To the girl whose business failed and has to restart by finding a job in Shanghai, it takes a lot of courage to start something and even more courage to restart again after failure. You can do it!
Unfortunately it's harder than it is in the west. The competition is extremely cuthroat in China. I'm a shanghainese, so I know. Even with a gifted brain, it was still exhaustive competing against so many others for a small number of opportunities. It wasn't until I won full scholarship to study in the US that I realized just how good life can be. It's so easy to succeed in the US compared to China.
Ppl over 30 are starting to move to more remote areas but younger ppl still want to live in a big city. They simply can't afford the rent so they're forced to live on the outskirts...that's what's happening in Germany
In China, we haven't quite reached that stage yet. People are still flocking from all over to cities like Shanghai, Guangzhou, and Shenzhen etc. to make something for themselves. A lot of college students study things like IT or accounting etc. that are more suitable for living in a big city. For example, an entry level IT job in Shanghai may only pay you 9000 RMB/month (possibly a bit less), but it's infinitely better than the 4500 RMB/month job you'd have in your own 2nd tier hometown city.
@@Soleusgaming We'll see, I guess. Here in Beijing, people live on the outskirts because they have to, but come morning time Monday-Friday, they're all making the trek to the city center to work.
Because they do heaps of study and these are most likely highly educated suburban people. These guys would have read a lot. Education was one of the keys to advance from poverty, albeit other issues have stemmied an equivalent amount of opportunity but at least they are educated.
Well thing is with these the not well spoken people are never put into the video, you ever see those people say they spoke on the new channel interview yet during the show you never see them? Why would you put the slow people on primetime, truth spoken.
it's scary how some people's circles and the others are totally different. The finance guy would believe the numbers are incorrect, while others would agree with it.
yeah but how did they screen or get the participants. did they simply rock up and ask anyone walking on the street, or was it done through a process where they were checked by the government first ? that is what i ask.
I worked for 4 years in Shanghai as a UI/UX designer at a small international company. In my first year, I earned 400,000 Chinese yuan before tax, and in my last year, I earned 500,000. It was quite a good salary considering I wasn't a manager, and the reason my salary didn't increase too much is because I received additional share options.
@@sunnydaysddt2068 I dont know the price of houses in the US, but I can afford a 50 m^2 apartment in Amsterdam after living here for only one year (still need mortage but totally affordable, and my income is high enough, around top 1% in the Netherlands). Even though the housing market here is notorious :( In China it took me 8 years and I still cannot because I didn't reach some strange criterion, (for example unmarried)
Our company has a branch in Shanghai. When we made the recruitment plan at that time, we did a market survey. The starting salary of Shanghai ordinary university graduates was about 1,000 US dollars, and the salary of convenience store cashiers was also at this level. I remember clearly that the salary we provide is set at $1,300, and the master's degree is about $1,500. The average salary in Shanghai should be about $1,800. But if it is a large company like the one mentioned in the video, recruiting technicians who meet the requirements, the income is $3,500 to $4,000. If it is a company like ByteDance, Microsoft or Alibaba, it needs a higher salary to attract talents.
This was the salary range for our interns and new grads 10 years ago. Though I was working in Beijing and not Shanghai. Purchasing power seems to be on the decline post Covid.
The highest salary for new grads of Huawei is like $100-300k per year, they call it "Talents plan". What I can say is Huawei knows how to attract talents better, the others just want to save money as best as they can. And the prices of China are lower than other countries may be also a factor for low income as well
it goes to show a person's outlook on life is intricately linked to their financial status. the finance guy making the most money among them exudes visible confidence and optimism
Not really, he just looks and sounds like a introvert guy. The real estate girl and the girl doing online sales has better verbal presentation, money does change how people perceive you though.
I love being able to practice my Chinese listening in these amazing street-interviews. I can't wait to make my own interviews in China, like the ones I just made in Colombia
To have a good life, It's not about how much you make in Shanghai or anywhere. Life is tough for most of people, but hope and belief will make it easier if you have any.
The issue doesn't seem to be inflation, since China is at risk of deflation like Japan. The issue is primarily due to the global economy heading into recession (and in several countries, already in recession). When the world can't afford to buy, then China cannot export as much. And another primary issue facing specifically new graduates is that China is in the process of overcoming the middle income trap. There simply are not enough high-end white collar jobs in China yet, and many new graduates come from privileged backgrounds and do not want to accept lower-tier work.
Great video! Sounds like all big cities in the West and young adults getting started in life. Global economy => similar lifestyles for equivalent jobs. The more I watch Asian Boss, the more I see my kids' & students' faces in the videos.
I am just back to Melbourne from a holiday in China. I estimated the cost of living in big Chinese cities such as Hangzhou or Guangzhou to be about 50% of that in Melbourne Australia (regular cost of living, not housing). Average after tax income for a Melbournian is around A$5000 per month, so if a Chinese makes RMB 12000 a month, she/he will probably have similar standard of living as an average Melbournian. However, cost of cars and imported goods is similar in Australia and China, therefore Australians have more purchasing power towards cars, electronics and imported goods.
As for housing cost, Chinese big cities probably are comparable to Melbourne, so a Chinese needs to make RMB 24000 a month to have similar housing conditions as average Melbournians.
According to Wikipedia (based on the numbers from IMF, World Bank and CIA), China is no. 1 in the world in terms of GDP per Purchasing Power Parity. Meanwhile, Australia is no. 20. Living cost in Australia, compared to China, is actually really high though. In terms of home ownership, 89% of Chinese population own homes, but it's 66% for Australians (Wikipedia). In terms of Consumer Price Index, according to Moody's Analytics, China has a rate 100, while Australia has 133. The two things you mentioned, like electronics and cars, are both manufactured in China. Meanwhile, Australia imports both of those products, either from China. So they would be cheaper in China.
@@rosemangofairy Comparing home ownership rates between fully developed countries and ones that aren't is pointless. Houses in China were dirt cheap when the economy opened up for decades. Wait another few decades to see what that figure looks like. Also, that figure has been disputed. It isn't clear whether it means that 89% of people own their own homes or whether 89% of homes are under private ownership. They are not the same thing.
I experience this different viewpoint as well. My fiance and I work in the same field but I'm from a small institute while he has masters degree from one of the top uni in our country. I do well enough to not be threatened with layoff but I would never assume job openings are easy to come by. Him on the other hand seems to think there's no shortage of work around and he could easily move when something doesn't suit him, which I assume is because his peers all have well enough job. Some of my school friends do do well (excluding those who are born rich) but mostly they work little jobs just to get by.
Some people get it wrong about the unemployment of the youth in China. It's not that they lack the economy to have enough jobs, It's that the fresh universities graduates expect a lot to get a high paying job after working their ass off studying for their whole 20 years, so a lot of people just outright keep trying to compete in the huge market.
Haha, tell those 985 211 grad to work in a factory for penny? It's the failed economic transition, and economic war with usa that cause them to be unemployed. The low end manufacturing just can't absorbs these young talents.
