1 00:00:03,120 --> 00:00:11,159 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. It's one am and 2 00:00:11,200 --> 00:00:15,680 Speaker 1: the streets in Shanghai are relatively empty. Thomas Wu, who's 3 00:00:15,720 --> 00:00:18,800 Speaker 1: a father and a husband, is out riding his bicycle 4 00:00:18,960 --> 00:00:23,239 Speaker 1: alone under the dim street lights. The night wind envelops him, 5 00:00:23,800 --> 00:00:26,080 Speaker 1: just like the stress he can't shake off. 6 00:00:26,600 --> 00:00:30,479 Speaker 2: He's working in state finance sector, which is experiencing a 7 00:00:30,680 --> 00:00:34,080 Speaker 2: salary cap and you know his pay has just been 8 00:00:34,120 --> 00:00:38,240 Speaker 2: cut by twenty percent at work, He's facing this uncertain future. 9 00:00:38,720 --> 00:00:42,080 Speaker 2: Doesn't know when or how long he can hold his 10 00:00:42,200 --> 00:00:42,600 Speaker 2: job for. 11 00:00:43,600 --> 00:00:46,479 Speaker 1: Wu got into an argument with his wife after returning 12 00:00:46,520 --> 00:00:49,800 Speaker 1: home late from work. She was frustrated teaching their six 13 00:00:49,920 --> 00:00:54,000 Speaker 1: year old math, something Wu wasn't sure really mattered anymore. 14 00:00:55,080 --> 00:00:59,080 Speaker 2: He's wondering, what is the point of pushing our kids 15 00:00:59,080 --> 00:01:03,280 Speaker 2: so hard when jobs have become meaningless and efforts are 16 00:01:03,320 --> 00:01:06,200 Speaker 2: no longer tied to your pay your salary. 17 00:01:06,880 --> 00:01:10,720 Speaker 1: Lu lu Chin is Bloomberg's editor on Asia Investing. Her 18 00:01:10,720 --> 00:01:13,040 Speaker 1: team talked to Wu, who didn't want us to record 19 00:01:13,080 --> 00:01:16,360 Speaker 1: his voice, but was willing to share his frustrations. He 20 00:01:16,440 --> 00:01:19,720 Speaker 1: told Bloomberg that the career turn he's now facing has 21 00:01:19,959 --> 00:01:23,640 Speaker 1: upended the life he had planned for himself and his family. 22 00:01:24,480 --> 00:01:28,000 Speaker 2: As a manager of a big state owned firm, he 23 00:01:28,120 --> 00:01:32,040 Speaker 2: enjoyed a good lifestyle. His kids are in international school, 24 00:01:32,080 --> 00:01:35,080 Speaker 2: which is the new homemark for upper middle class life 25 00:01:35,080 --> 00:01:38,840 Speaker 2: in China. He also had the luxury car, and now 26 00:01:38,880 --> 00:01:41,279 Speaker 2: all of that is being taken away. 27 00:01:42,680 --> 00:01:46,200 Speaker 1: What's happening to Wu is part of a major policy 28 00:01:46,319 --> 00:01:51,160 Speaker 1: shift underway in China, where President Shei Jinping is actively 29 00:01:51,240 --> 00:01:53,880 Speaker 1: reshaping the world's second largest economy. 30 00:01:54,240 --> 00:02:00,840 Speaker 2: The industries that are experiencing the most drastic changes include finance's, internet, 31 00:02:01,040 --> 00:02:04,680 Speaker 2: and real estate. And these were all important growth drivers 32 00:02:04,720 --> 00:02:07,400 Speaker 2: and job creators in the past, and now they're all 33 00:02:07,600 --> 00:02:08,400 Speaker 2: cast to drift. 34 00:02:09,440 --> 00:02:13,160 Speaker 1: That policy shift, along with the job losses and pay 35 00:02:13,160 --> 00:02:17,320 Speaker 1: cuts it brings, is fueling an existential crisis among some 36 00:02:17,360 --> 00:02:19,720 Speaker 1: of the best and the brightest workers in China. 37 00:02:20,200 --> 00:02:24,320 Speaker 2: They no longer see the era of working long hours 38 00:02:24,639 --> 00:02:28,440 Speaker 2: taking big risks. There's very little that they can do, 39 00:02:28,639 --> 00:02:31,400 Speaker 2: which is why people are referring it to the garbage 40 00:02:31,440 --> 00:02:34,680 Speaker 2: time in history. 