Recently, some commentators have noted that a major shift is taking place in China’s society and economy. The entire society is now entering what some call the “five-lows” era: low growth, low income, low motivation, low inflation, and low interest rates. Based on the current situation, we should also add low employment and low birth rates to the list. In simpler terms, the economy has lost its vitality, social activities have slowed down, businesses no longer want to invest, and individuals are increasingly choosing to “lie flat” with no ambitions. This is very similar to what happened in Japan in the 1990s after their economic bubble burst, pushing the economy into a near standstill for what became known as Japan’s “lost thirty years.” So, has China followed in Japan’s footsteps and entered a new era of major change? And if China really does settle into this new normal of seven “lows,” what impact will it have on the lives of the ordinary people? Let’s break it down.
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