China’s 11 million university graduates are struggling in a bleak job market after China’s anti-COVID lockdowns.Credit:AP
Despite Xi’s focus on the importance of ideology,economic growth is still paramount in most people’s eyes. How Chinese citizens judge the competence of the party is often on whether they believe their lives are getting better. Indeed,such a line has been used by party officials to deflect any external criticisms.
But this social contract is fracturing. Compared with the economic heydays of the 2000s and 2010s,people are no longer as certain their quality of living will improve or that the next generation will live a better life.
This pessimism is especially stark among young people. The urban youth unemployment rate has reached arecord 20 per cent. While many are struggling to find work,some are also disillusioned with work itself. The “lying flat” movement,which shares a similar sentiment to“quiet quitting” in the United States or Australia,has become viral. The urge to work relentlessly to improve one’s situation in life is no longer as strong.
Some of China’s economic downturn can be attributed to its strict adherence to the zero-COVID policy,for which there is no end in sight. Cities in China are still being locked down because of a few COVID cases. These lockdowns disrupt businesses and people’s livelihoods,affecting both supply and demand.
Alibaba seeks to turn the focus toward sustainability and philanthropy,key pillars of President Xi Jinping’s drive to reshape China’s economy.Credit:Bloomberg
As economic growth slows,Xi is trying to diversify the source of party legitimacy. From the party congress,two more sources of legitimacy have emerged:common prosperity and nationalism.
Common prosperity is Xi’s signature economic policy to reduce inequality and boost the quality of life for ordinary people. It is too early to judge whether inequality is indeed reducing under this policy banner,as the term was only introduced a year ago. So far,it has spooked some big technology companiesinto philanthropy.