Economy: High-tech boom meets everyday crisis – how China's economy is falling into two parts
The country is experiencing a tech boom – but prosperity is stagnating in the traditional economy. The number of people in precarious employment is rising. Economists are calling for redistribution.
Long Youshen, a Chinese entrepreneur, has lost over 1 million yuan (approximately 130,000 euros) on his organic strawberry farm in Sichuan province, which he started after working for Samsung. He blames the intense competition on livestreaming platforms, where low-priced products dominate, making it difficult for him to sell his premium products.
Long is now seeking a license to work for ride-hailing service Didi, but faces stiff competition. His case is emblematic of a broader trend in China, where many, including well-educated individuals, are struggling to find stable employment or make a living as self-employed entrepreneurs. The country's economy is experiencing uneven growth, with a booming tech sector but a weak traditional economy, leading to a rise in precarious jobs and stagnant wages.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
