Today’s Focus: Bosses quietly running away while employees are on vacation, causing waves of unemployment after the National Day; family bankruptcies, formerly wealthy heiresses now flaunting debts for survival; Israel signs the first-round agreement with Palestine, hostages to be released, and Gaza to soon welcome peace.
The 4th Plenary Session of the 20th CPC Central Committee is about to convene. Before the meeting, official articles are praising the economy, but the public is suffering. After the National Day holiday, many employees were shocked to find out their bosses had vanished, leaving them jobless.
An employee at a mold factory in Liupanshui, Guizhou, told Epoch Times that after the National Day holiday, they found the factory gone. Over twenty employees suddenly found themselves without jobs, with salaries of around 500,000 to 600,000 yuan left unsettled. Although the boss verbally promised to move the equipment to Cambodia and continue paying salaries, there was no compensation. The problem is, the boss didn’t inform the employees beforehand, and the factory closed without warning! Additionally, up to now, no one has seen the boss in person, and his whereabouts are unknown.
The employee explained that the factory originally fulfilled orders from Cambodia, and at the beginning of the year, business was decent. However, it gradually declined, domestic orders were not enough to sustain the company, leading to the relocation to Cambodia. He said, “It’s hard to find jobs now, especially for us in mold manufacturing.”
Similar situations are not uncommon, with similar incidents playing out in various parts of the country in the past few days.
On October 8th, a blogger claimed that many factory bosses ran away during the National Day holiday, leaving employees to return after their short vacation only to find their workplaces gone! The bosses cleared out equipment and vanished while withholding payments to suppliers and employees. The blogger expressed anger, stating, “After the demographic dividend is exhausted, it’s time for the ‘survival of the fittest’ era.”
In Dongguan, Houjie, a blogger mentioned that during the National Day holiday, many businesses were selling off office equipment online. This was due to severe losses in e-commerce, leading to closures and clearance sales of office equipment in places like Huizhou.
Of course, not all bosses are fleeing. Some are trying their best to sustain their businesses but ultimately find themselves powerless.
On October 9th, a cigarette vendor in Wuhan, Hubei, informed Epoch Times that the tobacco industry was completely dead. High-end cigarettes were all hanging unsold, mid-range ones were making half profit half loss, and the Huanghelou series “Xia Gu Rou Qing” went from 350 to 300 directly. Now, sales rely solely on low-grade cigarettes, but sourcing them is difficult. He lamented that the industry is barely profitable nowadays, with minimal margins.
A e-commerce boss in Zhejiang told Epoch Times, “E-commerce this year is extremely challenging, more than half down compared to last year.” Having been in e-commerce for 5 years, it’s the toughest time now. It’s really tough; everyone’s about to go insane!
A boss in Guangzhou dealing in electric bicycles stated that while they reopened on October 3rd, by the 8th they had only sold three used bikes, not a single new one. In the Tianhe district, many shops have already started closing down. Despite being in the business for over a decade, it’s no longer sustainable.
Contrary to public sentiments, during the National Day holiday, the People’s Daily of the CPC published eight articles discussing economic topics under the guidance of Xi Jinping’s economic ideology. Emphasizing that China’s economy still brims with “resilience and vitality,” despite numerous risks and challenges, the overall trend is positive.
In response, Professor Xie Tian of the Moore School of Business at the University of South Carolina told Epoch Times that for many people, their firsthand experiences are the most direct observation of the economy. The CCP’s approach deceives the public and whitewashes reality, indirectly indicating that China’s economic situation has become increasingly severe. While individual sentiments may not completely reflect the overall economy, a collective convergence of individual perspectives can illustrate an economic downturn. Because of fabricated statistics by the CCP government, people can’t trust China’s economic data, while the authorities suppress scholars revealing the truth, causing an opaque information environment.
China expert Heng He wrote for Epoch Times, stating that the authors of this series of articles by the Party media are from the Central Finance and Economic Commission, with Xi Jinping as its director. He said, “How can anyone buy into such self-promoting, whitewashed articles?”
The mainland’s economy continues to decline, with numerous enterprises going bankrupt. Recently, a hot topic appeared on Chinese social media regarding “Debt-Ridden Heiresses,” also known as “Bankrupt Heiresses.” In these stories, individuals who were once wealthy heirs, now burdened with debts due to their parents’ failed investments and family business bankruptcies, have become the central characters.
One such individual, a short-video blogger known as “Bankrupt Heiress,” experienced such a dramatic life change. She mentioned in her videos that following her family’s bankruptcy, she was forced to sell off luxury items worth tens of millions at low prices. Not only did her interpersonal relationships undergo drastic changes, with friends leaving and even her husband parting ways with her. Now, to make ends meet, she manages a coffee shop with her current husband.
Recently, “Bankrupt Heiress” gave her first in-depth interview to a prominent mainland media outlet, sharing her life after bankruptcy. Her story has once again sparked public attention.
