Public Sentiment: Declining Optimism

A recent survey reveals a stark decline in positive sentiment regarding the country’s economic future. Where nearly 60% of respondents in 2004 expressed an improved economic outlook for their households, only 38.8% felt the same way in 2023. Moreover, less than half anticipate improvement in the next five years. This alarming trend coincides with rising unemployment rates, an unmanageable level of public debt, and stagnating consumer spending that puts China’s ambitious growth target of 5% at risk for the year.

The Shift in Work Ethic: Disillusionment Prevails

Historically, hard work has been tied to economic rewards in China, a notion reinforced by figures like Xi who promote the "Chinese Dream" and the benefit of enduring hardship. However, the 2023 survey shows that skepticism towards this ethos has risen dramatically. Just 28.3% now believe that effort will lead to financial gain, a stark contrast to over 60% of respondents who held this view a decade ago.

Protests and Grievances: A Telling Sign

With the economic distress brewing, protests have surged. Reports indicate an 18% rise in protest activities in early 2024 alone, largely driven by economic grievances—land grabs, low wages, and the ongoing property crisis. Such dissent is a troubling sign for China’s ruling party, signaling a potential fracture in its grip on society.

Striking a Balance: The Pain of Economic Extremes

The chilling takeaway from both the surveys and the current social climate is that the economic slowdown is beginning to erode the legitimacy that the Communist Party has earned through years of rapid growth and development. Despite the authorities' assertions that the wealthy can “eat bitterness” and bear down through tough times, many now perceive riches as a privilege linked more to family connections rather than personal merit or hard work.

Conclusion: A Nation at a Crossroads

With signs pointing to an uncertain future, Xi Jinping's concerns over China's economy resonate deeply not just among leaders but among the populace as well. The current sentiment among Chinese citizens hints at a growing need for both the government and society to reevaluate priorities and address the underlying issues fueling unrest.