Over twenty years ago, I was assigned by my company to work in Shanghai. At that time, my monthly salary was 6,000 USD, approximately ten times that of my Chinese colleagues. We often worked overtime together until midnight. I felt sorrowful for earning only 6,000 USD a month, thinking that in the U.S., no one would work more than 10 hours a day (In Shanghai often reaching 12 hours) for such a salary. Meanwhile, my colleagues felt sorrowful for earning only 600 USD. Our feelings were the same.
I can understand the lady in black shirt who face trauma after business failing. Not easy to pick up oneself and face society. Just want to stay low away from society and friends. But there will always be rainbow days. As a person who grow up in city, just before covid strike I already notice the city life is purely hectic, constant pressure and frustrations. Seeing my spending power reduce a lot recently is alarming to me. Getting a little pressured honestly due to higher living cost now. Unless I am really rich, life in city may be easier (can simply park at valet, no worries of speeding ticket, not worry if the restaurant bill is expensive). If I know how to make a living life at rural, I would consider to go to.
@@bbppchanit did include youth with nongcunhukou, also part time jobs are considered employed in almost all the country. It doesn’t matter how many hour.
American media go out of their way to avoid showing any semblance of normal life in China. It must always be presented as a dystopian disaster where people are either dying or scared of the government. People doing normal things in China doesn't sit well with American people who grew up being told that China is horrible, and anyone who says otherwise must be lying.
I live in Hong Kong and had just visited Shanghai two weeks ago. The basic salaries for a waitress as shown in the recruitment notice outside the restaurants is 5000 yuans per month+free meal and accommodation. For the chef and administration head, the salary is "negotiable". Good salary for migrant workers from other provinces. The apartment of 100sq metre and about half hour subway-journey from the city centre is around 3.x millions. In Hong Kong, that would be at least 12millions.
Yea, I think 6 million is closer to the right number. Quick question: in China, they use "建筑面积" when listing real estate area, which includes not only livable space, interior walls, but also all public spaces. For example, 100sq metres would be closer to 65-70sq metres of actual usable area inside the unit. Is that the same as in Hong Kong? I do not see this phenomena in other countries. Taking into consideration this idea of “建筑面积", home prices in China are actually 1.5x more expensive than they seem.
I have to point out one caveat: the $ Chinese people mentioned is after tax income vs US is using pretax amount because the tax rate is different for income bracket and different states.
Not really, if those Chinese earn around 3000 - 7000 RMB (400 ~1000 USD) per month, the salary they mentioned is usually after tax (as the tax rate is also zero or low for this range), when the guy is talking about annual package which over 200K above, those are mostly before tax.
A nice mix, but it felt like there was only that one dude who was upbeat about the economy, but everyone else was finding it generally tough. Youth sentiment echoes around the world, even across the great fire wall.
I graduated from my undergraduate program just a year and a half ago. I earn a monthly gross salary of $3,200 in Shanghai, but after taxes, there's not much left, let alone saving for buying a house. I work in the computer industry, where there are annual opportunities for salary increases, so there's a possibility that things might improve in the future. However, with a population of 20 million in Shanghai, many of my colleagues earn over $5,000 per month, but there are also a significant number of people making less than $700 a month. It's challenging to save money in Shanghai for many, including those around me.
When I got a job in SH the wage was 13000 rmb/month (1780 USD), a Chinese friend said to me, "I'm not sure that is a livable wage in Shanghai", so my heart sank when the lady in accounting said she's making 4000 (550 USD) which is the same amount she said rent would cost if you get a place where you have to commute about an hour to go to the center/to work. Hope that's a temporary thing like the girl who said she's making a similar amount because she's interning.
In China salary scales up very fast with experience. Fresh graduates on average only earn around 5K RMB, but in two years they can have massive raise if they do well. People with 2 years work experience can easily earn 10K and above. There is always a glut of fresh graduate so its supply and demand. Too much supply means lower wage for graduates especially in white collar position. What China is lacking most now is blue collar worker. Entry position in blue collar position is becoming very attractive in recent years, but most fresh graduate don't want those job. They will only take those job if they know they have no chance in getting white collar job. this is why you see high youth unemployment in China.
The wages for university graduates have been going down in shanghai for few years now. Too many people with degrees in an economy that doesn't need that many, so even during good times they undercut each other just to get a job. Now it's even worse since the economy isn't even good any more.
I love Asian boss but I do not see them in Central Asia. Would be happy to see the podcasts from Kazakhstan or Uzbekistan. Thank you for creating such a useful content
I lived in Zhengzhou, Henan for a couple of years and I didn't pay rent because I was given a hotel room by the university. I did ask around, and rents for most 1 bedrooms were about 2-3k RMB near the CBD. Way cheaper than Shanghai and Beijing.
The rent in Shanghai is actually pretty low, compared to New York or LA, which is why younger generation can still afford to live in SH despite making low wages
Miami in a pretty bad area rent for 1bd art is $2000/month. (electricity will be another $250/month), income for a young person is $15/hr = $2580/month
Agree. ~500sqf studio in Manhantan costs you at least 3000 USD but in Shanghai, you can find an 800sqf condo for half the price. Not to mention the price of food in Shanghai is cheap compared to NYC or other major cities in the US (also no ridiculous tips)
fr, whats the point of his comment. If a place's wage is much higher than another's, all the expenses would also be more expensive. It scales @@hhkksau3329
yep. first thing which should happen,- rent should go significantly higher. Then city gonna start loosing people. It doesn't make sense right now to buy 1.5mlnUSD house.
The average salary in Shanghai is $2,000. But if it is a large company, recruiting technicians who meet the requirements, the income is $3,000 to $4,000.. Only companies like ByteDance, Microsoft or Alibaba. But inflation is causing havoc and stress for everyone
China has overcapacity, many manufacturers have moved to Southeast Asia, and commodity price competition is becoming more and more fierce ~You can find out by shopping online several times.
i believe this is why the chinese government right now is currently developing the country side because they are betting that as the country gets wealthier people will naturally want more space and the rural areas surrounding major cities might have a boom.
@8:33. I'm from Shanghai but was able to study and immigrate to the US. His attitude about most people complaining about hardship are lazy is my attitude for most Americans. The difference is that while most Chinese are struggling and are indeed working hard, most Americans truly have NEVER known hardship. Even a chinese with normal work ethic would wipe the floor with the average American worker. This is one of the fundamental reason why we Asian Americans came poor but became so successful and prosperous in the US.
@heididlr5433 Lol how is that a "good" mindset? A good mindset is leaving behind more than what you have earned so that theres wealth for your descendents.
yeah right, waste your whole life not living, but clutching every RMB to eventually live out your dream of.... being able to afford a nursing home one day?? very sad life.
I live in Singapore the the population is about 7 million. Its not like all the place are crowded. If we take public transport to work 30mins earlier than normal rush hour, there is not many people
It’s a repeated scenario in every country. This is the result of rampant capitalism. Money gets into the hands of the very few. The majority work themselves to death so this club of greedy elites, corporate leeches and their bootlicking cronies can live in the lap of ultra-luxury. Keep the masses poor - that’s capitalism.
