China's Gen Z Ignores Xi Jinping's Demands, Steps Up Savings, Worries Economists

THE Generation Z In China intensifies a frugal trend which began during the pandemic and deepened due to real estate market crisis. Young people under 30 prioritize savings, ignoring the regime's calls to increase domestic consumption to stimulate the economy.

on the platform Xiaohongshu known as Red note In the West, more than 1.5 million posts with tips on how to save money were published, reaching 130 million visits. On this social network, influencers share strategies for reducing daily expenses and making financial discipline a lifestyle.

Ava Sue26 years old is an example of this mentality. After graduating and recently joining AlibabaSu earns a comfortable salary, but describes the Internet sector as unstable. So he reduced his impulsive spending and set a savings goal of 2 million yuan ($273,512), the equivalent of 100 times his monthly salary. The economy is pretty bad and it seems difficult to make money, so I think it's important to protect my wallet.Su expressed.

The phenomenon is reflected in the data from Yue Bao Money Market Fundintegrated into the payment application Alipay. According to the company, the Users born after the year 2000 made an average of 20 monthly deposits by the end of 2024, double that of May of the same year. Furthermore, the medium bottom in the accounts of these users reaches almost 3,000 yuan ($410), 50% more than in May 2023.

He rooted savings among young people, this generates concern among economists, who warn that it could prejudice the request at a time when authorities expect domestic consumption to be the engine of economic growth. Gary Ngsenior economist at Natixis in Hong Kong, noted that this This trend could intensify price competition, fuel disinflation and slow China's potential growth.

He youth unemployment in China This also contributed to pessimism. In June 2023, the the unemployment rate for young people aged 16 to 24 reached a record 21.3%which led the authorities to suspend the publication of this data. A recalibrated measure placed the rate at 15.7% in December 2024.

This context has led many young people to seek jobs in the public sector or in public companies, called iron rice bowl worksto provide greater security. Lily Li, 26, an English teacher in Shenzhen, saves 80% of her monthly salary of more than 10,000 yuan ($1,364) after deciding to prioritize job security over aspirations of the company.

Unlike the previous generations, known for their optimism and spending habitsTHE Generation Z shows a more cautious mentality. Terms like tang ping (prone) and involution reflect the feeling of being trapped in meaningless competition. This attitude could have significant implications for the world's second largest economy, faced with challenges in maintaining long-term economic growth.

He GDP of China develop a 5.0% in 2024, but projections anticipate a slowdown in the years to come. Faced with slowing consumption and widespread pessimism among young people, experts warn of the challenges of reviving demand and ensuring sustainable growth.

(With information from Reuters)

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