1 00:00:02,920 --> 00:00:10,959 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. It's one am and 2 00:00:11,000 --> 00:00:15,480 Speaker 1: the streets in Shanghai are relatively empty. Thomas Wu, who's 3 00:00:15,520 --> 00:00:18,600 Speaker 1: a father and a husband, is out riding his bicycle 4 00:00:18,760 --> 00:00:23,040 Speaker 1: alone under the dim street lights. The night wind envelops him, 5 00:00:23,600 --> 00:00:25,880 Speaker 1: just like the stress he can't shake off. 6 00:00:26,400 --> 00:00:30,280 Speaker 2: He's working in state finance sector, which is experiencing a 7 00:00:30,480 --> 00:00:33,879 Speaker 2: salary cap and you know his pay has just been 8 00:00:33,920 --> 00:00:38,040 Speaker 2: cut by twenty percent. At work, He's facing this uncertain future. 9 00:00:38,520 --> 00:00:41,879 Speaker 2: Doesn't know when or how long he can hold his 10 00:00:42,000 --> 00:00:42,400 Speaker 2: job for. 11 00:00:43,400 --> 00:00:46,280 Speaker 1: Wu got into an argument with his wife after returning 12 00:00:46,320 --> 00:00:49,599 Speaker 1: home late from work. She was frustrated teaching their six 13 00:00:49,720 --> 00:00:53,800 Speaker 1: year old math, something Wu wasn't sure really mattered anymore. 14 00:00:54,880 --> 00:00:58,880 Speaker 2: He's wondering, what is the point of pushing our kids 15 00:00:58,880 --> 00:01:03,240 Speaker 2: so hard when have become meaningless and efforts are no 16 00:01:03,320 --> 00:01:06,000 Speaker 2: longer tied to your pay your salary. 17 00:01:06,680 --> 00:01:10,520 Speaker 1: Lu lu Chen is Bloomberg's editor on Asia Investing. Her 18 00:01:10,520 --> 00:01:12,840 Speaker 1: team talked to Wu, who didn't want us to record 19 00:01:12,880 --> 00:01:16,160 Speaker 1: his voice, but was willing to share his frustrations. He 20 00:01:16,240 --> 00:01:19,520 Speaker 1: told Bloomberg that the career turn he's now facing has 21 00:01:19,760 --> 00:01:23,440 Speaker 1: upended the life he had planned for himself and his family. 22 00:01:24,280 --> 00:01:27,800 Speaker 2: As a manager of a big state owned firm, he 23 00:01:27,920 --> 00:01:31,839 Speaker 2: enjoyed a good lifestyle. His kids are in international school, 24 00:01:31,880 --> 00:01:34,880 Speaker 2: which is the new hallmark for upper middle class life 25 00:01:34,880 --> 00:01:38,640 Speaker 2: in China. He also had the luxury car, and now 26 00:01:38,680 --> 00:01:41,080 Speaker 2: all of that is being taken away. 27 00:01:42,480 --> 00:01:46,000 Speaker 1: What's happening to Wu is part of a major policy 28 00:01:46,120 --> 00:01:50,960 Speaker 1: shift underway in China, where President Shi Jinping is actively 29 00:01:51,040 --> 00:01:53,680 Speaker 1: reshaping the world's second largest economy. 30 00:01:54,040 --> 00:01:59,440 Speaker 2: The industries that are experiencing the most drastic changes include finance, 31 00:01:59,680 --> 00:02:03,480 Speaker 2: Chinese zernet, and real estate. And these were all important 32 00:02:03,480 --> 00:02:06,720 Speaker 2: growth drivers and job creators in the past, and now 33 00:02:06,720 --> 00:02:08,200 Speaker 2: they're all cast to drift. 34 00:02:09,240 --> 00:02:12,960 Speaker 1: That policy shift, along with the job losses and pay 35 00:02:13,000 --> 00:02:17,120 Speaker 1: cuts it brings, is fueling an existential crisis among some 36 00:02:17,160 --> 00:02:19,519 Speaker 1: of the best and the brightest workers in China. 37 00:02:20,040 --> 00:02:24,120 Speaker 2: They no longer see the era of working long hours 38 00:02:24,440 --> 00:02:28,240 Speaker 2: taking big risks. There's very little that they can do, 39 00:02:28,440 --> 00:02:31,200 Speaker 2: which is why people are referring it to the garbage 40 00:02:31,240 --> 00:02:34,480 Speaker 2: time in history. 