I'm looking at something else.
Why are your own people behaving like they don't trust tomorrow?
Your own Chinese media is writing about people sitting on cash instead of spending it. 62.9% saying they'd rather save more. Household borrowing actually went backwards in the first half of this year, down 366.8 billion yuan. Mortgages alone dropped by more than 700 billion yuan.
And then there's property.
For years Chinese families were told property was basically the safest ladder to wealth. Now your own media is saying housing went from around 67% of household assets to roughly 52% and part of that isn't because everyone suddenly became some genius investor moving money around. Property sitting on their balance sheet lost value.
Second hand home prices across 100 cities fell for 27 months straight.
719,000 foreclosed homes were put up last year.
Only 169,000 actually sold.
Then foreclosure listings went up another 20% in the first 5 months of this year
Caixin itself is pointing out that median income isn't keeping up with average income and people still aren't particularly interested in spending.
So yeah you can keep telling me China has the higher living standard. I already knew that before you typed it.
What interests me more is why people in this supposedly wonderful situation are hoarding savings, borrowing less, taking fewer mortgages and watching the thing that swallowed such a huge chunk of family wealth keep losing value.
And that's just the stuff Chinese financial media openly writes about.
What's behind the curtain? Nah
Let's not go there. You guys have enough trouble keeping the curtain closed as it is.
So I'm not trying hard to "humiliate" you.
I'm literally reading what your own people are saying.
Maybe that's why it bothers you so much.
人均可支配收入增速仍低于同期经济增速，中位数增速低于平均数，显示中低收入人群增长偏慢；上半年居民消费倾向仅高于疫情较重的2020年和2022年同期表现
economy.caixin.com