41 00:02:35,840 --> 00:02:39,640 Speaker 1: Welcome to The Big Take Asia from Bloomberg News. I'm Wanha. 42 00:02:39,960 --> 00:02:42,440 Speaker 1: Every week we take you inside some of the world's 43 00:02:42,440 --> 00:02:46,800 Speaker 1: biggest and most powerful economies and the markets tycoons and 44 00:02:46,960 --> 00:02:51,080 Speaker 1: businesses that drive this ever shifting region. Today on the 45 00:02:51,120 --> 00:02:54,840 Speaker 1: show How one of China's biggest policy shifts is leaving 46 00:02:54,840 --> 00:02:59,480 Speaker 1: a generation of professionals feeling a drift, and what happens 47 00:02:59,480 --> 00:03:02,120 Speaker 1: to a country when many of its brightest and most 48 00:03:02,160 --> 00:03:10,840 Speaker 1: ambitious citizens have their dreams crushed. The sectors of the 49 00:03:10,919 --> 00:03:13,880 Speaker 1: Chinese economy that the government now wants to rein in 50 00:03:14,400 --> 00:03:16,880 Speaker 1: employ a huge number of people in China. 51 00:03:17,320 --> 00:03:20,640 Speaker 2: There's two hundred million people who work in white collar jobs, 52 00:03:20,919 --> 00:03:24,040 Speaker 2: and that's almost the population of Brazil if you broke 53 00:03:24,080 --> 00:03:28,440 Speaker 2: it down by sector. Finance alone had eight million people 54 00:03:28,639 --> 00:03:31,480 Speaker 2: property at its peak, if you include the supply chain 55 00:03:31,520 --> 00:03:36,080 Speaker 2: and construction workers, that provided jobs to one hundred million people. 56 00:03:36,680 --> 00:03:40,440 Speaker 1: Up until recently, these industries flourished with a strong labor 57 00:03:40,480 --> 00:03:44,520 Speaker 1: force and robust foreign investments, and Lulu says they were 58 00:03:44,560 --> 00:03:47,960 Speaker 1: part of an era where being rich was glorious and 59 00:03:48,200 --> 00:03:49,920 Speaker 1: entrepreneurs were celebrated. 60 00:03:50,240 --> 00:03:53,920 Speaker 2: It was an error where people like Jack mo for sure, 61 00:03:54,200 --> 00:03:58,920 Speaker 2: was highly respected. He would go to conferences and young 62 00:03:58,960 --> 00:04:03,280 Speaker 2: people would chase him across the venue, hoping to get 63 00:04:03,320 --> 00:04:07,160 Speaker 2: a word of wisdom and learn about how he achieved 64 00:04:07,200 --> 00:04:11,119 Speaker 2: success in life. Now that error is gone, it's no 65 00:04:11,160 --> 00:04:12,640 Speaker 2: longer glorious to be rich. 66 00:04:13,680 --> 00:04:17,240 Speaker 1: But now these industries have fallen out of favor in China, 67 00:04:17,320 --> 00:04:20,000 Speaker 1: and President Xijinping has said he wants to move the 68 00:04:20,000 --> 00:04:25,440 Speaker 1: country towards what he calls high quality growth golglen faja 69 00:04:25,560 --> 00:04:31,440 Speaker 1: gog golglen faja. Bloomberg went through the speeches last year 70 00:04:31,560 --> 00:04:34,480 Speaker 1: and found the phrase pop up at least one hundred 71 00:04:34,560 --> 00:04:38,599 Speaker 1: and twenty eight times, nearly double dimensions in twenty twenty two. 72 00:04:39,080 --> 00:04:42,159 Speaker 2: That is the new mantra right now, high quality growth, 73 00:04:42,279 --> 00:04:46,520 Speaker 2: not high speed. So these industries, as finance, consumer, tech, 74 00:04:46,560 --> 00:04:49,240 Speaker 2: and property are out of favor. I think you could 75 00:04:49,279 --> 00:04:53,560 Speaker 2: say that the Communist Party has always been skeptical of finance, 76 00:04:54,080 --> 00:04:57,440 Speaker 2: viewing it as a way to enrich a few people 77 00:04:57,960 --> 00:05:02,440 Speaker 2: at the expense of the working class and fermenting instability 78 00:05:02,960 --> 00:05:07,839 Speaker 2: that has marred the US. And even though it's communist routs, 79 00:05:08,279 --> 00:05:12,599 Speaker 2: China has a high wealth disparity. A lot of policies 80 00:05:12,680 --> 00:05:15,000 Speaker 2: are aimed at tackling those issues. 