Why China's Millennials & Gen Z Refuse To Work

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00:00 How did this happen to China?
01:09 But first you need to understand this
04:00 No one expected this to happen
05:57 But then this made it worse
07:24 China's economic nail in the coffin
9:12 Why China's crisis will be terrible for the US and the world
12:25 But there might be a way to stop this...
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.

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[MountainFisher]

Economist at Beijing Normal University stated that the average pay in China is 2000 RMB or $278 a month. Get out of the first tier cities and you'll see most of China is still a 3rd World country. Their poverty rate in the rural areas is $232 a year, yes a year. 37 years of one child policy means now that in 30 years China will not have enough young people to take care of its older population.

[Martian]

Here in Australia, we had a trade dispute with China as they suddenly cut off a number of markets to us, wine, lobsters, coal, iron ore, natural gas etc. were suddenly stopped (like 212% tariff on wine) for frivolous reasons as some politicians were wanting a covid inquiry and some had other criticisms of China. We just started opening up other markets like India, Japan, Taiwan, and some other Asian and South American countries as they wanted that stuff as well. Now China has lifted most of the tariffs as they were having blackouts from not having enough coal but Australian businesses have seen that it is better to diversify away from China at the moment. I can't see that changing till the Chinese get rid of god emperor Xi and replace him with a better leader. Xi seems to have lead China into a hole that they keep digging deeper trying to get out of.

[jon]

As an Asian millennial who lives in the states, the motivation I had right after college is dead to the point I no longer seek a job that pays the most but requires the least amount of my time and energy in exchange for an okay salary.

[dougpage]

The US has a huge trade deficit with China. This means that a Chinese economic slowdown will have a much greater effect on China than the US. A drop in China's oil consumption leading to a fall in oil prices will be of great benefit to the US. The same is true of many other raw materials. Mexico has become a huge exporter to the US, and trade with Mexico will go a long way towards replacing trade with China. The rest of Southeast Asia is taking up much of the slack in Chinese imports and exports as well. Therefore I disagree with your presumption that China's economic problems will have a catastrophic effect on the US economy.

[XA]

I got off the rat race too, it was consuming me with stress and no relaxation. No I’m a minimalist and much happier and relax

[dipperpines]

The world: "wow that's alot of unemployment"
PLA:"That's alot of military reserves"

[psychopompous]

For those who don't seem to know. 3rd world country doesn't mean it's poor. It means that it was unaligned with either the West or Soviet Bloc. The only reason it is starting to acquire an association with lack of development is due to a massive misunderstanding as to its true meaning.

[Samson]

Full-time macroeconomists do NOT agree that the rest of the world economy suffers when China's economy suffers. To be sure, the economies of SOME countries do suffer with China's, for example, countries that heavily export commodities to China. But some other countries benefit. I've heard a few macroeconomists say that the US would probably experience a small net benefit overall. Others say the US would experience neither gain nor loss -- a wash, more or less. Likewise for the world economy as a whole minus China's. In short, the rise and fall of China's economy mainly affects China. Note also that these economists don't consider the costs that China imposes on the world through its IP theft and other forms of cheating and unfair competition. Nor do they consider the costs that China imposes on the world through its economic coercion, threats of military force, or disinformation campaigns. When these costs are considered, it becomes clearer that, overall and as a whole, the world outside China benefits as China weakens.

[akenhaten]

China has become such a threat from a geostrategic standpoint, IP theft, threatening our friends that China’s recession is good for the US even in spite of the negative economic implications. Not having to potentially fight a war over Taiwan alone is a major benefit.

[durandus]

8:20 and thats why my college had all mechanical engineers learn machine and CNC tooling. As well as how to work around it on the backend. so worst come to worst wed be able to do those jobs but also make full use of the experience to work with them in more theory intensive engineering.

[Capitalist_Pig]

You made a lot of good points. As an American, though we can’t continue to trade with Eastern economies and run huge trade deficit. It’s catastrophic and it’s ruining our middle class and we’re going deeper in debt to these people whether it is China or Japan Taiwan or Korea they all play the same mercantilist gameof doing whatever is necessary to keep out foreign goods while selling the maximum amount on the foreign market in order to pull in Capital.

[joerudnik]

I bought many, many Australian products throughout the time China was blacklisting Australia. The US is a solid supporter of former BRITISH colonies. I also have gone out of my way to purchase from India and Canada. And actually, from Britain itself.

[Txv]

Those companies exposed to China are selling components. They are shipping parts to China to be assembled. The demand for the end products is still there. The US will lose a small percentage of the sales, but the impact is pretty good.

[joerudnik]

China was the employee of the US and Europe, and to a certain extent, South America. Just like in microeconomics, the employees’ financial status doesn’t really affect the employer. China didn’t buy from us as much as they sold/manufactured for us.

[oliverallen]

Control and growth are mutually exclusive goals.

[MartinSage]

Last time I checked China was called "The People's Republic of China". The Key word is "People". Communism is suppose to help the people. I lived in South Vietnam (Communist)for 7 yrs. I built a home their and had a small retail business there too. I think I know a bit more about Communism than the average American. There are no income or property taxes. There are no vehicle registration fees or insurance costs. You have an accident you fight it out.

[sungod]

You have made some good points but you forget to talk about chinas economic plans. They guide their economy into a certain direction. What types of products to produce, and how much in a certain given time. Of course this video seems like a high value liberal account so i will say this. Chinas first economic plan gave it a huge boost in industry. It was its second plan and great leap forward that halted any progress with the great leap forward. They liberalized with the 5th plan. But this reform and liberalization was structured and had direction. The chinese saw their social welfare ripped from them and wealth ineqaultiy skyrocketted. Under Jiang zemin the government stabilized. And under Hu Jintao many plans of reform and boosting social welfare. Xi would then improve on this more. Its more deeper than more people means more gdp. Chinas economy is planned and calculated

[Justsaying-cgnz]

Which countries do not have problems right now? However, the US is doing very well, not as what you said.
Considering if China is doing well, why are those thousands of Chinese running away from China and going to the US? Contradicting.

[skateata]

I suspect social media has made people more aware of their dim future.

[KyurinDiary]

Wow vincent! Ive watched you for a while and you have become an incredibly great speaker! Proud of you!!