In recent times, the United States and China have imposed high tariffs on each other, leading to some goods facing tariffs of over 100%. This has resulted in a large accumulation of Chinese foreign trade products, businesses shutting down, and employees being forced to take time off. Under the shadow of a recession in the manufacturing industry, a “survival guide” circulated by netizens on social media platforms in mainland China. More and more Chinese people, especially the younger generation, are starting to live a “saving wherever possible” lifestyle. “Saving money” is becoming the most prominent theme in current Chinese society.
The above content is part of the “survival guide” issued by numerous Douyin platform bloggers to remind young people to recognize the current economic situation and be prepared for potential adverse conditions in the future.
According to a report by Radio Free Asia, Shanghai resident Ms. He Xiuzhen stated on April 23 that all she sees when she goes out every day are vegetable vendors and vegetable stores while clothing stores have suddenly decreased in number. She said, “Look, besides the vegetable sellers there are a few businesses, but it’s not doing well either. In my neighborhood, there are vegetable stores everywhere, every thirty meters, fifty meters, or a hundred meters, there is a vegetable store, with so many, the competition is quite fierce. I don’t buy clothes anymore; I wear my old clothes from before.”
With the continuous downturn in the Chinese economy, a wave of business closures, and no improvement in the job market, more and more people like Ms. He Xiuzhen are starting to tighten their belts. Ms. Chen, a resident in the Jing’an District, expressed that many people are worried about the impact of the tariff war and anticipate difficult times ahead, leading them to start cutting expenses: “I am definitely a bit worried, we need to make long-term plans. I don’t know when things will get better. Supermarkets are now mostly empty; in the past, consumption was driven by young people, now that they can’t find jobs, they don’t spend, they are very thrifty. People go to restaurants less. Those who go to work bring their own meals from home.”
Beijing resident Ye Jinghuan said that many small restaurants in the area have been forced to close or suspend operations due to a lack of customers: “Many restaurants in Beijing are indeed closing. Few people go to the small restaurants near my house; sometimes there’s just my family, even my son, grandchildren dining. It can really be described as a bleak business. Some restaurants have slightly more customers, but it’s not as crowded as before.”
The phenomenon of downgraded consumption is spreading from the southeastern coastal areas of China to the inland provinces of Sichuan, Guizhou, and others. Huang Feng from Lanzhou mentioned that local residents are also starting to live frugally, saving money in banks for emergencies: “Judging from the situation, everyone wants to save more money or foreign currency. If conditions permit, they buy gold for long-term reserves. Because keeping money in the bank is not safe either, who knows, one day the deposits might disappear, or if there’s a war, the money might not be accessible.”
In the face of the downward economic pressure, the impact of the trade war, and the uncertainty of employment, more and more Chinese people are taking the initiative to cut expenses to mitigate potential risks. This trend reflects the anxiety among the Chinese population in the current situation.