41 00:02:35,639 --> 00:02:39,480 Speaker 1: Welcome to The Big Take Asia from Bloomberg News. I'm Wanha. 42 00:02:39,760 --> 00:02:42,240 Speaker 1: Every week we take you inside some of the world's 43 00:02:42,240 --> 00:02:46,600 Speaker 1: biggest and most powerful economies and the markets tycoons and 44 00:02:46,760 --> 00:02:50,880 Speaker 1: businesses that drive this ever shifting region. Today on the 45 00:02:50,919 --> 00:02:54,640 Speaker 1: show How one of China's biggest policy shifts is leaving 46 00:02:54,639 --> 00:02:59,280 Speaker 1: a generation of professionals feeling a drift, and what happens 47 00:02:59,320 --> 00:03:01,919 Speaker 1: to a country when many of its brightest and most 48 00:03:01,960 --> 00:03:10,639 Speaker 1: ambitious citizens have their dreams crushed. The sectors of the 49 00:03:10,720 --> 00:03:13,720 Speaker 1: Chinese economy that the government now wants to rein in 50 00:03:14,200 --> 00:03:16,680 Speaker 1: employ a huge number of people in China. 51 00:03:17,120 --> 00:03:20,440 Speaker 2: There's two hundred million people who work in white collar jobs, 52 00:03:20,720 --> 00:03:23,839 Speaker 2: and that's almost the population of Brazil if you broke 53 00:03:23,880 --> 00:03:28,239 Speaker 2: it down by sector. Finance alone had eight million people 54 00:03:28,440 --> 00:03:31,280 Speaker 2: property at its peak, if you include the supply chain 55 00:03:31,320 --> 00:03:35,880 Speaker 2: and construction workers, that provided jobs to one hundred million people. 56 00:03:36,480 --> 00:03:40,240 Speaker 1: Up until recently, these industries flourished with a strong labor 57 00:03:40,280 --> 00:03:44,360 Speaker 1: force and robust foreign investments, and Lulu says they were 58 00:03:44,360 --> 00:03:47,760 Speaker 1: part of an era where being rich was glorious and 59 00:03:48,000 --> 00:03:49,760 Speaker 1: entrepreneurs were celebrated. 60 00:03:50,040 --> 00:03:53,720 Speaker 2: It was an error where people like Jack mo for sure, 61 00:03:54,000 --> 00:03:58,720 Speaker 2: was highly respected. He would go to conferences and young 62 00:03:58,760 --> 00:04:03,080 Speaker 2: people would chase him across the venue, hoping to get 63 00:04:03,120 --> 00:04:06,960 Speaker 2: a word of wisdom and learn about how he achieved 64 00:04:07,000 --> 00:04:10,920 Speaker 2: success in life. Now that error is gone, it's no 65 00:04:10,960 --> 00:04:12,480 Speaker 2: longer glorious to be rich. 66 00:04:13,480 --> 00:04:16,839 Speaker 1: But now these industries have fallen out of favor in China, 67 00:04:17,120 --> 00:04:19,680 Speaker 1: and President Xi Jinping has said he wants to move 68 00:04:19,720 --> 00:04:24,480 Speaker 1: the country towards what he calls high quality growth golge 69 00:04:24,640 --> 00:04:30,080 Speaker 1: down faja gorge, golgen non fada. Bloomberg went through these 70 00:04:30,160 --> 00:04:33,160 Speaker 1: speeches last year and found the phrase pop up at 71 00:04:33,279 --> 00:04:37,479 Speaker 1: least one hundred and twenty times, nearly double dimensions in 72 00:04:37,560 --> 00:04:38,400 Speaker 1: twenty twenty two. 73 00:04:38,880 --> 00:04:41,960 Speaker 2: That is the new mantra right now, high quality growth, 74 00:04:42,080 --> 00:04:46,360 Speaker 2: not high speed. So these industries, as finance, consumer, tech, 75 00:04:46,400 --> 00:04:49,039 Speaker 2: and property are out of favor. I think you could 76 00:04:49,080 --> 00:04:53,360 Speaker 2: say that the Communist Party has always been skeptical of finance, 77 00:04:53,880 --> 00:04:57,240 Speaker 2: viewing it as a way to enrich a few people 78 00:04:57,760 --> 00:05:02,240 Speaker 2: at the expense of the working class and fermenting instability 79 00:05:02,760 --> 00:05:07,640 Speaker 2: that has marred the US. And even though it's communist routs, 80 00:05:08,080 --> 00:05:12,400 Speaker 2: China has a high wealth disparity. A lot of policies 81 00:05:12,480 --> 00:05:14,839 Speaker 2: are aimed at tackling those issues. 