For much of the past four decades, modern China has been synonymous with rapid transformation. Towering skylines, bustling factories and the rise of a confident middle class seemed to chart the course of the world’s second-largest economy. Yet behind the impressive statistics and official optimism, another story is quietly taking shape—one that focuses on China’s youth (青年, qingnian). Long celebrated as the driving force of national rejuvenation and urged by President Xi Jinping to contribute to the “Chinese Dream”, this generation now finds itself confronting challenges that call into question the durability of China’s economic miracle.

Prominent economist Gao Shanwen made headlines at an investor conference after describing China’s young people as “lifeless”, remarks later scrubbed from the internet by censors. “China is now full of vibrant old people, lifeless young people and middle-aged people in despair,” Gao said. “Young people are tightening their belts and eating noodles with the lights off.”

Across cities from Beijing to Chengdu, the country’s young generation is facing a stark reality: declining purchasing power, uncertain employment prospects and an economic environment where the government increasingly relies on subsidies to stimulate consumption. For many young Chinese, the promise of prosperity that once accompanied education and hard work now feels increasingly distant.

In recent years, Beijing has rolled out consumer subsidy programmes to encourage people to replace old household appliances, vehicles and digital devices. These programmes, which began in 2024, expanded significantly in 2025 and 2026 as part of a nationwide effort to revive weak demand. The government has allocated tens of billions of yuan in subsidies through special treasury bonds to fund these initiatives. In 2026 alone, China earmarked about 62.5 billion yuan (nearly $9........

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