recovery and salary increases. But reality turned out to be unexpectedly harsh; the warmth of spring was still accompanied by an unexpected chill.
Why did ordinary people find their pockets empty? Most struggled through these three years, depleting their savings and exhausting their resources. In the face of a new wave of economic recovery, people were left wondering what they could understand and accomplish in this evolving landscape.
In the currents of society, ordinary people are like helpless grass, swaying in the winds from all directions. Those who understand economics might analyze the nuances, but for those who don't, they can only exclaim, "Why is it so hard to earn and so easy to spend?"
Economics is like a chain reaction, where one event triggers a series of consequences, and no one remains unaffected by the broader economic environment. Those with sharp eyes and analytical minds surely noticed the emergence of four distinct, tangible phenomena in society.
Inflation and Currency Devaluation
Let's talk about "inflation." We learned about it in school, but now we experience it in our daily lives. In the past, 100 yuan could buy groceries to last half a month - rice, flour, cooking oil, eggs, milk, and meat. The purchasing power of a 100-yuan bill was like the towering Mount Everest.
But now, when you go shopping with a red 100-yuan bill, you must scrutinize price tags before placing items in your cart. You carefully select and calculate, and still, it only manages to cover your meals for two or three days.
In plain terms, inflation means "money loses value." It's been an ongoing issue in recent years, and under the turbulence of the international financial system, without more effective control policies, the Chinese yuan's value could further decline, leading to a cascade of problems.
While the current inflation rate may not be excessively high compared to other countries, it undeniably impacts the purchasing power of the grassroots population. In the backdrop of rising prices, people's ability to buy is further diminished, forcing them to spend more money on the same goods, thereby increasing their financial burden.
Increasing Difficulty in Finding Jobs
The job landscape in 2023 will face new challenges and opportunities. It is predicted that more and more people will opt for flexible employment and entrepreneurship. By the end of this year, the scale of flexible employment in China is expected to exceed 50 million people, accounting for over 20% of the total workforce.
In this trend, as more people cannot find desired jobs and wish to avoid meaningless work, they turn to various forms of self-employment, like becoming self-media content creators or delivery drivers. You've probably heard that even the delivery driver job market is becoming saturated.
In many cities, there are now dozens of delivery platforms, creating fierce competition in the market. This surge in delivery workers has also attracted a diverse crowd, including master's graduates, high-skilled professionals, and even individuals who previously held high-paying jobs but are now seeking additional income.
If a country's primary workforce increasingly prefers delivery jobs, it raises questions about the sustainability of this trend. Online food ordering has become a significant channel for daily meals, with many joining the industry due to its direct income potential and low technical requirements. But is this trend a positive sign for a nation's development?
Housing Stagnation
After three years of wearing masks, people have gained new perspectives, and buying real estate is no longer considered a necessity. People now prioritize freedom and a high-quality life over accumulating material assets, particularly in the context of continuous property price increases in major cities.
High property prices are a significant deterrent. In first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen, prices often exceed 50,000 yuan per square meter. This level of unaffordability makes it challenging for ordinary people to achieve homeownership.
Younger generations value personalized, high-quality lifestyles over property ownership. They prefer spending their money on travel, fine dining, culture, and entertainment rather than investing it all in real estate. They've seen their parents struggle with the burdens of mortgages, property taxes, heating fees, and maintenance costs, and they are reluctant to follow the same path.
Additionally, government regulations have curbed speculative buying and price increases, making many people perceive homeownership as financially burdensome and uncertain.
Savings Over Spending
People seem to have developed a fear after these challenging years. The notion that "money is earned, not saved" has been put to the test. Even if you have skills, access to your community and roads can be blocked, leaving you stranded without a source of income.
This experience has taught people to be prepared for unexpected challenges and to understand that they cannot predict when the next crisis will strike. As a result, many have become more cautious with their spending, choosing to save money in banks, even though interest rates on one-year fixed deposits are now below 2%.
People are concerned about job security and retirement planning, so they prefer to have savings for a rainy day. Middle-aged individuals save for their children's education, and in the face of rising living costs, they opt for financial stability over lavish spending.
