China's economy is in bad shape, and Sasha Gong says private businessmen inside China have a word for it: hopeless. She gives Jenny Beth Martin the numbers.
Almost 19 percent of Chinese workers under 24 are unemployed, and that figure excludes everyone still in school. Between 300 and 400 million people are counted as flexibly employed, which means food delivery, the most popular job among college graduates. Work one hour and you count as employed. Order anything at two in the morning and it arrives, because people are desperate.
Gong sets it against the biggest urbanization in human history: 1.2 billion people, 80 percent rural in the 1980s, 69 percent urban by 2019. That machine ran on labor-intensive exports, and America was China's biggest market. Last year U.S. imports from China fell 25 to 30 percent, and the decline is continuing this year. The industries have moved out. She remembers a single shoe factory of 110,000 workers, a city in itself. It is gone. China now has perhaps 300 million extra people who need a job and cannot find one, and heavy industry does not hire them.
Jenny Beth Martin asks whether that is an environment ripe to take out a leader. Gong answers with a story from her new American Greatness article: after 1991 the CIA went into the Soviet archives to find out what the Soviet leaders knew. They knew which leader liked apples. They did not know their country was about to collapse. Does Xi Jinping know? After three years of real estate collapse, the new Chinese middle class has lost 30 percent of its wealth, and Gong believes Xi desperately needs face to save his reign.
In this segment:
• Almost 19 percent of workers under 24 unemployed, students excluded
• 300 to 400 million flexibly employed: what that phrase hides
• The largest urbanization in human history, and what it ran on
• U.S. imports from China down 25 to 30 percent last year
• A shoe factory of 110,000 workers, now gone
• What the CIA found in the Soviet archives, and whether Xi knows
• Middle-class wealth down 30 percent after the real estate collapse
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00:00 — "The Chinese economy is in bad shape": what private businessmen say
00:20 — Almost 19 percent of workers under 24 unemployed
00:49 — 300 to 400 million people "flexibly employed"
01:15 — Food delivery at two in the morning: people are desperate
01:35 — 1.2 billion people, 80 percent rural, to 69 percent urban by 2019
02:24 — U.S. imports from China down 25 to 30 percent last year
03:10 — A shoe factory of 110,000 workers, now gone
03:57 — 300 million extra people who need a job; ripe to take out the leader?
04:13 — Two million robots in the street
05:00 — What the CIA learned from the Soviet archives after 1991
05:49 — Does Xi Jinping know? Everything is censored
06:21 — Real estate collapse: middle-class wealth down 30 percent
06:37 — "Xi Jinping desperately needs some faces to save his reign"
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