81 00:05:16,520 --> 00:05:20,400 Speaker 1: So if she wants to shift resources and tension away 82 00:05:20,440 --> 00:05:24,120 Speaker 1: from the banking and tech real estate sectors, where does 83 00:05:24,120 --> 00:05:26,480 Speaker 1: he want to redirect these resources? 84 00:05:26,520 --> 00:05:31,440 Speaker 2: To paging is dubbed the new threes, so it's evs, 85 00:05:31,480 --> 00:05:36,960 Speaker 2: batteries and solar panels. Bloomberg Economics estimated that the proportion 86 00:05:37,120 --> 00:05:40,560 Speaker 2: of GDP from these sectors will swell to twenty three percent. 87 00:05:41,279 --> 00:05:44,279 Speaker 2: The high tech sector is also estimated to account for 88 00:05:44,880 --> 00:05:47,800 Speaker 2: nineteen percent of GDP by twenty twenty six. 89 00:05:48,600 --> 00:05:51,599 Speaker 1: As a result in the shift to high quality growth, 90 00:05:51,960 --> 00:05:55,720 Speaker 1: many people have lost their jobs. In real estate alone, 91 00:05:55,760 --> 00:05:59,080 Speaker 1: the collapse has tossed some half a million people out 92 00:05:59,120 --> 00:06:01,320 Speaker 1: of work in the three years through twenty twenty three. 93 00:06:01,800 --> 00:06:06,160 Speaker 1: That's according to data firm Korean Chiku. In the internet sector, 94 00:06:06,360 --> 00:06:10,240 Speaker 1: Ali Baba alone shrunk their headcount by roughly twenty thousand 95 00:06:10,360 --> 00:06:13,800 Speaker 1: last year, and Lulu says, even if you're lucky enough 96 00:06:13,839 --> 00:06:16,240 Speaker 1: to keep your job, you might not be able to 97 00:06:16,360 --> 00:06:17,760 Speaker 1: keep the same paycheck. 98 00:06:18,200 --> 00:06:22,000 Speaker 2: Look at CCC, one of China's largest investment banks. They 99 00:06:22,080 --> 00:06:25,640 Speaker 2: caught compensation for senior bankers by more than forty percent 100 00:06:25,920 --> 00:06:28,839 Speaker 2: and also the staff have been told to avoid wearing 101 00:06:28,920 --> 00:06:32,120 Speaker 2: luxury goods and no more business class. 102 00:06:32,200 --> 00:06:35,680 Speaker 1: And some employees are even being asked to hand over 103 00:06:35,760 --> 00:06:37,760 Speaker 1: money they were already paid. 104 00:06:38,160 --> 00:06:41,720 Speaker 2: Yeah, some people have been told to pay back their bonuses. 105 00:06:41,920 --> 00:06:44,360 Speaker 1: You basically have to give them back money that you've 106 00:06:44,400 --> 00:06:46,560 Speaker 1: already earned and have probably already spent. 107 00:06:46,960 --> 00:06:50,400 Speaker 2: Yes, yes, which is why people are selling their cars. 108 00:06:50,800 --> 00:06:52,240 Speaker 1: Oh man, that must really hurt. 109 00:06:52,720 --> 00:06:53,040 Speaker 2: Yeah. 110 00:06:54,000 --> 00:06:56,400 Speaker 1: Lulu and her team talked to more than a dozen 111 00:06:56,440 --> 00:07:01,039 Speaker 1: people across the growth sectors that had been high flying finance, 112 00:07:01,240 --> 00:07:05,159 Speaker 1: tech and real estate. Many said they're now under mounting pressure. 113 00:07:06,040 --> 00:07:09,520 Speaker 2: Many highlighted the stress that they felt brought on by 114 00:07:09,560 --> 00:07:14,760 Speaker 2: these salary cuts, escalating scrutiny of expenses, also the sting 115 00:07:14,960 --> 00:07:19,240 Speaker 2: of being shamed on social media were their affluent lifestyles. 