82 00:05:16,320 --> 00:05:20,200 Speaker 1: So if she wants to shift resources and tension away 83 00:05:20,240 --> 00:05:23,920 Speaker 1: from the banking and tech real estate sectors, where does 84 00:05:23,920 --> 00:05:26,480 Speaker 1: he want to redirect these resources to. 85 00:05:27,320 --> 00:05:31,880 Speaker 2: Paging is dubbed the new threes, so it's evs, batteries 86 00:05:31,920 --> 00:05:36,960 Speaker 2: and solar panels. Bloomberg Economics estimated that the proportion of 87 00:05:37,040 --> 00:05:40,360 Speaker 2: GDP from these sectors will swell to twenty three percent. 88 00:05:41,080 --> 00:05:44,080 Speaker 2: The high tech sector is also estimated to account for 89 00:05:44,680 --> 00:05:47,600 Speaker 2: nineteen percent of GDP by twenty twenty six. 90 00:05:48,400 --> 00:05:51,400 Speaker 1: As a result in the shift to high quality growth, 91 00:05:51,760 --> 00:05:55,520 Speaker 1: many people have lost their jobs. In real estate alone, 92 00:05:55,560 --> 00:05:58,880 Speaker 1: the collapse has tossed some half a million people out 93 00:05:58,920 --> 00:06:01,159 Speaker 1: of work in the three years through twenty twenty three. 94 00:06:01,600 --> 00:06:05,960 Speaker 1: That's according to data firm Korean Chiku. In the internet sector, 95 00:06:06,160 --> 00:06:10,040 Speaker 1: Ali Baba alone shrunk their headcount by roughly twenty thousand 96 00:06:10,160 --> 00:06:13,600 Speaker 1: last year, and Lulu says, even if you're lucky enough 97 00:06:13,640 --> 00:06:16,040 Speaker 1: to keep your job, you might not be able to 98 00:06:16,160 --> 00:06:17,560 Speaker 1: keep the same paycheck. 99 00:06:18,000 --> 00:06:21,800 Speaker 2: Look at cSCC, one of China's largest investment banks. They 100 00:06:21,880 --> 00:06:25,440 Speaker 2: caught compensation for senior bankers by more than forty percent 101 00:06:25,720 --> 00:06:28,640 Speaker 2: and also the staff have been told to avoid wearing 102 00:06:28,720 --> 00:06:31,840 Speaker 2: luxury goods and no more business class. 103 00:06:32,000 --> 00:06:35,479 Speaker 1: And some employees are even being asked to hand over 104 00:06:35,560 --> 00:06:37,560 Speaker 1: money they were already paid. 105 00:06:37,960 --> 00:06:41,520 Speaker 2: Yeah, some people have been told to pay back their bonuses. 106 00:06:41,720 --> 00:06:44,160 Speaker 1: You basically have to give them back money that you've 107 00:06:44,200 --> 00:06:46,320 Speaker 1: already earned and have probably already spent. 108 00:06:46,760 --> 00:06:50,240 Speaker 2: Yes, yes, which is why people are selling their cars. 109 00:06:50,600 --> 00:06:52,040 Speaker 1: Oh man, that must really hurt. 110 00:06:52,520 --> 00:06:52,839 Speaker 2: Yeah. 111 00:06:53,800 --> 00:06:56,200 Speaker 1: Lulu and her team talked to more than a dozen 112 00:06:56,240 --> 00:07:00,839 Speaker 1: people across the growth sectors that had been high flying finance, 113 00:07:01,040 --> 00:07:04,960 Speaker 1: tech and real estate. Many said they're now under mounting pressure. 114 00:07:05,839 --> 00:07:09,320 Speaker 2: Many highlighted the stress that they felt brought on by 115 00:07:09,360 --> 00:07:14,559 Speaker 2: these salary cuts, escalating scrutiny of expenses, also the sting 116 00:07:14,760 --> 00:07:19,040 Speaker 2: of being shamed on social media were their affluent lifestyles. 