In conclusion, these four phenomena - inflation, job scarcity, housing stagnation, and increased savings - have significantly impacted the lives of ordinary people. The past three years have been a turbulent journey, but it's evident that China's citizens have demonstrated resilience, adaptability, and a willingness to work together.
As we approach Labor Day in 2023, signs of revitalization are emerging. The travel, transportation, and dining industries are on the rebound. Trains crisscross the nation, reconnecting people who endured the trials of the past three years. It's a sign of hope and recovery.
In the midst of all this, we should look at the case of Zibo BBQ, which symbolizes the unity and efforts of a city to provide the best experience for visitors. The wafting smoke from BBQ stalls warms the hearts of travelers, and we hope that this spark in Zibo can ignite the accelerator for economic recovery across the nation.
The dreams of ordinary Chinese people are simple - a modest home, stability, access to healthcare and education, and the freedom to enjoy life. They are tired of being shackled by the burden of homeownership and are seeking a more balanced and fulfilling life.
After enduring these challenging times, we understand that we can solve complex problems. What we need to do now is channel our collective strength and creativity into rebuilding our economy. As citizens of the new era, we believe that we can usher in a brighter economic future.
So, let's raise our diligent hands and embrace the opportunities ahead. In this prosperous land of China, together, we can create a better economic landscape with our sweat and wisdom.
With the challenges we've faced in the past years, it's become clear that our strength lies in unity. As we look to the future, it's crucial for us, as ordinary citizens, to come together and contribute to the economic reconstruction of our nation.
These "four abnormal phenomena" in our society are not insurmountable obstacles but rather opportunities for us to adapt, innovate, and thrive in changing circumstances.
Addressing Inflation and Currency Devaluation
To combat the effects of inflation and currency devaluation, it's essential for individuals to become financially savvy. We must learn to make prudent investment choices and explore alternatives to traditional savings accounts to preserve and grow our wealth. Financial education and literacy are key to navigating these economic challenges successfully.
Moreover, we should advocate for responsible economic policies at both the local and national levels. By participating in civic engagement and holding policymakers accountable, we can contribute to the creation of a stable economic environment that benefits all.
Navigating the Job Market
The evolving job market presents opportunities for us to embrace the gig economy and entrepreneurship. However, it also requires individuals to upskill and adapt to the changing demands of the workforce. Lifelong learning and professional development will become increasingly crucial in securing meaningful and sustainable employment.
Furthermore, we should encourage policies that promote job creation and support small and medium-sized enterprises. By fostering an environment where businesses can thrive, we can mitigate job scarcity and create a diverse and robust job market.
Overcoming Housing Challenges
While homeownership may not be a priority for everyone, we should advocate for affordable housing solutions that meet the diverse needs of our population. Government initiatives that promote affordable rental options and innovative housing models should be encouraged.
Additionally, we can support sustainable urban planning and development that prioritizes the well-being of our communities over excessive property speculation. By participating in local governance and community initiatives, we can influence policies that address the housing crisis.
Balancing Savings and Spending
The shift toward increased savings is a prudent response to economic uncertainty. However, it's essential to strike a balance between saving for the future and supporting local businesses and industries. Encouraging responsible consumption can stimulate economic growth and benefit society as a whole.
Financial institutions can also play a role in offering innovative savings and investment products that address the needs of savers in a changing economic landscape.
In conclusion, as we celebrate Labor Day, let us recognize the resilience and determination of ordinary Chinese citizens. Our ability to adapt to challenges, seek solutions, and work together is a testament to our strength as a nation.
While we cannot control the broader economic environment, we can control our actions and choices. By staying informed, actively participating in our communities, and advocating for responsible policies, we can contribute to a brighter economic future for ourselves and future generations.
The Chinese Dream of ordinary people is within reach - a life of stability, access to education and healthcare, and the freedom to pursue our passions. Let us not forget the lessons learned during these challenging times and use them as a springboard to build a more prosperous and inclusive society.
As we move forward, let us hold fast to the values of diligence, unity, and innovation. Together, we can shape a better economic landscape and continue to contribute to the remarkable story of China's progress. Happy Labor Day!
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