116 00:07:19,960 --> 00:07:22,640 Speaker 2: One of the people that we talked to Sharon's Howe, 117 00:07:22,720 --> 00:07:26,240 Speaker 2: who is an executive at a mutual fund, and she 118 00:07:26,400 --> 00:07:29,720 Speaker 2: also sold her car of Portia and she says that 119 00:07:29,840 --> 00:07:32,760 Speaker 2: sleeping pills are her best friends these days. 120 00:07:33,560 --> 00:07:36,640 Speaker 1: All of these changes, the job cuts, pay cuts, and 121 00:07:36,680 --> 00:07:40,240 Speaker 1: the clawbacks are taking a toll on the mental health 122 00:07:40,320 --> 00:07:43,360 Speaker 1: of many workers in China that was captured in a 123 00:07:43,400 --> 00:07:44,720 Speaker 1: poll of sixty thousand. 124 00:07:46,000 --> 00:07:49,560 Speaker 2: There was a recent poll by this consulting firm, tinancing Ly, 125 00:07:49,680 --> 00:07:52,960 Speaker 2: and they found that anxiety and depression were some of 126 00:07:53,000 --> 00:07:56,480 Speaker 2: the top concerns for people in China right now. Students 127 00:07:56,520 --> 00:08:00,520 Speaker 2: and workers, and finance and tech were the majority of 128 00:08:00,560 --> 00:08:02,920 Speaker 2: clients seeking mental health support. 129 00:08:05,520 --> 00:08:09,440 Speaker 1: After the break. How will workers left behind manage as 130 00:08:09,480 --> 00:08:13,680 Speaker 1: economy moves forward, and what will the labor disruption mean 131 00:08:13,720 --> 00:08:28,320 Speaker 1: for the Chinese government. China's pivot from high speed growth 132 00:08:28,520 --> 00:08:32,440 Speaker 1: to high quality growth has potentially left millions of people 133 00:08:32,559 --> 00:08:36,120 Speaker 1: unemployed in the middle of their careers. But there are 134 00:08:36,200 --> 00:08:40,280 Speaker 1: promises of growth in new sectors like evs and solar panels. 135 00:08:40,720 --> 00:08:43,040 Speaker 1: So I wanted to know will the growth of these 136 00:08:43,200 --> 00:08:46,920 Speaker 1: new sectors make up for the losses in other industries 137 00:08:46,960 --> 00:08:47,679 Speaker 1: of the economy. 138 00:08:48,280 --> 00:08:52,880 Speaker 2: It will create jobs, it will create growth, but it's 139 00:08:53,160 --> 00:08:57,000 Speaker 2: probably not going to be jobs for this batch of people, 140 00:08:57,240 --> 00:09:01,880 Speaker 2: this generation of people, because they're all in their mid 141 00:09:01,960 --> 00:09:06,719 Speaker 2: thirties and forties. They're not in stem subjects that are 142 00:09:06,840 --> 00:09:10,280 Speaker 2: needed for the high quality growth in chip industries that 143 00:09:10,520 --> 00:09:14,800 Speaker 2: are in favor right now. So this generation of people, 144 00:09:15,000 --> 00:09:17,840 Speaker 2: they face the danger of being cast a drift. 145 00:09:18,160 --> 00:09:21,240 Speaker 1: And how difficult is it when white collar workers in 146 00:09:21,240 --> 00:09:24,720 Speaker 1: their thirties and forties lose their jobs in China? Is 147 00:09:24,760 --> 00:09:27,640 Speaker 1: there as big of a stigma that comes with job loss? 148 00:09:28,320 --> 00:09:31,000 Speaker 2: The question is how are they going to reskill and 149 00:09:31,240 --> 00:09:34,120 Speaker 2: is there enough time for them to ever find that 150 00:09:34,240 --> 00:09:40,240 Speaker 2: opportunity to reskill Because in China, their job applications sometimes 151 00:09:40,360 --> 00:09:43,640 Speaker 2: just blatantly say no older than thirty five years old, 152 00:09:43,679 --> 00:09:47,320 Speaker 2: and for women it's even harsher. And age discrimination is 153 00:09:47,400 --> 00:09:52,320 Speaker 2: even worse because the prospective employers also question whether they 154 00:09:52,360 --> 00:09:54,320 Speaker 2: want to have a second kid or third kid. 155 00:09:55,920 --> 00:09:59,920 Speaker 1: Last week, China approved a plan to gradually delay retirement, 156 00:10:00,480 --> 00:10:03,400 Speaker 1: raising the retirement age for the first time since nineteen 157 00:10:03,400 --> 00:10:07,120 Speaker 1: seventy eight, a move likely to anger workers who are 158 00:10:07,200 --> 00:10:08,800 Speaker 1: already under stress. 