‘Escaping Beijing’: Why some young Chinese are quitting the capital
A slowing economy and rising prices are making it harder for young Chinese to thrive in the city that has traditionally provided a pathway to
A slowing economy and rising prices are making it harder for young Chinese to thrive in the city that has traditionally provided a pathway to success. For centuries, Beijing has represented the pinnacle of ambition in China. From imperial capital to the political heart of modern China, the city has long attracted those hoping to build a better life. In medieval times, scholars travelled here to sit the imperial examinations. In more recent decades, graduates, entrepreneurs and migrant workers have flocked to the capital in search of opportunity as China’s economy boomed. Wang Lei, 29, was one of them. Born in neighbouring Hebei province, he vividly remembers his first visit to the capital as a child. “When we arrived at Beijing Railway Station, my friend and I spotted a towering skyscraper for the first time,” Wang recalled. “I told him when I grew up, I would stand on top of it.” He moved to the city in 2020 and found work in the real estate industry, then still one of China’s most lucrative sectors. Like millions before him, Wang arrived with the hope his hard work would be rewarded. Six years later, those dreams lie in tatters — and Wang believes his future now lies beyond the city that once enthralled him. City of migrants The country’s economic miracle was built on one of the largest migrations in human history.
Hundreds of millions of people left villages and smaller cities for booming urban centres, driving decades of extraordinary growth. Few places symbolised that transformation more than Beijing. Its population has almost doubled since 1990, growing from about 11 million people to nearly 22 million. For many people from remote areas, just having a Beijing address has for years been seen as a symbol of success. But in recent years there’s been a shift. China’s seemingly unstoppable double-digit growth has slowed to a pace not seen for decades. The double whammy of a crisis in the country’s real estate sector – once a key pillar of economic growth – and the coronavirus pandemic dealt a blow to business and consumer confidence. Families who had invested the vast majority of their savings into property watched home prices sink and suddenly felt poorer. COVID-19, and the restrictions that followed, taught people they could never be too careful about saving for a rainy day. People weren’t spending, and businesses stopped expanding. The job market tightened. Wang Lei’s plan to make it big in Beijing quickly unravelled. “The real estate market was in a very bad state,” he said. “The pressure was immense, so I decided to quit.” Today he works as a freelancer while co-owning a small bar with friends. The work offers greater flexibility, but the financial reality remains challenging.
The BriefWire