I first liked the girl in the hat because she was cute but then she told us about the failed business following by looking for a job. I appreciate that. *hats off to her*
I stayed in shanghai for a while last year, and living a whole 1h15 from the city centre, to rent a single person "studio" room was just under 3.5k. It was in a nicer area but housing and rent in shanghai is as affordable as any other major city (i.e. not at all lmao) The thing is, if you don't need to rent, 4k a month is quite comfortable, already, including takeaways and eating out every now and then. add on some other expenses and luxuries and you're looking at ... 7-8k ish for a decent quality of life. Public transport is so cheap it might as well be free. Including rent though and imo depending on what part of the city you do need a 10~20k overall monthly income
In the United States, many people receive a monthly relief fund of $2000, but still struggle to make ends meet and end up on the streets. Many people in China earn $400 a month and live a decent life. The true purchasing power of currency is completely different from the exchange rate on paper.
I'm living in Shanghai. I can earn about 4200 usd after taxes, rent. And I'm 30 in biotech. I can afford everything I want with this amount of income in Shanghai except luxury goods and house.
People don't understand, not everyone is suppose to be able to afford a place in one of the most expensive cities in the world. It's the same thing for people in the US when talking about how SF NY are too expensive to live. You come to big city and get a couple years of experience and you can move back. Just move back 4Head.
You have no clue. Shanghai is really big. It's not Manhattan, its size is the entire New York Metropolitan, and almost everywhere in Shanghai the housing is insane compared to the US states. And also you NEED a place to be able to get a formal Shanghai ID. If you don't get one, you'll even have problems enrolling your children to the local schools.
@@demitri1011 Yes Shanghai is much bigger than NYC. However it is not more expensive than NYC. NYC is top 3 MOST expensive cities in the world. But Shanghai is probably more expensive than most other American Cities tho.
I live in Shanghai, make around 4000-4500 USD. I have two kids and my wife is full time house wife. we barely have any savings, luckily we bought our apartment years ago. we wouldn't be able to afford it if we bought it now which worth 1.5 million USDs.
4000-4500 USD per month is above Shanghai average, but it's quite hard to afford a house wife and the housing installment, unless your parents have already paid the 80% down payment...
Everyone in the video. All have real estate. Or inherit more than one property in the future. China's home ownership rate reaches over 93%. They are not locals from Shanghai. Shanghai is just a place to work. I think. Not every American. You all want to buy real estate in the heart of New York City, right? ?
I think one of the interviewees is from Xinjiang but in Shanghai, possibly Uyghur. If all things don't work, she can still go back to Xinjiang which is lower cost living and have more opportunities. And Xinjiang is rapidly developing with links to central asian countries through trade.
What he means is that in the current situation (his tax is lower than that of capital), it is better to further reduce personal tax payment and increase the tax payment of capitalists. The tax payment of ordinary people in China is actually not high. You can compare the tax payment of ordinary people in China and other countries with similar living standards. The English translation in the video is not accurate.
China actually levies very little tax on individuals. He said this because he is a high-income group. You can find that no other interviewee mentioned personal income tax.
@calchen6603 That guys income was at least 5x the avg interviewees income, even 10x some. So his tax bracket far exceeds others. You think high income earners shouldnt be taxed more?
500,000 is about 3x the city's average. 14,000 is the monthly average; the median is only 7,000. I make 25,000 a month and consider this a comfortable middle-class income.
a young McKinsey associate makes about 1 million rmb in 2nd year (2013 figures) the same as his peers in San Francisco and a bit higher than that of HK. Shanghai actually provides equivalent salary to the skilled workers that are competitive globally.
Should say before the video salaried people get 13-16 months pay a year, depending on how the company is doing. A lot of income is withheld for insurance and tax.
Everyone in the video. All have real estate. Or inherit more than one property in the future. China's home ownership rate reaches over 93%. They are not locals from Shanghai. Shanghai is just a place to work. I think. Not every American. You all want to buy real estate in the heart of New York City, right? ?
Most people actually agree that when powerful companies such as those in the Real Estate sector put their prices to impossible standard due to the high demand, the government should start to get involved and find a way or force the prices to go back down so ordinary people can still afford it and didnt cause a housing crisis. While there are some people who would actually believe that rather than stronger government control, it will be better if the government not get involved in the market regulations. To be honest, I dont necessarily have much faith in my own government in Indonesia but despite that, i would rather put my trust in their leadership than any corporation entity.
yeah, im glad i save up 1500 euro's every month. AND i got a big house + paid off Tesla. And im not even having that super great job. Just a casual electrical/software engineer.
When conducting interviews in Mumbai, Toyko, Manila, and Seoul, the response is a resounding "So true, well said." However, when it comes to China, particularly in Shanghai, the sentiment shifts to "Nah, this is a first-class city; it's not accurate."
@@mattfp5415 Well to be fair, the average income in rural China is around 40% of the average income in urban China. Meanwhile in more "developped countries" like Japan or France there is a difference, but not that important. The enormous difference of wealth in rural/urban areas in China is a fact. Just like it was during the industrial era in other countries. It is changing tho (the average salary doubled in 10 years) and I believe that a lot of people don't realize the difference between 2000's China and 2023's China.
@@MasoMathiou Rural-urban income gaps are common in developing and emerging economies, including the countries like Korea, the Philippines, and India, where interviews have been conducted in their respective capitals, not just China. But no one say anything but applause, which highlights how bias and ignorant of you people.
@@mattfp5415 Wow I just replied respectfully, even emphasizing that it's getting better in China but still... You can't accept any form of criticism can you? Well then yes, everything in China is so GREAT and PERFECT and the countryside is definitely as rich as Shanghai ! There is ABSOLUTELY nothing wrong there :) LONG LIVE CHINA, LONG LIVE THE CCP!!
@@MasoMathiou It appears that the one exhibiting rudeness is yourself, as you seem unwilling to embrace the truth and instead resort to criticism. China may have its shortcomings, but congratulations on your apparent satisfaction with that fact. Interestingly, nearly every countryside thrives in tranquility and prosperity, with the exception of China. BRAVO INDEED! Good for you! The most brilliant person on the planet resides in a nation characterized by an absence of wealth disparity, maximum happiness, and universal contentment among its populace!! You are the best and your country!
Salary and expense reconciliation is reconcilable from the span of time, specially in Industries, be it from the age group and its respective expertise, experienced and new entry in industry, accounted inventories in the books of the corporation, adjustments and trial balances for forecasts and reports generation.
I would doubt that. The costs in shanghai and europe are not comparable probably rent is the exception, because there simply is not much to buy in europe. If you look at a normal shanghainese how many high tech gadgets they have in their household, how many variety in terms of food and snacks, you will be shocked. Yes the cost is similar, but the people in shanghai has more stuff. Its called purchasing power.