159 00:10:09,400 --> 00:10:11,959 Speaker 2: I think that's why you're seeing so much social media 160 00:10:12,000 --> 00:10:15,320 Speaker 2: backlash after China announced that they were going to increase 161 00:10:15,360 --> 00:10:19,120 Speaker 2: the retirement age. And you know, some people joke that 162 00:10:19,280 --> 00:10:21,680 Speaker 2: if you can't even hold your job till thirty five, 163 00:10:21,760 --> 00:10:24,120 Speaker 2: how are you going to hold it out till sixty? 164 00:10:25,880 --> 00:10:30,200 Speaker 1: And Historically, a high unemployment rate often leads to political unrest. 165 00:10:30,720 --> 00:10:34,000 Speaker 1: China's unemployment rate reached an all time high of thirty 166 00:10:34,040 --> 00:10:37,240 Speaker 1: percent in nineteen eighty nine, the same year when the 167 00:10:37,240 --> 00:10:41,480 Speaker 1: Tiananmen Square protests happened and the ensuing crackdown took place. 168 00:10:42,200 --> 00:10:45,040 Speaker 1: So I asked Lulu, could this new round of job 169 00:10:45,120 --> 00:10:48,400 Speaker 1: loss result in political instability, so. 170 00:10:48,480 --> 00:10:51,880 Speaker 2: None of the people that we interviewed and financed plan 171 00:10:52,000 --> 00:10:56,600 Speaker 2: to protest. That's the cases of descent increased eighteen percent 172 00:10:56,679 --> 00:11:00,160 Speaker 2: in the second quarter compared with last year, and that 173 00:11:00,280 --> 00:11:03,720 Speaker 2: was by a survey by China Descent Monitor, and out 174 00:11:03,760 --> 00:11:07,840 Speaker 2: of those cases, most were related to economic issues and 175 00:11:07,880 --> 00:11:13,680 Speaker 2: aggrieved homeowners. That said Patricia Kim from the John Thornton Center. 176 00:11:14,080 --> 00:11:16,800 Speaker 2: She says that she's grip on power has not been 177 00:11:16,840 --> 00:11:18,880 Speaker 2: dented by any of this, with. 178 00:11:19,000 --> 00:11:25,080 Speaker 1: China's ironclad grip on security and surveillance technology, widespread demonstrations 179 00:11:25,120 --> 00:11:28,160 Speaker 1: are out of the question. But some people are taking 180 00:11:28,160 --> 00:11:34,960 Speaker 1: their frustrations to social media, and that's a place where 181 00:11:35,000 --> 00:11:39,079 Speaker 1: you're seeing a particular phrase pop up, garbage time in. 182 00:11:39,160 --> 00:11:44,080 Speaker 2: History, which is Alicia Alati is in garbage time of 183 00:11:44,200 --> 00:11:48,360 Speaker 2: History describes as society where the laws of economics are 184 00:11:48,440 --> 00:11:56,480 Speaker 2: violated and individuals have no power to make changes. Basically 185 00:11:56,559 --> 00:12:00,240 Speaker 2: saying that nothing that you do is right, which you 186 00:12:01,040 --> 00:12:04,080 Speaker 2: cannot invest, cannot spend, turn left, turn and. 187 00:12:04,040 --> 00:12:07,200 Speaker 1: Right, everything is wrong. That sounds all really depressing. 188 00:12:07,520 --> 00:12:11,800 Speaker 2: Yeah, I think it's like a more passive aggressive form 189 00:12:12,000 --> 00:12:15,840 Speaker 2: of people trying to make sense of what's happening to 190 00:12:15,920 --> 00:12:20,160 Speaker 2: them and turning all that negative energy into dark humor. 