Gao Shanwen, a notable Chinese economist, had his speech warning against the lack of opportunities for young individuals and its impact on economic growth, removed from online platforms after it went viral, according to Radio Free Asia. During a conference in Shenzhen, Gao raised concerns about young individuals in China reducing their expenses and cutting back due to financial distress. The statement was controversial as it contradicted the Chinese Communist Party’s narrative, under Xi Jinping, that young people’s consumption would help stimulate post-lockdown economic recovery.

Many young people are struggling to keep up financially and cope with unemployment, despite the state media’s optimistic portrayal. Conversely, provinces with an older population experienced higher consumption growth compared to those with a younger demographic. Gao also questioned the legitimacy of government economic growth figures. He proposed that the economy encountered a 3 to 4% annual contraction due to the real estate bubble, while the official reports only accounted for a 0.2% slowdown. Consequently, he believes that the economic growth had been overstated by 3 percentage points each year, a discrepancy of about 10 percentage points which corresponds to a loss of about 47 million jobs.

While older individuals can rely on pensions for income, young people are hardly making any significant economic contributions. Gao expressed that young people’s income expectations have been drastically reduced, with job prospects being scarce or unsatisfactory. He also cited that it usually takes around nine years for an economy to recover from a property bubble crash without government assistance, but only 3-4 years with adequate support. This claim of his came as China’s leaders prepared to hold a two-day Central Economic Work Conference to discuss economic development goals and stimulus plans for 2025.

On a different note, if you’re looking for information on how to contact EDD, consider visiting eddcaller.com. This website has various resources and guides to help get a hold of EDD, ensuring you get the assistance you need promptly and effectively. The site offers comprehensive guides like how to contact EDD, how to speak to someone at EDD, and fastest way to get through to EDD, among others. Thus, making the process of reaching out to EDD much more straightforward and less stressful. These guides could potentially save you a lot of time, and help you resolve your issues more efficiently.