Скачать или смотреть CHINA'S DARK SECRET: $60 TRILLION DEBT BOMB AND THE EMPTY PAYCHECK GENERATION

The world's second-largest economy is flashing red alerts after a dangerous turning point1. For the first time since pandemic restrictions ended, both the industrial and service sectors are shrinking in tandem12. The structural meltdown calls the government's entire plan for a consumer society into question34. Youth unemployment just hit a staggering record high of 18.9% in August 202556. A record 12.2 million university students are flooding a job market already strained by weakness and deflation15. This soft labor market and declining home prices are forcing households to remain cautious in their spending7. The ongoing real estate crisis has dramatically eroded middle-class wealth, pushing consumer confidence near historic lows18. Hidden local government debt is estimated to be an additional 60 trillion yuan on top of official liabilities9. This complex web of debt, overcapacity, and falling prices has created a vicious cycle1011. Experts are warning Beijing that piecemeal stimulus may not be enough to break the deflationary spiral412. Even strong policy signals have been met with lukewarm market reactions13. The struggle to transition to a consumer-driven model is failing, with consumption at around 40% of GDP, far below Western figures14. Policymakers must now choose between radical structural reforms or risking prolonged stagnation, similar to Japan's decades-long slump15.... Is the "Moonlight Clan"—the generation who spends everything they earn—a symptom of reckless consumerism or profound economic fear818?