Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "Deserted Streets: Beijing and Shanghai Morphing Into Economic Ghost Cities" video.

  1. 😔 China's economy is experiencing severe stagnation, leading to a decline in employment opportunities, soaring prices, and shrinking wages. 00:00 Major cities like Beijing and Shanghai are also feeling the impact of economic downturn, with malls seeing significantly fewer visitors and the streets being quiet. The combined revenue from the narrator's mine and their husband's two stores amounted to just 139 yuan ($19 USD), leading to operating losses and financial struggles. The previous two years were tough for brick-and-mortar stores due to the pandemic, but this year's economic challenges have made it even harder for businesses to survive. 📉 Shanghai's economy has been severely affected by the pandemic, with many businesses closing down and a decline in tourism. 02:59 Before the pandemic, the average wait time for taxis in Shanghai was about half an hour, but now taxis are available within five minutes. Many storefronts, especially in bustling areas, are now closed, and malls that were developed a few years ago are largely shuttered. Small shops near Shanghai's railway station have also closed down, and there is a decline in travel and tourism. 📉 Carrefour and Walmart stores in China are closing due to economic downturn and lack of job positions. 05:52 Carrefour's largest store in Beijing and the third-largest in the country in Shuangjing had closed. Walmart has closed over 60 stores in mainland China in the past three years. Zhongguancun, a hub for the tech industry and entrepreneurs in Beijing, has seen many companies close due to financial hardships. 📉 China's economic recovery is lagging behind expectations, with reduced labor supply and weak consumer confidence. 08:52 China's official statistics provide only a general trend and limited practical value. The Chinese government bolsters short-term economic figures through inefficient government investments. China's private consumption has not seen a strong rebound, with consumer confidence dropping and younger population showing higher consumption tendencies. 😔 Rising unemployment and declining economic growth rates in China have led to growing despair among the youth and disillusionment among investors, while President Xi Jinping's aspiration to centralize power has disappointed many. 12:15 China's urban youth unemployment rate reached a record 21.3%, causing widespread concerns internationally. Mr. Li Hengqing expressed concerns about the situation and its potential similarities to the events leading up to the Arab Spring. The government decided to halt the publication of the alarming youth unemployment statistic.
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