117 00:07:19,760 --> 00:07:22,520 Speaker 2: One of the people that we talked to Sharon's Howe, 118 00:07:22,520 --> 00:07:26,040 Speaker 2: who is an executive at a mutual fund, and she 119 00:07:26,200 --> 00:07:29,520 Speaker 2: also sold her car of Portie and she says that 120 00:07:29,640 --> 00:07:32,560 Speaker 2: sleeping pills are her best friends these days. 121 00:07:33,360 --> 00:07:36,440 Speaker 1: All of these changes, the job cuts, pay cuts, and 122 00:07:36,480 --> 00:07:40,040 Speaker 1: the clawbacks are taking a toll on the mental health 123 00:07:40,120 --> 00:07:43,200 Speaker 1: of many workers in China that was captured in a 124 00:07:43,200 --> 00:07:44,520 Speaker 1: poll of sixty thousand. 125 00:07:45,800 --> 00:07:49,360 Speaker 2: There was a recent poll by this consulting firm Tenancingly, 126 00:07:49,480 --> 00:07:52,760 Speaker 2: and they found that anxiety and depression were some of 127 00:07:52,800 --> 00:07:56,280 Speaker 2: the top concerns for people in China right now. Students 128 00:07:56,320 --> 00:08:00,320 Speaker 2: and workers and finance and tech were the majority of 129 00:08:00,360 --> 00:08:02,720 Speaker 2: clients seeking mental health support. 130 00:08:05,320 --> 00:08:09,240 Speaker 1: After the break. How will workers left behind manage as 131 00:08:09,280 --> 00:08:13,480 Speaker 1: economy moves forward and what will the labor disruption mean 132 00:08:13,520 --> 00:08:28,160 Speaker 1: for the Chinese government. China's pivot from high speed growth 133 00:08:28,320 --> 00:08:32,240 Speaker 1: to high quality growth has potentially left millions of people 134 00:08:32,360 --> 00:08:35,920 Speaker 1: unemployed in the middle of their careers. But there are 135 00:08:36,000 --> 00:08:40,080 Speaker 1: promises of growth in new sectors like evs and solar panels. 136 00:08:40,520 --> 00:08:42,840 Speaker 1: So I wanted to know will the growth of these 137 00:08:43,000 --> 00:08:46,720 Speaker 1: new sectors make up for the losses in other industries 138 00:08:46,760 --> 00:08:47,480 Speaker 1: of the economy. 139 00:08:48,080 --> 00:08:52,680 Speaker 2: It will create jobs, it will create growth, but it's 140 00:08:52,960 --> 00:08:56,800 Speaker 2: probably not going to be jobs for this batch of people, 141 00:08:57,040 --> 00:09:01,680 Speaker 2: this generation of people, because they're all in their mid 142 00:09:01,760 --> 00:09:06,520 Speaker 2: thirties and forties. They're not in stem subjects that are 143 00:09:06,640 --> 00:09:10,080 Speaker 2: needed for the high quality growth in chip industries that 144 00:09:10,320 --> 00:09:14,640 Speaker 2: are in favor right now. So this generation of people, 145 00:09:14,800 --> 00:09:17,640 Speaker 2: they face the danger of being cast a drift. 146 00:09:17,960 --> 00:09:21,040 Speaker 1: And how difficult is it when white collar workers in 147 00:09:21,040 --> 00:09:24,520 Speaker 1: their thirties and forties lose their jobs in China? Is 148 00:09:24,559 --> 00:09:27,440 Speaker 1: there as big of a stigma that comes with job loss? 149 00:09:28,160 --> 00:09:30,800 Speaker 2: The question is how are they going to reskill? And 150 00:09:31,040 --> 00:09:33,920 Speaker 2: is there enough time for them to ever find that 151 00:09:34,040 --> 00:09:40,040 Speaker 2: opportunity to reskill, because in China, their job applications sometimes 152 00:09:40,160 --> 00:09:43,439 Speaker 2: just blatantly say no older than thirty five years old, 153 00:09:43,480 --> 00:09:47,120 Speaker 2: and for women it's even harsher. And age discrimination is 154 00:09:47,200 --> 00:09:52,120 Speaker 2: even worse because the prospective employers also question whether they 155 00:09:52,160 --> 00:09:54,120 Speaker 2: want to have a second kid or third kid. 156 00:09:55,880 --> 00:10:00,600 Speaker 1: Recently, China approved a plan to gradually delay retirement, raising 157 00:10:00,600 --> 00:10:03,800 Speaker 1: the retirement age for the first time since nineteen seventy eight, 158 00:10:04,360 --> 00:10:08,600 Speaker 1: a moves likely to anger workers who are already under stress. 