@@ethanhu4960 Actually tech products make a huge difference. If you have never been to China you would not even imagine those stuff exists. Tech products != Apple
My Mom (older than 60) who’ been living in Shanghai since tens of years, tells me that she (plus my dad) can afford to live in Shanghai 4000 Yuan (550$) per month, rent-free, very well, meaning they can afford what they need, eat what they want to eat, no stress at all…😢
The psychology of endless inflation is why bother saving money when it’s going to be worthless later on in future. Inflation only goes up over time, life gets shorter and shorter over time. Live the moment. It’s a hopeless feeling for our generation.
CS master degree fresh graduate, Hsinchu@Taiwan, 2M NTD annual salary is common. This is 70K USD. Same degree at silicon valley it's 120K USD, without stock. I wonder how much fresh grad get in China if hired by IT companies. The one in the video with IT background, is his number representative?
@@christianli1578 if the salary is only good for coders up to 35y, then no, coders in US makes more for they still have opportunities at 40y, 50y. It's perfectly fine to keep coding at that age in US and salary would keep increasing.
Shanghai has a wide range of consumption levels, with stark differences between the inner city and the suburbs. People with varying means can survive in Shanghai. However, as an international metropolis, Shanghai offers abundant entertainment and cultural activities. The glitzy nightlife and indulgences require a good amount of money to fully enjoy. Due to China's accumulated structural economic issues, tense geopolitics, and the compounding impact of the pandemic, Shanghai's economy is not as strong as in previous years. Job opportunities have declined while university graduates increase year after year. Additionally, some people are unwilling to endure hardship after studying for over a decade, only to end up in physically demanding jobs or those without much room for career growth. All these factors have led to high youth unemployment rates nowadays. As for the "lying flat" culture, I see it as young people's way of not compromising with the status quo of society - a manifestation of "nonviolent non-cooperation."
I know Chinese salaries are low compared to the US, but it is still shocking to see how much lower it is, especially considering the cost of buying real estate. I work for a Chinese company and I suspect we are getting paid at least 6 or 7 times as much as our colleagues based in China.
buying house in top cities are indeed expensive but renting isnt also cost of living is def much cheaper . how much do you spend to ask a worker to replace a broken house window? $ 50? $100?.How much do you pay to go to a dentist? it isnt 6 to 7 times if cost of lving included plus income tax is higher in US Also property tax. Once you buy a house in china , you dont have to pay property tax forever . So yes american salary is indeed higher but def not 6-7 times in real purchasing power
people are complaining that they are taking jobs away from americans. therefore the logical thing to do is increase the salary of chinese workers right? 😉
You definitely are, and that's also why it's a pretty big deal with expats in Shanghai choose to leave....for their salary they were living like kings there before.
thats why alot of companys outsourced to china. It may seem low for you but its still a huge increase compared to decade after decade before actually. Here in Germany the average wage isnt that much higher as theirs tbh
If it's a tech company, then the salaries would be much higher. Software engineers in Beijing and Shanghai make about $40k/yr. Still lower than the US but much higher than the average Chinese. However costs of daily living in China is much lower so purchasing power parity means a $40k salary in China would be equivalent to about $110k in the US.
very misleading question. Chinese youth unemployed was based on 16-21 years old information. They are in school or just graduated. 22-55 unemployed in China is only 4.2%.
"A takeout order costs $4 USD." Oh, sweet summer child...if only you knew. If only you knew. Sounds like "lying flat" is either the Chinese equivalent of quiet quitting at best, or hikikomoris at worst.
You can get breakfast for under 2 USD regularly in Chinese cities. So, yeah. That's double the price. "Lying flat" is also quite different by Chinese standards; for the average citizen, they study 10+ hours a day, 6 days a week for four years, take a grueling 2 day exam that decides their entire future, and they come out to 9 am to 9 pm, 6 days a week sort of work culture. For them, "lying flat" is like working a regular 9-5 work week.
Pfff you just don't know what they do go get their salaries, and 4$ is NOT DOLLAR ! They don't have the same salaries there, so compared to this, it's like ordering 20$ for a delivery at least. Did you go somewhere else except your country 😂😂😂???
@Razear "Oh, sweet summer child...if only you knew. If only you knew" That "sweet summer child" you speak of earns about $5500 USD a year. The average American earns more than 10x that. So that $4 USD take out is equivalent to at least a $40 USD take out for the average American. "If only you knew"...
To the girl whose business failed and has to restart by finding a job in Shanghai, it takes a lot of courage to start something and even more courage to restart again after failure. You can do it!
Unfortunately it's harder than it is in the west. The competition is extremely cuthroat in China. I'm a shanghainese, so I know. Even with a gifted brain, it was still exhaustive competing against so many others for a small number of opportunities. It wasn't until I won full scholarship to study in the US that I realized just how good life can be. It's so easy to succeed in the US compared to China.
I think not only In China but in many developed countries people will slowly start to live outside the cities
Ppl over 30 are starting to move to more remote areas but younger ppl still want to live in a big city. They simply can't afford the rent so they're forced to live on the outskirts...that's what's happening in Germany
In China, we haven't quite reached that stage yet. People are still flocking from all over to cities like Shanghai, Guangzhou, and Shenzhen etc. to make something for themselves. A lot of college students study things like IT or accounting etc. that are more suitable for living in a big city. For example, an entry level IT job in Shanghai may only pay you 9000 RMB/month (possibly a bit less), but it's infinitely better than the 4500 RMB/month job you'd have in your own 2nd tier hometown city.
@@loonyinasia2261 most tech company only exist in big city. it cant be helped.
@@tc2334 sooner or later it will happen for sure because here in India now many people started to prefer to live on the outskirts of the cities
@@Soleusgaming We'll see, I guess. Here in Beijing, people live on the outskirts because they have to, but come morning time Monday-Friday, they're all making the trek to the city center to work.
All of them are so well spoken. Nice interview
Agree. Good sample and these young people all expressed themselves very well.
Because they do heaps of study and these are most likely highly educated suburban people. These guys would have read a lot. Education was one of the keys to advance from poverty, albeit other issues have stemmied an equivalent amount of opportunity but at least they are educated.
nice translation either .
it's because they all have intact families at home, unlike the west
Well thing is with these the not well spoken people are never put into the video, you ever see those people say they spoke on the new channel interview yet during the show you never see them? Why would you put the slow people on primetime, truth spoken.
More content like this about money and living expenses in Asia please!
it's scary how some people's circles and the others are totally different. The finance guy would believe the numbers are incorrect, while others would agree with it.
It really shows how we perceive the world around us mostly depends on ourselves not so much on reality.
that's true, but like when your condition and circumstances don't align, sometimes you get beaten down.@@devluz
We can tell the Finance guy is very wise. Probably he is also the oldest interviewee.
Yes, he apparently has some critical thinking, while many other interviewees simply take it. This could be why that guy earn the most.
yeah but how did they screen or get the participants. did they simply rock up and ask anyone walking on the street, or was it done through a process where they were checked by the government first ? that is what i ask.
