A recent opinion piece by Ren Zeping, former chief economist at the real estate company and head of Evergrande Research Institute, who is now the Chief Economist at Soochow Securities Co., analyzed why this generation of young Chinese choose to lie flat.
One of the main reasons is high housing prices. Half of the ten cities with highest housing prices in the world are in Communist China. Many people can’t afford buying a house after working for their entire life.
Another reason is the growing income and wealth inequality. Some people are born with wealth and privileges, but others are stuck at the bottom of the socioeconomic ladder. Intergeneration mobility among these low-income people is becoming increasingly difficult. They have little confidence they can improve their fate and climb up the ladder.
What most people pursue is not fairness in results but fairness in processes and procedures. Everyone deserves the opportunity to achieve their dreams and goals through efforts.
In the past few decades, macroeconomics has over-emphasized efficiency and growth while ignoring the issues of equity and distribution. The issue of income and wealth distribution is a very important issue that will receive unprecedented attention in the next decade or two.
By【G Translators- Financial Team】