191 00:12:22,040 --> 00:12:25,079 Speaker 1: And when the best and brightest and most ambitious citizens 192 00:12:25,160 --> 00:12:29,800 Speaker 1: are feeling depressed or unmotivated, the ramifications for the economy 193 00:12:29,880 --> 00:12:34,120 Speaker 1: could be huge. With salary cutbacks and potential job loss 194 00:12:34,120 --> 00:12:37,680 Speaker 1: on the horizon, Lulu says, the sources Bloomberg spoke to 195 00:12:37,880 --> 00:12:41,480 Speaker 1: are already cutting back on spending by doing things like 196 00:12:41,559 --> 00:12:42,520 Speaker 1: dining out less. 197 00:12:43,040 --> 00:12:46,480 Speaker 2: You know, you wonder, oh, why is China consumer spending 198 00:12:46,559 --> 00:12:51,800 Speaker 2: not going up? That's the reason I think. Right now 199 00:12:51,840 --> 00:12:56,640 Speaker 2: we're just starting to see the effects unfold. And part 200 00:12:56,679 --> 00:13:00,720 Speaker 2: of the reason the consequences or the back clash hasn't 201 00:13:00,760 --> 00:13:04,120 Speaker 2: been that strong, I think is because a lot of 202 00:13:04,160 --> 00:13:09,840 Speaker 2: these people still have some household savings and they're slowly 203 00:13:10,600 --> 00:13:14,040 Speaker 2: eating through that savings right now, and we haven't gotten 204 00:13:14,080 --> 00:13:17,640 Speaker 2: to a point where where, you know, things are so 205 00:13:17,840 --> 00:13:20,880 Speaker 2: dire they can no longer put food on their plates. 206 00:13:21,559 --> 00:13:24,480 Speaker 2: And hopefully it never comes to that point and they 207 00:13:24,520 --> 00:13:27,959 Speaker 2: can still find that transition to the next act too 208 00:13:28,200 --> 00:13:29,800 Speaker 2: in their lives. 209 00:13:29,840 --> 00:13:33,959 Speaker 1: In twenty nineteen, even before the economic downturn, the Chinese 210 00:13:34,000 --> 00:13:38,199 Speaker 1: Academy of Social Sciences estimated that the urban pension fund 211 00:13:38,240 --> 00:13:42,080 Speaker 1: would run dry by twenty thirty five because not enough 212 00:13:42,120 --> 00:13:46,360 Speaker 1: people are working and paying into it. Fundamentally, Lulu says, 213 00:13:46,480 --> 00:13:50,000 Speaker 1: what we're seeing now is a conflict of values, a 214 00:13:50,080 --> 00:13:54,760 Speaker 1: clash of two generations of Chinese who hold very different worldviews. 215 00:13:56,240 --> 00:13:58,640 Speaker 2: The battle is, you know it really it pits a 216 00:13:58,640 --> 00:14:02,280 Speaker 2: generation of people who those worldviews were shaped during an 217 00:14:02,320 --> 00:14:06,640 Speaker 2: era of reform and opening up versus a system that's 218 00:14:06,800 --> 00:14:10,280 Speaker 2: reverting to its more rigid roots under sea and his cabinet, 219 00:14:10,600 --> 00:14:13,880 Speaker 2: and these people spent their formative years during the more 220 00:14:13,880 --> 00:14:19,360 Speaker 2: turbulent Cultural Revolution era, whereas his generation grew up in 221 00:14:19,400 --> 00:14:22,800 Speaker 2: an era that first of all, benefited from China's reform 222 00:14:22,800 --> 00:14:27,200 Speaker 2: and opening up. Many of them went overseas and were 223 00:14:27,520 --> 00:14:32,320 Speaker 2: educated abroad. And that concept or that idea that China 224 00:14:32,360 --> 00:14:36,000 Speaker 2: would become more integrated with the US, with the rest 225 00:14:36,040 --> 00:14:39,440 Speaker 2: of the world, that was the norm. And now all 226 00:14:39,480 --> 00:14:42,240 Speaker 2: of a sudden, all these beliefs are up in the air. 227 00:14:43,200 --> 00:14:45,440 Speaker 2: One of my contacts asked me the other day, like, 228 00:14:45,480 --> 00:14:47,480 Speaker 2: who is still happy in China right now? 229 00:14:47,520 --> 00:14:50,160 Speaker 1: That's right, and I think about it. 230 00:14:50,440 --> 00:14:54,080 Speaker 2: You know, the government officials are under a huge amount 231 00:14:54,120 --> 00:14:58,880 Speaker 2: of pressure. The entrepreneurs are not motivated to invest capital. 