China‘s Middle Class Collapse: City Elites Now the New Poor, Owning Cars and Homes, But Penniless

In recent years, Chinese social media has coined a new term—”the new poor.” These people own property and cars and dress well but live paycheck to paycheck, often buried in debt. As China’s economy worsens and housing prices continue to drop, these “new poor” are popping up in cities all over, especially in places like Beijing, Shanghai, Guangzhou, and Shenzhen.
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