159 00:10:09,200 --> 00:10:11,760 Speaker 2: I think that's why you're seeing so much social media 160 00:10:11,800 --> 00:10:15,120 Speaker 2: backlash after China announced that they were going to increase 161 00:10:15,160 --> 00:10:19,040 Speaker 2: the retirement age. And you know, some people joke that 162 00:10:19,080 --> 00:10:21,480 Speaker 2: if you can't even hold your job till thirty five, 163 00:10:21,559 --> 00:10:23,920 Speaker 2: how are you going to hold it out till sixty? 164 00:10:25,679 --> 00:10:30,000 Speaker 1: And Historically, a high unemployment rate often leads to political unrest. 165 00:10:30,520 --> 00:10:33,800 Speaker 1: China's unemployment rate reached an all time high of thirty 166 00:10:33,840 --> 00:10:37,040 Speaker 1: percent in nineteen eighty nine, the same year when the 167 00:10:37,040 --> 00:10:41,320 Speaker 1: Tiananmen Square protests happened and the ensuing crackdown took place. 168 00:10:42,000 --> 00:10:44,840 Speaker 1: So I asked Lulu, could this new round of job 169 00:10:44,920 --> 00:10:48,440 Speaker 1: loss result in political instability. 170 00:10:48,040 --> 00:10:51,480 Speaker 2: So none of the people that we interviewed and financed 171 00:10:51,520 --> 00:10:56,040 Speaker 2: plan to protest. That's the cases of descent increased eighteen 172 00:10:56,040 --> 00:10:59,720 Speaker 2: percent in the second quarter compared with last year, and 173 00:10:59,760 --> 00:11:03,160 Speaker 2: that is by a survey by China Descent Monitor, and 174 00:11:03,280 --> 00:11:07,480 Speaker 2: out of those cases, most were related to economic issues 175 00:11:07,520 --> 00:11:12,320 Speaker 2: and aggrieved homeowners. That said Patricia Kim from the John 176 00:11:12,360 --> 00:11:16,200 Speaker 2: Thornton Center. She says that C's grip on power has 177 00:11:16,240 --> 00:11:18,000 Speaker 2: not been dented by any of this. 178 00:11:18,520 --> 00:11:24,040 Speaker 1: With China's ironclad grip on security and surveillance technology, widespread 179 00:11:24,080 --> 00:11:27,640 Speaker 1: demonstrations are out of the question. But some people are 180 00:11:27,679 --> 00:11:34,520 Speaker 1: taking their frustrations to social media, and that's a place 181 00:11:34,559 --> 00:11:38,840 Speaker 1: where you're seeing a particular phrase pop up, garbage time. 182 00:11:38,720 --> 00:11:43,760 Speaker 2: In History, which is Alicia Alati is in garbage Time 183 00:11:43,800 --> 00:11:48,000 Speaker 2: of History describes as society where the laws of economics 184 00:11:48,000 --> 00:11:52,040 Speaker 2: are violated and individuals have no power to make changes. 185 00:11:55,760 --> 00:12:01,640 Speaker 2: Basically saying that nothing that you do is right, cannot invest, 186 00:12:01,760 --> 00:12:05,000 Speaker 2: cannot spend, turn left, turn and right, everything is wrong. 187 00:12:05,240 --> 00:12:07,000 Speaker 1: That sounds all really depressing. 188 00:12:07,320 --> 00:12:11,600 Speaker 2: Yeah, I think it's like a more passive aggressive form 189 00:12:11,800 --> 00:12:15,640 Speaker 2: of people trying to make sense of what's happening to 190 00:12:15,720 --> 00:12:19,959 Speaker 2: them and turning all that negative energy into dark humor. 