Recently, the term “Seven Ways the Middle Class Goes Broke” went viral online in China. On June 7, it sparked heated discussions and hit Weibo trending. On that day, headline article author and Weibo influencer Internet Analyst Yu Bin wrote: “We’re witnessing history again. The speed at which middle-class families go bankrupt is accelerating like never before. The old ‘three ways to go broke’—buying a house with loans, a non-working wife, children in international schools—are no longer enough. Now, the bankruptcy patterns have upgraded to seven.”
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