I worked for 4 years in Shanghai as a UI/UX designer at a small international company. In my first year, I earned 400,000 Chinese yuan before tax, and in my last year, I earned 500,000. It was quite a good salary considering I wasn't a manager, and the reason my salary didn't increase too much is because I received additional share options.
牛的老哥
thats so much compared to other countries like india ,bangladesh . very good China .
Even though your income was so high, it's still far from affording a house in Shanghai :( That's an important reason I left China.
@@feihan8215can you afford a house in Manhattan or San Francisco now ?
@@sunnydaysddt2068 I dont know the price of houses in the US, but I can afford a 50 m^2 apartment in Amsterdam after living here for only one year (still need mortage but totally affordable, and my income is high enough, around top 1% in the Netherlands). Even though the housing market here is notorious :(
In China it took me 8 years and I still cannot because I didn't reach some strange criterion, (for example unmarried)
Our company has a branch in Shanghai. When we made the recruitment plan at that time, we did a market survey. The starting salary of Shanghai ordinary university graduates was about 1,000 US dollars, and the salary of convenience store cashiers was also at this level. I remember clearly that the salary we provide is set at $1,300, and the master's degree is about $1,500. The average salary in Shanghai should be about $1,800. But if it is a large company like the one mentioned in the video, recruiting technicians who meet the requirements, the income is $3,500 to $4,000. If it is a company like ByteDance, Microsoft or Alibaba, it needs a higher salary to attract talents.
This was the salary range for our interns and new grads 10 years ago. Though I was working in Beijing and not Shanghai. Purchasing power seems to be on the decline post Covid.
The highest salary for new grads of Huawei is like $100-300k per year, they call it "Talents plan". What I can say is Huawei knows how to attract talents better, the others just want to save money as best as they can. And the prices of China are lower than other countries may be also a factor for low income as well
@@黑暗大醉俠 华为算给的最高之一了。国企还可以，私企除了高科技以外薪资增长幅度都不如以前了。
@@wyw201lol everything in china is state owned to be honest. Huawaei slso have ties with ccp
@@bullymaguire2074 No, there are private enterprises as well.
it goes to show a person's outlook on life is intricately linked to their financial status. the finance guy making the most money among them exudes visible confidence and optimism
Not really, he just looks and sounds like a introvert guy. The real estate girl and the girl doing online sales has better verbal presentation, money does change how people perceive you though.
Maybe he started to exude that after getting the money...
You need that in finance.
Fascinating interview! Great questions and thoughtful answers.
also a really nice mix of people at different levels with different perspectives. it was really great, agreed
Agreed. It's great to see normal people share their opinions like this.
I love being able to practice my Chinese listening in these amazing street-interviews.
I can't wait to make my own interviews in China, like the ones I just made in Colombia
Good luck and have fun!
Why
OwO
欢迎你
After see China life you may regret all those things 😂
To have a good life, It's not about how much you make in Shanghai or anywhere. Life is tough for most of people, but hope and belief will make it easier if you have any.
Great video -- great interviews !!
Be grateful for everything you have!!
Those who refuse to "lie-flat" are working during weekend, you cant find them on street interview😂
😂😂😂
😂😂True
The issue doesn't seem to be inflation, since China is at risk of deflation like Japan. The issue is primarily due to the global economy heading into recession (and in several countries, already in recession). When the world can't afford to buy, then China cannot export as much. And another primary issue facing specifically new graduates is that China is in the process of overcoming the middle income trap. There simply are not enough high-end white collar jobs in China yet, and many new graduates come from privileged backgrounds and do not want to accept lower-tier work.
Great video! Sounds like all big cities in the West and young adults getting started in life. Global economy => similar lifestyles for equivalent jobs. The more I watch Asian Boss, the more I see my kids' & students' faces in the videos.
You can see that Asian Boss is living in a bubble or a little pink (chinese propaganda person).
@@llothar68 For sure! If you made negative videos, you may disappear.
I am just back to Melbourne from a holiday in China. I estimated the cost of living in big Chinese cities such as Hangzhou or Guangzhou to be about 50% of that in Melbourne Australia (regular cost of living, not housing). Average after tax income for a Melbournian is around A$5000 per month, so if a Chinese makes RMB 12000 a month, she/he will probably have similar standard of living as an average Melbournian. However, cost of cars and imported goods is similar in Australia and China, therefore Australians have more purchasing power towards cars, electronics and imported goods.
As for housing cost, Chinese big cities probably are comparable to Melbourne, so a Chinese needs to make RMB 24000 a month to have similar housing conditions as average Melbournians.
For cars there will be 2 scenarios, traditional car and electric cars, electric cars in china can be half price as they in Australia.
According to Wikipedia (based on the numbers from IMF, World Bank and CIA), China is no. 1 in the world in terms of GDP per Purchasing Power Parity. Meanwhile, Australia is no. 20. Living cost in Australia, compared to China, is actually really high though. In terms of home ownership, 89% of Chinese population own homes, but it's 66% for Australians (Wikipedia). In terms of Consumer Price Index, according to Moody's Analytics, China has a rate 100, while Australia has 133. The two things you mentioned, like electronics and cars, are both manufactured in China. Meanwhile, Australia imports both of those products, either from China. So they would be cheaper in China.
But Chinese tend to buy chinese car brands these days, so using price of imported cars is an useless distinction.
@@rosemangofairy Comparing home ownership rates between fully developed countries and ones that aren't is pointless. Houses in China were dirt cheap when the economy opened up for decades. Wait another few decades to see what that figure looks like. Also, that figure has been disputed. It isn't clear whether it means that 89% of people own their own homes or whether 89% of homes are under private ownership. They are not the same thing.
I experience this different viewpoint as well. My fiance and I work in the same field but I'm from a small institute while he has masters degree from one of the top uni in our country. I do well enough to not be threatened with layoff but I would never assume job openings are easy to come by. Him on the other hand seems to think there's no shortage of work around and he could easily move when something doesn't suit him, which I assume is because his peers all have well enough job. Some of my school friends do do well (excluding those who are born rich) but mostly they work little jobs just to get by.
Some people get it wrong about the unemployment of the youth in China.
It's not that they lack the economy to have enough jobs, It's that the fresh universities graduates expect a lot to get a high paying job after working their ass off studying for their whole 20 years, so a lot of people just outright keep trying to compete in the huge market.
That’s what I want to say. People's desires are endless.
yes, because Chinese youth is getting lazy, they don't want to find a job in Foxconn anymore
Haha, tell those 985 211 grad to work in a factory for penny? It's the failed economic transition, and economic war with usa that cause them to be unemployed. The low end manufacturing just can't absorbs these young talents.
Nahhhh, those "high paying" jobs aren't even high paying, Just run.