191 00:12:21,840 --> 00:12:24,880 Speaker 1: And when the best and brightest and most ambitious citizens 192 00:12:24,960 --> 00:12:29,600 Speaker 1: are feeling depressed or unmotivated, the ramifications for the economy 193 00:12:29,679 --> 00:12:33,920 Speaker 1: could be huge. With salary cutbacks and potential job loss 194 00:12:33,920 --> 00:12:37,480 Speaker 1: on the horizon, Lulu says, the sources Bloomberg spoke to 195 00:12:37,679 --> 00:12:41,280 Speaker 1: are already cutting back on spending by doing things like 196 00:12:41,360 --> 00:12:42,320 Speaker 1: dining out less. 197 00:12:42,840 --> 00:12:46,280 Speaker 2: You know, you wonder, oh, why is China consumer spending 198 00:12:46,360 --> 00:12:51,600 Speaker 2: not going up? That's the reason I think. Right now 199 00:12:51,640 --> 00:12:56,440 Speaker 2: we're just starting to see the effects unfold. And part 200 00:12:56,480 --> 00:13:00,520 Speaker 2: of the reason the consequences or the back class hasn't 201 00:13:00,559 --> 00:13:03,920 Speaker 2: been that strong, I think, is because a lot of 202 00:13:03,960 --> 00:13:09,640 Speaker 2: these people still have some household savings and they're slowly 203 00:13:10,400 --> 00:13:13,840 Speaker 2: eating through that savings right now, and we haven't gotten 204 00:13:13,880 --> 00:13:17,440 Speaker 2: to a point where where, you know, things are so 205 00:13:17,640 --> 00:13:20,679 Speaker 2: dire they can no longer put food on their plates. 206 00:13:21,360 --> 00:13:24,320 Speaker 2: And hopefully it never comes to that point and they 207 00:13:24,320 --> 00:13:27,640 Speaker 2: can still find that transition to the next act two 208 00:13:28,000 --> 00:13:29,600 Speaker 2: in their lives. 209 00:13:29,640 --> 00:13:33,760 Speaker 1: In twenty nineteen, even before the economic downturn, the Chinese 210 00:13:33,800 --> 00:13:38,000 Speaker 1: Academy of Social Sciences estimated that the urban pension fund 211 00:13:38,040 --> 00:13:41,880 Speaker 1: would run dry by twenty thirty five, because not enough 212 00:13:41,920 --> 00:13:46,160 Speaker 1: people are working and paying into it. Fundamentally, Lulu says, 213 00:13:46,280 --> 00:13:49,800 Speaker 1: what we're seeing now is a conflict of values, a 214 00:13:49,880 --> 00:13:54,560 Speaker 1: clash of two generations of Chinese who hold very different worldviews. 215 00:13:56,040 --> 00:13:58,960 Speaker 2: The battle is, you know, really it Pit's a generation 216 00:13:59,040 --> 00:14:02,760 Speaker 2: of people who's worldviews were shaped during an era of 217 00:14:03,000 --> 00:14:07,240 Speaker 2: reform and opening up versus a system that's reverting to 218 00:14:07,280 --> 00:14:10,520 Speaker 2: its more rigid roots under sea and his cabinet, and 219 00:14:10,559 --> 00:14:14,160 Speaker 2: these people spent their formative years during the more turbulent 220 00:14:14,160 --> 00:14:19,360 Speaker 2: Cultural Revolution era, whereas his generation grew up in an 221 00:14:19,400 --> 00:14:22,680 Speaker 2: era that first of all benefited from China's reform and 222 00:14:22,800 --> 00:14:28,360 Speaker 2: opening up. Many of them went overseas and were educated abroad. 