2024 was a turbulent year globally, and China was no exception. The internal tensions within China may have even exceeded those of other countries. Looking back at China’s 2024, we identify six key words to summarize the year: decline, turmoil, competition, wet, sacrifice, and lie down, which best reflect the overall situation of the year. What key words come to your mind?
Independent TV producer Li Jun expressed on NTD’s “Elite Forum” program that in 2024, the word he saw the most was “decline”, along with “turmoil”, which deeply resonated with him.
Li Jun mentioned that for many Chinese people, 2024 was the most difficult year in nearly 30 years, with a sense of decline prevalent in many aspects of society. The most noticeable aspect was the plummeting real estate prices, dropping by 40% to 50%, and in some large cities like Beijing and Guangzhou, suburban housing prices dropped by 80% to 90%. Following the decline in real estate prices was the decrease in real estate sales by at least 30% to 40%. Local governments’ land sale revenues also diminished significantly, posing a severe financial crisis for local governments.
Furthermore, the decline was evident in decreasing consumer spending. Price wars for electric cars and sedans lasted throughout the year. Small and micro-enterprises struggled to survive, closing down in batches. Sales of international brand products like cosmetics, luxury watches, and bags all saw a decline in mainland China. Foreign companies left, downsizing their operations.
On a personal level, the biggest challenge individuals faced was a wave of salary cuts. From banks to securities companies, from civil servants to employees in state-run enterprises, there was a general decrease in income. Additionally, the employment rate of university graduates continued to decline, with graduating into unemployment becoming a consensus among students.
In Li Jun’s view, the biggest decline in 2024 was not just in terms of ordinary people or officials within the system, but also in the drastically decreased confidence in the Chinese Communist government. A large portion of the population has completely lost faith in the Communist regime. No matter how much propaganda about bright prospects or massive economic stimulus policies are pushed, they cannot overcome the sentiment of “my heart is dead”. People no longer have any hope in the government, leading them to divest their investments or quickly exit the stock market, posing a significant crisis for the Communist regime.
Li Jun pointed out that “turbulence” represents the vicious internal competition within China. In recent times, he noticed the incessant reports of various local governments fishing for money by targeting private entrepreneurs and foreign companies. Financial strain has led to intense infighting, causing a decline in many industries, and individuals to descend into despair due to the internal competition exacerbating the economic downturn.
The discussion revolved around the intense competition within the Communist Party, where power struggles and the vicious nature of competition among high-ranking officials led to severe consequences. The escalation of internal competition resulted in the downfall of numerous military leaders and senior officials in 2024, underscoring the severity of the internal competition affecting all levels of the Chinese society.
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