She mentioned that before bankruptcy, her family spent lavishly on things they liked. However, after bankruptcy, they found themselves left with a wall full of limited edition Hermès items and a garage full of supercars. To cover living expenses, she sold off many designer bags, jewelry, and other items. Yet, there were still numerous luxury items difficult to liquidate.
However, she didn’t wallow in despair. Instead, she turned these “old riches” into props, merging consumer culture and historical backgrounds to enlighten fans about fashion and art. This has been receiving positive feedback so far. Now, she’s entered a new “entrepreneurial” phase, sharing with fans the operation of her coffee shop and the struggles and hopes of her entrepreneurial journey. Additionally, she’s attempting live streaming to maintain community engagement.
“Bankrupt Heiress’s” experience is not unique. Nowadays, more and more bankrupt rich individuals are joining platforms like TikTok to narrate their the stories of their downfalls in life.
There are also bankrupt second-generation individuals analyzing the second-hand market from a professional standpoint, teaching netizens how to choose high-appreciation value sports cars.
Currently, the group sharing “downfall in life” stories on social media is expanding, including not only the rich second-generation but also international students, middle-class families, and more.
For instance, a middle-class couple both losing their jobs, documenting in short videos how to cut expenses, search for new jobs, and other related topics.
Additionally, international students whose parents have cut off their tuition and living expenses are reaching out for help online, starting a “life restart” mission step by step.
At present, the most attractive are the genuine bankrupt bloggers represented by “Bankrupt Heiress.” Numerous fans follow these accounts, raising various societal issues, with the most common inquiries being about changes in interpersonal relationships after bankruptcy and how to cultivate a more stable core.
MCN agencies have spotted business opportunities and started signing contracts with such accounts, assisting them in creating dramatic content. Insider sources have revealed that there are actually not many real bloggers who previously had assets worth hundreds of millions since these individuals strive to maintain their dignity, making it challenging to lower themselves to become bloggers. More frequently, it’s families that have “fallen” midway; they understand better how to turn their misfortunes into stories.
Presently, a team within an MCN agency is operating an account, leveraging a continuous storyline of “husband losing job at a large factory, wife pregnant with second child, luxury home selling at low prices, returning to hometown to ‘slay monsters’,” which has garnered hundreds of thousands of followers across the web. Their plan is to transition this account onto a career-focused track, specializing in guiding young individuals on job choices, interviews, self-media, and simultaneously launching corresponding paid consulting services.
Breaking news from the Middle East: On the morning of October 9th, local time, Israel and Hamas officially signed a Gaza ceasefire agreement in Cairo, Egypt, proposed by U.S. President Trump. With the signing of this agreement, the “war that lasted for over two years and resulted in over 67,000 deaths” has taken the first step towards “conclusion.”
According to the agreement, on that same afternoon at 6:00 PM, within 24 hours following the conclusion of the government meeting, an official ceasefire will be in place across the Gaza region. After the 24-hour ceasefire, a countdown will commence for the release of hostages over a period of 72 hours. Once all hostages are released, the Israeli military will withdraw to the “yellow line” determined by the U.S., maintaining control of approximately 53% of the Gaza territory.
The spokesperson also clarified that among the Palestinian prisoners to be released by Israel, Palestinian Liberation Organization leader Marwan Barghouti is excluded.
UN Secretary-General Guterres welcomed the ceasefire agreement between Israel and Palestine, stating that the UN stands ready to provide support anytime. He urged to keep the Gaza border open to ensure continuous humanitarian aid entry.
On October 9th, U.S. President Trump announced during a White House cabinet meeting that all Israeli hostages and hostage bodies will be released from Hamas on October 13th or 14th. He plans to personally attend this commemorative moment.
He stated, “I think it’s going to be a long-lasting peace, I hope it’s going to be a permanent peace as well.” He added, “It’s going to be a day of celebration,” ensuring that all remaining hostages will be released.
On October 8th, in a phone interview with Fox News host Sean Hannity, Trump emphasized, “The most important thing is, the hostages will be released.” He mentioned that the situation for the Israeli hostages in Gaza is dire; they are “confined in very deep parts underground.”
Later that evening, while conversing with the families of hostages, Trump reassured them, saying, “The hostages are coming back. They will all be back by Monday.”
It’s reported that before this, Israel conducted strikes on Hamas officials in Qatar without U.S. consent, which displeased Trump. Subsequently, the U.S. ramped up diplomatic efforts to halt the Gaza warfare. Under Trump’s pressure, Israeli Prime Minister Netanyahu agreed to a 20-point plan proposed by the U.S. to end the conflict with Hamas.
Apart from that, President Trump leveraged an alliance with leaders from Arab Gulf and Muslim-majority countries to exert pressure on Palestinian factions to accept the agreement.
Trump revealed during the interview that things had progressed very smoothly, portraying it as a very positive development. He added that achieving such an agreement required both hard work and a bit of luck.