…😅😅
Over twenty years ago, I was assigned by my company to work in Shanghai. At that time, my monthly salary was 6,000 USD, approximately ten times that of my Chinese colleagues. We often worked overtime together until midnight. I felt sorrowful for earning only 6,000 USD a month, thinking that in the U.S., no one would work more than 10 hours a day (In Shanghai often reaching 12 hours) for such a salary. Meanwhile, my colleagues felt sorrowful for earning only 600 USD. Our feelings were the same.
really fascinating interviews thanks!
I can understand the lady in black shirt who face trauma after business failing. Not easy to pick up oneself and face society. Just want to stay low away from society and friends. But there will always be rainbow days. As a person who grow up in city, just before covid strike I already notice the city life is purely hectic, constant pressure and frustrations. Seeing my spending power reduce a lot recently is alarming to me. Getting a little pressured honestly due to higher living cost now. Unless I am really rich, life in city may be easier (can simply park at valet, no worries of speeding ticket, not worry if the restaurant bill is expensive). If I know how to make a living life at rural, I would consider to go to.
21% is from the statistic bureau of PRC. that includes also 16 youngsters with no schooling
But it also did not include people with nong cun hukou that are unemployed. Also working one hour a week makes you considered employed.
@@bbppchanit did include youth with nongcunhukou, also part time jobs are considered employed in almost all the country. It doesn’t matter how many hour.
@@martin32074 yeah but it's also very high in both developed and developing countries
This is refreshing to hear real people from china.
ua-cam.com/video/hSP-RYsRB90/v-deo.html
American media go out of their way to avoid showing any semblance of normal life in China. It must always be presented as a dystopian disaster where people are either dying or scared of the government.
People doing normal things in China doesn't sit well with American people who grew up being told that China is horrible, and anyone who says otherwise must be lying.
I live in Hong Kong and had just visited Shanghai two weeks ago. The basic salaries for a waitress as shown in the recruitment notice outside the restaurants is 5000 yuans per month+free meal and accommodation. For the chef and administration head, the salary is "negotiable". Good salary for migrant workers from other provinces. The apartment of 100sq metre and about half hour subway-journey from the city centre is around 3.x millions. In Hong Kong, that would be at least 12millions.
有没交社保后？招年青女生当服务员！不容易
half an hour metro from city centre, housing price is around 6million for a 100sq just for your info
haha, seriously 3+million doesn’t get you an apartment in Shanghai,unless it’s almost in a neighboring province and falling apart.
China free
Yea, I think 6 million is closer to the right number. Quick question: in China, they use "建筑面积" when listing real estate area, which includes not only livable space, interior walls, but also all public spaces. For example, 100sq metres would be closer to 65-70sq metres of actual usable area inside the unit. Is that the same as in Hong Kong? I do not see this phenomena in other countries. Taking into consideration this idea of “建筑面积", home prices in China are actually 1.5x more expensive than they seem.
Finally a video in China
I have to point out one caveat: the $ Chinese people mentioned is after tax income vs US is using pretax amount because the tax rate is different for income bracket and different states.
Not really, if those Chinese earn around 3000 - 7000 RMB (400 ~1000 USD) per month, the salary they mentioned is usually after tax (as the tax rate is also zero or low for this range), when the guy is talking about annual package which over 200K above, those are mostly before tax.
@@FredGG-mw9np他们还有工资12%的住房公积金存在买房的基金里可以用来租房和买房
A nice mix, but it felt like there was only that one dude who was upbeat about the economy, but everyone else was finding it generally tough. Youth sentiment echoes around the world, even across the great fire wall.
Love the finance bro such positive attitude to life
因为他很有钱，所以对生活很积极😵💫
ua-cam.com/video/hSP-RYsRB90/v-deo.html
@@wcz-kl6tv也有可能他的态度积极，所以能挣到钱😊
@@dengist8172 How much could our little pity ARTIST earn? Oh, the poor guy is gonna be replaced by AI. Guess who is contributing to the process? ME!
I graduated from my undergraduate program just a year and a half ago. I earn a monthly gross salary of $3,200 in Shanghai, but after taxes, there's not much left, let alone saving for buying a house. I work in the computer industry, where there are annual opportunities for salary increases, so there's a possibility that things might improve in the future. However, with a population of 20 million in Shanghai, many of my colleagues earn over $5,000 per month, but there are also a significant number of people making less than $700 a month. It's challenging to save money in Shanghai for many, including those around me.
從他們的講話內容,很明顯的可以看出來,誰比較會賺錢. 也許很多人自信心都己經被現實催毀了. 不過想不經過競爭,卻能賺到比平均薪水還高的收入,依照簡單的邏輯就是不可能. 所以躺平其實是在造福別人.
When I got a job in SH the wage was 13000 rmb/month (1780 USD), a Chinese friend said to me, "I'm not sure that is a livable wage in Shanghai", so my heart sank when the lady in accounting said she's making 4000 (550 USD) which is the same amount she said rent would cost if you get a place where you have to commute about an hour to go to the center/to work. Hope that's a temporary thing like the girl who said she's making a similar amount because she's interning.
In China salary scales up very fast with experience. Fresh graduates on average only earn around 5K RMB, but in two years they can have massive raise if they do well. People with 2 years work experience can easily earn 10K and above. There is always a glut of fresh graduate so its supply and demand. Too much supply means lower wage for graduates especially in white collar position. What China is lacking most now is blue collar worker. Entry position in blue collar position is becoming very attractive in recent years, but most fresh graduate don't want those job. They will only take those job if they know they have no chance in getting white collar job. this is why you see high youth unemployment in China.
It's livable, but certainly you don't have much left for leisure expenses.
@@turtlesoup8134 10多年前我的单位的毕业生月薪是4000-5000人民币。这是在北京。我记得11年到15年之间工资涨的很快。现在不知工资还是像当年涨的一样快。
The wages for university graduates have been going down in shanghai for few years now. Too many people with degrees in an economy that doesn't need that many, so even during good times they undercut each other just to get a job. Now it's even worse since the economy isn't even good any more.
@@babeangelbaby Where is this lol
I love Asian boss but I do not see them in Central Asia. Would be happy to see the podcasts from Kazakhstan or Uzbekistan. Thank you for creating such a useful content
they cope
I lived in Zhengzhou, Henan for a couple of years and I didn't pay rent because I was given a hotel room by the university. I did ask around, and rents for most 1 bedrooms were about 2-3k RMB near the CBD. Way cheaper than Shanghai and Beijing.
The rent in Shanghai is actually pretty low, compared to New York or LA, which is why younger generation can still afford to live in SH despite making low wages
But salary level in SH is low too.
Miami in a pretty bad area rent for 1bd art is $2000/month. (electricity will be another $250/month), income for a young person is $15/hr = $2580/month
Agree. ~500sqf studio in Manhantan costs you at least 3000 USD but in Shanghai, you can find an 800sqf condo for half the price. Not to mention the price of food in Shanghai is cheap compared to NYC or other major cities in the US (also no ridiculous tips)
fr, whats the point of his comment. If a place's wage is much higher than another's, all the expenses would also be more expensive. It scales @@hhkksau3329
yep. first thing which should happen,- rent should go significantly higher. Then city gonna start loosing people. It doesn't make sense right now to buy 1.5mlnUSD house.