223 00:14:28,880 --> 00:14:32,640 Speaker 2: And that concept or that idea that China would become 224 00:14:32,640 --> 00:14:36,520 Speaker 2: more integrated with the US, with the rest of the world, 225 00:14:37,000 --> 00:14:39,840 Speaker 2: that was the norm. And now all of a sudden, 226 00:14:40,080 --> 00:14:43,280 Speaker 2: all these beliefs are up in the air. One of 227 00:14:43,280 --> 00:14:45,640 Speaker 2: my contacts asked me the other day, like, who is 228 00:14:45,680 --> 00:14:49,160 Speaker 2: still happy in China right now? That's right, and I 229 00:14:49,200 --> 00:14:53,040 Speaker 2: think about it. You know, the government officials are under 230 00:14:53,160 --> 00:14:57,560 Speaker 2: a huge amount of pressure. The entrepreneurs are not motivated 231 00:14:57,640 --> 00:15:01,440 Speaker 2: to invest capital right now, stay, don't. Enterprise workers are 232 00:15:01,480 --> 00:15:05,360 Speaker 2: being capped off in salary. Your white collar workers working 233 00:15:05,400 --> 00:15:09,480 Speaker 2: for foreign companies are are fearful of losing their jobs. 234 00:15:10,760 --> 00:15:14,400 Speaker 2: Now the shift has left an entire generation of Chinese 235 00:15:14,480 --> 00:15:20,480 Speaker 2: elites and previously prestigious jobs adrift. And you know, the 236 00:15:20,520 --> 00:15:23,720 Speaker 2: mood has gotten so grim that many feel that they're 237 00:15:23,760 --> 00:15:25,720 Speaker 2: living in the garbage time of history. 238 00:15:27,200 --> 00:15:30,360 Speaker 1: And in the meantime, what's happened to Thomas Wu. 239 00:15:31,400 --> 00:15:34,840 Speaker 2: Well, Thomas Wo has managed to find a group of 240 00:15:35,040 --> 00:15:38,000 Speaker 2: people who are like him who want to avoid their 241 00:15:38,040 --> 00:15:40,720 Speaker 2: wives and I and now he has a cycling girl 242 00:15:41,240 --> 00:15:44,520 Speaker 2: and avoiding at home. And so now he has a 243 00:15:44,560 --> 00:15:45,280 Speaker 2: cycling group. 244 00:15:46,240 --> 00:15:48,040 Speaker 1: I guess. I guess at least that's a little bit 245 00:15:48,120 --> 00:15:50,080 Speaker 1: healthier than staying at home. 246 00:15:50,480 --> 00:15:52,560 Speaker 2: I would say that most of these people that we 247 00:15:53,160 --> 00:15:58,160 Speaker 2: interviewed are surprisingly resilient mentally. From Wu's point, his goal 248 00:15:58,280 --> 00:16:02,400 Speaker 2: is to live healthy and be mentally stable and live 249 00:16:02,440 --> 00:16:05,960 Speaker 2: another thirty years so he can see his child grow 250 00:16:06,040 --> 00:16:09,280 Speaker 2: up and live an error where he considers to be 251 00:16:09,320 --> 00:16:11,600 Speaker 2: more in line with his worldview. 252 00:16:12,720 --> 00:16:16,360 Speaker 1: So he's really then, you know, living out this future 253 00:16:16,520 --> 00:16:19,880 Speaker 1: for his children's future. That's right, And I imagine hoping 254 00:16:19,920 --> 00:16:23,760 Speaker 1: that somehow his children's future will be a lot brighter than. 255 00:16:23,640 --> 00:16:29,880 Speaker 2: His question for debate? Is he hopeful question for debate? 256 00:16:36,960 --> 00:16:39,880 Speaker 1: This is The Big Take Asia from Bloomberg News. I'm 257 00:16:39,880 --> 00:16:43,600 Speaker 1: one High. This episode was produced by Young Young, Naomi 258 00:16:43,680 --> 00:16:47,120 Speaker 1: mm and Jessica Beck. It was mixed by Blake Maples 259 00:16:47,160 --> 00:16:49,720 Speaker 1: and fact checked by Eddie Dwan. It was edited by 260 00:16:49,800 --> 00:16:53,880 Speaker 1: Caitlyn Kenny, Jeffrey Grocott, and Emily Cadman. Our senior editor 261 00:16:54,000 --> 00:16:58,080 Speaker 1: is Elizabeth Ponso, Nicole Finsterbower is our executive producer, and 262 00:16:58,200 --> 00:17:01,800 Speaker 1: Sage Bowman is Bloomberg's head of po podcast. Please follow 263 00:17:01,840 --> 00:17:05,000 Speaker 1: and review The Big Take Asia wherever you listen to podcasts. 264 00:17:05,119 --> 00:17:08,080 Speaker 1: It helps new listeners find the show. See you next time.