232 00:14:59,000 --> 00:15:02,680 Speaker 2: Right now, state owned enterprise workers are being capped off 233 00:15:02,720 --> 00:15:06,680 Speaker 2: in salary. Your white collar workers working for foreign companies 234 00:15:06,720 --> 00:15:11,840 Speaker 2: are are fearful of losing their jobs. Now the shift 235 00:15:11,880 --> 00:15:17,120 Speaker 2: has left an entire generation of Chinese elites and previously 236 00:15:17,240 --> 00:15:21,560 Speaker 2: prestigious jobs adrift. And you know, the mood has gotten 237 00:15:21,600 --> 00:15:24,440 Speaker 2: so grim that many feel that they're living in the 238 00:15:24,600 --> 00:15:25,920 Speaker 2: garbage time of history. 239 00:15:27,400 --> 00:15:30,560 Speaker 1: And in the meantime, what's happened to Thomas Wu. 240 00:15:31,600 --> 00:15:35,040 Speaker 2: Well, Thomas Wo has managed to find a group of 241 00:15:35,240 --> 00:15:38,200 Speaker 2: people who are like him, who want to avoid their 242 00:15:38,240 --> 00:15:40,960 Speaker 2: wives and I and now he has a cycling girl 243 00:15:41,440 --> 00:15:44,720 Speaker 2: and avoiding at home. And so now he has a 244 00:15:44,760 --> 00:15:45,480 Speaker 2: cycling group. 245 00:15:46,440 --> 00:15:48,240 Speaker 1: I guess. I guess at least that's a little bit 246 00:15:48,320 --> 00:15:50,280 Speaker 1: healthier than staying at home. 247 00:15:50,680 --> 00:15:52,760 Speaker 2: I would say that most of these people that we 248 00:15:53,360 --> 00:15:58,360 Speaker 2: interviewed are surprisingly resilient mentally. From Wu's point, his goal 249 00:15:58,480 --> 00:16:02,600 Speaker 2: is to live healthy and be mentally stable and live 250 00:16:02,640 --> 00:16:06,120 Speaker 2: another thirty years so he can see his child grow 251 00:16:06,240 --> 00:16:09,480 Speaker 2: up and live an error where he considers to be 252 00:16:09,520 --> 00:16:11,800 Speaker 2: more in line with his worldview. 253 00:16:12,920 --> 00:16:16,560 Speaker 1: So he's really then, you know, living out this future 254 00:16:16,720 --> 00:16:18,040 Speaker 1: for his children's future. 255 00:16:18,360 --> 00:16:19,240 Speaker 2: That's right, And. 256 00:16:19,200 --> 00:16:22,960 Speaker 1: I imagine hoping that somehow his children's future will be 257 00:16:23,000 --> 00:16:23,960 Speaker 1: a lot brighter than. 258 00:16:23,840 --> 00:16:26,360 Speaker 2: His question for debate? 259 00:16:27,200 --> 00:16:38,040 Speaker 1: Is he hopeful question for debate? This is The Big 260 00:16:38,080 --> 00:16:41,920 Speaker 1: Take Asia from Bloomberg News. I'm one High. This episode 261 00:16:42,040 --> 00:16:45,160 Speaker 1: was produced by Young Young, Naomi mm and Jessica Beck. 262 00:16:45,600 --> 00:16:48,160 Speaker 1: It was mixed by Blake Maples and fact checked by 263 00:16:48,240 --> 00:16:51,680 Speaker 1: Eddie Dwan. It was edited by Caitlyn Kenny, Jeffrey Grocott, 264 00:16:51,720 --> 00:16:56,040 Speaker 1: and Emily Cadman. Our senior editor is Elizabeth Ponso. Nicole 265 00:16:56,160 --> 00:16:59,240 Speaker 1: Beemster Bower is our executive producer, and Sage Bowman is 266 00:16:59,240 --> 00:17:03,040 Speaker 1: Bloomberg's head Podcasts. Please follow and review The Big Tick 267 00:17:03,120 --> 00:17:06,400 Speaker 1: Asia wherever you listen to podcasts. It helps new listeners 268 00:17:06,440 --> 00:17:08,280 Speaker 1: find the show. See you next time.