The average salary in Shanghai is $2,000. But if it is a large company, recruiting technicians who meet the requirements, the income is $3,000 to $4,000.. Only companies like ByteDance, Microsoft or Alibaba. But inflation is causing havoc and stress for everyone
Things in China got cheaper over the past few years. Too much of everything in China nowadays.
China has overcapacity, many manufacturers have moved to Southeast Asia, and commodity price competition is becoming more and more fierce ~You can find out by shopping online several times.
i believe this is why the chinese government right now is currently developing the country side because they are betting that as the country gets wealthier people will naturally want more space and the rural areas surrounding major cities might have a boom.
@8:33. I'm from Shanghai but was able to study and immigrate to the US. His attitude about most people complaining about hardship are lazy is my attitude for most Americans. The difference is that while most Chinese are struggling and are indeed working hard, most Americans truly have NEVER known hardship. Even a chinese with normal work ethic would wipe the floor with the average American worker. This is one of the fundamental reason why we Asian Americans came poor but became so successful and prosperous in the US.
9:03 I'm totally like that guy haha !
"Repay" my parents for raising me, so they can have some rest and live !
thats a chinese cultural thing
I would agree with the lady saying that others are saving up money to afford nursing homes when they get old. Such a good mindset right there.
@heididlr5433 Lol how is that a "good" mindset? A good mindset is leaving behind more than what you have earned so that theres wealth for your descendents.
@@yerri5567 people in shanghai are not reproducing. so the vast majority of people in shanghai save for retirement in a nursing home. very sad.
Shes overexaggerating. Get a good job and youll be able to buy an apartment in a couple years with savings + a loan
yeah right, waste your whole life not living, but clutching every RMB to eventually live out your dream of.... being able to afford a nursing home one day?? very sad life.
@@Robin-hv5tvyou mean jobs that affiliate with ccp? Tell that to commoners and watch them laugh at your face.
living in a city has more than 10 million population itself is actually insane for me.
I live in Singapore the the population is about 7 million. Its not like all the place are crowded. If we take public transport to work 30mins earlier than normal rush hour, there is not many people
Tokyo is 30 million metropolis
LA has 10 million people. It's common.
Shanghai is almost 30 million already lol.
@@lvjinbin28Tokyo is 37 mio, Shanghai 30 mio
good interview & good translation
same thing in Australia new generation have no chance of afforting a house. They will just give up and life easy going life where possible.
It’s a repeated scenario in every country. This is the result of rampant capitalism. Money gets into the hands of the very few. The majority work themselves to death so this club of greedy elites, corporate leeches and their bootlicking cronies can live in the lap of ultra-luxury. Keep the masses poor - that’s capitalism.
I first liked the girl in the hat because she was cute but then she told us about the failed business following by looking for a job. I appreciate that. *hats off to her*
wow even their rent is higher than some of california apartments ive seen
California is huge. If you compare Shanghai with SF or Sunnyvale, then no. Rent is 3000+ USD and single home is 4500+.
Yo where in CA? Where I am it's at least $2000 USD a month for a studio apartment
I stayed in shanghai for a while last year, and living a whole 1h15 from the city centre, to rent a single person "studio" room was just under 3.5k. It was in a nicer area but housing and rent in shanghai is as affordable as any other major city (i.e. not at all lmao)
The thing is, if you don't need to rent, 4k a month is quite comfortable, already, including takeaways and eating out every now and then. add on some other expenses and luxuries and you're looking at ... 7-8k ish for a decent quality of life. Public transport is so cheap it might as well be free.
Including rent though and imo depending on what part of the city you do need a 10~20k overall monthly income
more china interview please
Was a teacher in SH making 32k monthly… can definitely live comfortably with it.
non-native English speaking teachers can't make that much i'd say
The model girl was really well spoken and had really good insights
Is she ethnically chinese or white?
@@AZ-rg3rfpossibly Uyghur
@@AZ-rg3rfdefinitely not white, but I don’t know if she’s Han or not. Her Chinese is native level, that’s all I can say.
@@johnsullivan8673or just makeups 😂
Excellent video!
14:12 this guys speaking fax. I literally cant stop wanting things I don’t realistically need
Facts#
I was about to say. Got my first actual good paying job and i keep spending
In the United States, many people receive a monthly relief fund of $2000, but still struggle to make ends meet and end up on the streets. Many people in China earn $400 a month and live a decent life. The true purchasing power of currency is completely different from the exchange rate on paper.
上海400美元可很难生存，那个收入400美元的人应该是还没有毕业的大学生，中国的大学一般都是会给学生安排宿舍的
@@wcz-kl6tv 400美元在上海不至于睡大街的。100美元城中村房租+200美元日常生活费，甚至还可以存钱。
上海平均月工资应该有1200-1500美元
@@Qiminggu 並沒有 統計上是6000人民幣 那大概是800美金
@@demitri1011上海职工的中位数收入都是6500元人民币/月，平均收入为11000元人民币/月。
新一线大城市平均工资8000-9000元人民币/月，中位数为4500-5000元人民币/月。
I had been worked in Shenzhen and lived in Dongguan for over 10 years.
This is the answer I want to hear, clear, calm and critical, which I can't find at all in Japan and South Korea.
Chinese are more independent by nature. Japanese and Koreans are told the are free so they believe it and stop asking questions.
Yeah but a lot of the info shared by the interviewee here are not accurate.
Finally, I felt the most obvious bias against Asia in the "Asian bosses" on this platform haha!
I'm living in Shanghai. I can earn about 4200 usd after taxes, rent. And I'm 30 in biotech. I can afford everything I want with this amount of income in Shanghai except luxury goods and house.
Ya, vaccins rob lots of money from everyone!
not bad, but you still can't have a home and marriage in Shanghai
Sounds like you earn around the same amount as the finance bro in this interview.
lol he could afford the housing as long as he doesn’t buy in inner city of Shanghai.
I can supple for a family. Shanghai is too attractive for 1.4 billion people and the property is very expensive.@@lvjinbin28
There are many people with low wages in China. The monthly salary of fresh graduates is 5,000 RMB - 20,000 RMB or more. There is a huge difference.
