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A lot of that GDP growth is in real estate, construction, tearing things down (GDP!), building new things (GDP!), tearing them down again (also GDP…), repeat. Youth employment numbers will give you a better idea of how the economy is really doing, I’ve been through plenty of non-recessions in China where growth is still amazing yet kids are having trouble finding jobs.

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China's youth unemployment is at 20% end of 2022. https://www.france24.com/en/asia-pacific/20221021-i-feel-lik..., a Great Depression type of number. With the recent estimated 80% reduction in factory jobs in 2023, One can assume the unemployment is a lot worse than 20%. If you look at some of the online videos, you will see factories that are now requiring only female workers, workers under 23, etc. You will see 100 people in line for 3-4 positions.

> If you look at some of the online videos, you will see factories that are now requiring only female workers, workers under 23, etc.

For perspective, this is rather common outside China too. Working in a factory is hard work and factories often have severe age limits. China's demographic problems mean that its time as a factory hub was always going to be limited.

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