In recent years, the Chinese Communist Party (CCP) has continuously emphasized the bright prospects of the economy while suppressing voices questioning economic issues. During the “Golden Week” holiday, the CCP’s official newspaper, People’s Daily, published a series of articles for 7 consecutive days under the pseudonym “Zhong Caiwen” from the Central Committee for Financial and Economic Affairs, stating that the overall economic situation should not be negated just because some business entities are not feeling well. This statement has sparked mockery among internet users.
Starting from September 30th and continuing until October 6th, the 7 articles attributed to “Zhong Caiwen” were titled: “A Look at China’s Economic Leap and Transformation from a Global Perspective,” “Deep Understanding of the Inherent Logic of China’s Long-Term Stable Economic Development,” “Taking a Scientific and Objective View of the Current Economic Development Trend in China,” “China’s Economic Transformation and Upgrading Implies Significant Opportunities,” “Comprehensive Understanding and Grasping the Certainty of China’s High-Quality Economic Development,” “China is a Model of Inclusive Development Globally,” and “China’s Economic Development Embodies Openness and Win-Win Cooperation.”
Among them, the article “Taking a Scientific and Objective View of the Current Economic Development Trend in China” acknowledges that China’s economy still faces numerous risks and challenges. It recognizes that there are variations in the pace and timing of industrial transformation and upgrade, resulting in differentiation among different regions, industries, and groups, causing disparities between macro data and the sentiments of some micro entities.
Furthermore, the article mentioned that in industries related to artificial intelligence (AI), salary growth is twice that of other industries, while industries related to real estate have seen a decrease in employment opportunities with shrinking salaries. It emphasizes the need for a comprehensive perspective, stating that “the overall economic situation should not be denied just because some business entities are not feeling well; one should not only focus on individual experiences but also consider the bigger picture.”
The media has reported that these articles not only aim to boost people’s confidence in the economic situation but also serve as propaganda leading up to the CCP’s Fourth Plenary Session of the 20th Central Committee.
China expert Zhang Tianliang stated in a self-media program that Xi Jinping serves as the head of the Central Committee for Financial and Economic Affairs, and the series of articles indicate that the authorities are aware of the crumbling confidence of the Chinese people in the country’s economy.
The phrase “the overall economic situation should not be denied just because some business entities are not feeling well” has sparked a wave of satirical responses on an overseas platform, with statements like:
– “Don’t negate the overall economic situation just because 99% of economic entities are operating at a loss.”
– “Don’t deny the overall economic situation just because some people are hungry and have not eaten.”
– “Do not negate the retirement age system based on the fact that some farmers receive a pension of 200 yuan.”
– “Do not deny the overall health by focusing on a few tumors on the pancreas and lungs.”
– “Do not reject the entire democratic process just because of individual actions.”
– “Do not restrict others from expressing themselves due to your own discomfort.”
– “Titanic: Do not deny the overall navigation form just because part of the ship is sinking.”
Some netizens commented that the essence of the article implies that the economic well-being of the general population, particularly private entrepreneurs and informal workers, significantly differs from the comfortable lifestyles of the government officials, state-owned enterprises, and those within the system. They expressed concerns about the increasing resemblance to the situations in North Korea and the Cultural Revolution era, where entering the system is the key to a better life.
In the post-pandemic era, following the end of the CCP’s strict control policies, China’s economy has been on a continuous decline since 2023, with high youth unemployment rates. Despite the unfavorable economic conditions, the official narrative continues to emphasize the “bright prospects of the economy,” leading to shrinking space for public discourse. Several scholars have faced repression for revealing the truth about China’s economy.
At the end of 2024, Gao Shanwen, the chief economist of Guotou Securities, expressed concerns during the company’s 2025 investment strategy conference held in Shenzhen, suggesting that China’s economic growth over the past three years might have been overestimated by 10 percentage points. He was subsequently silenced. The Wall Street Journal later reported, citing insider sources, that Xi Jinping had ordered an investigation into Gao Shanwen, the chief economist of Guotou Securities.