我现在也是在上海合租房子，一个房间一个月2400，目前月薪是24000 ，一年15薪。（但是确实累，工作时间差不多9到10个小时）
目前没有买房子的打算，而且上海的房价确实很贵，打算以后回老家结婚生活。（我家那边的房价8000到14000）
年轻人能不能找到工作，以我为例，计算机专业，一个班级29个人，毕业后从事计算机行业的有8个人 目前我知道的有三个人不干了，因为太累了。
4个公务员，3个国企事业单位，5个升学的，剩下9个人有未就业的同学，也有私企的同学。
补充下，给能看懂中文的铁子们看的，
我个人是东北某末流985计算机科班毕业的，专业评分A-
毕业那阵是有本地的拼多多和上海的某大厂，还有个省直事业
事业单位给5000，但各种乱七八糟补助也不少，拼多多给16000 在大连
上海这个给14000到17000 工资外的福利也还算可以所以我来的上海这头
工作时间9到10个点 是真正的上班时间 不包含休息 也就是一般我早8点半 晚上8点 或者 早9晚10 一周上5到6天 所以这24000挣的不容易啊🥵🥵🥵 房价是真贵 我们哥4个合租了一套 还算可以
你说你家那边的房价8000到14000。是每平吗？
兄弟现在哪个行业好点，计算机还是嵌入式
@@Uns46 嗯 均价11000左右 沈阳的
@@zwjade8446 整个计算机都不太行 慕“名”而来的人太多了 我招聘那年 给的待遇都挺好 等我下边那两届的 薪资中位数也就八九千 还是在北京
Asian Boss, Thanks Much !.......
People don't understand, not everyone is suppose to be able to afford a place in one of the most expensive cities in the world. It's the same thing for people in the US when talking about how SF NY are too expensive to live. You come to big city and get a couple years of experience and you can move back. Just move back 4Head.
The fun fact is, once you move back you no longer have access to high paying jobs, even if you are qualified, It's a bit of catch 22.
if you don't have a decent house in Shanghai, then local Shanghai girls won't marry you, that's very different culture
@@lvjinbin28 Then he has to move back to their local town/village. The girls over there will have lower standards.
You have no clue. Shanghai is really big. It's not Manhattan, its size is the entire New York Metropolitan, and almost everywhere in Shanghai the housing is insane compared to the US states. And also you NEED a place to be able to get a formal Shanghai ID. If you don't get one, you'll even have problems enrolling your children to the local schools.
@@demitri1011 Yes Shanghai is much bigger than NYC. However it is not more expensive than NYC. NYC is top 3 MOST expensive cities in the world. But Shanghai is probably more expensive than most other American Cities tho.
and shanghai is the most developed/international city. go to a smaller city and the answers will be very different
I live in Shanghai, make around 4000-4500 USD. I have two kids and my wife is full time house wife. we barely have any savings, luckily we bought our apartment years ago. we wouldn't be able to afford it if we bought it now which worth 1.5 million USDs.
Cool, How much was it then?
I like how you didn't celebrate your house value going up. Instead you mentioned you wouldn't be able to buy it today. I respect that.
@@kachrachi Same with me, it's everywhere. I could not afford my own house now if i where to start over. So i feel lucky
Problem is having a house wife
4000-4500 USD per month is above Shanghai average, but it's quite hard to afford a house wife and the housing installment, unless your parents have already paid the 80% down payment...
This situation is pretty much the same as the US. Inflation is causing havoc and stress for everyone.
Everyone in the video. All have real estate. Or inherit more than one property in the future.
China's home ownership rate reaches over 93%.
They are not locals from Shanghai. Shanghai is just a place to work.
I think. Not every American. You all want to buy real estate in the heart of New York City, right? ?
Worldwide pretty much
Excessive wealth gaps destroys the social fabric, theres no faster way to devalue human life then through monitization.
I'd say sending people into War is more efficient at dehumanizing and devaluing.
Really insightful!
I think one of the interviewees is from Xinjiang but in Shanghai, possibly Uyghur. If all things don't work, she can still go back to Xinjiang which is lower cost living and have more opportunities. And Xinjiang is rapidly developing with links to central asian countries through trade.
Lmaooo
5:45 That voice is very nice to be a host.
Last guy hit the nail on the head, why should sweat be taxed more than capital?
What he means is that in the current situation (his tax is lower than that of capital), it is better to further reduce personal tax payment and increase the tax payment of capitalists.
The tax payment of ordinary people in China is actually not high. You can compare the tax payment of ordinary people in China and other countries with similar living standards. The English translation in the video is not accurate.
Because the law is written by those who earn by capital.
Capital gains tax should be 0
China actually levies very little tax on individuals. He said this because he is a high-income group. You can find that no other interviewee mentioned personal income tax.
@calchen6603 That guys income was at least 5x the avg interviewees income, even 10x some. So his tax bracket far exceeds others. You think high income earners shouldnt be taxed more?
500,000 is about 3x the city's average. 14,000 is the monthly average; the median is only 7,000. I make 25,000 a month and consider this a comfortable middle-class income.
Is that before or after tax?
@@lamentate07after tax
unfortunately, it is before tax, include social benifit, housing funding and income tax.@@lamentate07
In India the background is clear, but in China it's blur...
Cheer up friend, India has a bright future to build a true Asian era. Like the false truth you see in this video, if China can't do it, it's India.
What matters is income relative to costs.
You mean house costs? Higher than new york Manhattan for sure.
Yeah, with that metric, do not go to Shanghai. better go to US or Canada
Its not only _percieved_ as “one of the richest cities in China” - it quite literally IS the richest city in mainland China.
Shenzhen, Suzhou, Hangzhou, Beijing are not far behind.
@@TheLivetunernot far behind but still behind. Hence, richest city of China.
@Connetification No, beijing, guangzhou, shenzhen. same as Shanghai.
ua-cam.com/video/hSP-RYsRB90/v-deo.html
One of the richest but most difficult cities to live in。Many city live easie than Shanghai
a young McKinsey associate makes about 1 million rmb in 2nd year (2013 figures) the same as his peers in San Francisco and a bit higher than that of HK. Shanghai actually provides equivalent salary to the skilled workers that are competitive globally.
Should say before the video salaried people get 13-16 months pay a year, depending on how the company is doing. A lot of income is withheld for insurance and tax.
Everyone in the video. All have real estate. Or inherit more than one property in the future.
China's home ownership rate reaches over 93%.
They are not locals from Shanghai. Shanghai is just a place to work.
I think. Not every American. You all want to buy real estate in the heart of New York City, right? ?
Chinese people are educated.
Most people actually agree that when powerful companies such as those in the Real Estate sector put their prices to impossible standard due to the high demand, the government should start to get involved and find a way or force the prices to go back down so ordinary people can still afford it and didnt cause a housing crisis.
While there are some people who would actually believe that rather than stronger government control, it will be better if the government not get involved in the market regulations.
To be honest, I dont necessarily have much faith in my own government in Indonesia but despite that, i would rather put my trust in their leadership than any corporation entity.
Always nice to know how close to homelessness you would be if in other countries
yeah, im glad i save up 1500 euro's every month. AND i got a big house + paid off Tesla. And im not even having that super great job. Just a casual electrical/software engineer.
How about a survey on the other cities like Hangzhou or Nanking，or even the Jinan😂😂
do some videos in the third or forth line cities, you would get totally different answers
When conducting interviews in Mumbai, Toyko, Manila, and Seoul, the response is a resounding "So true, well said."
However, when it comes to China, particularly in Shanghai, the sentiment shifts to "Nah, this is a first-class city; it's not accurate."
@@mattfp5415 Well to be fair, the average income in rural China is around 40% of the average income in urban China.
Meanwhile in more "developped countries" like Japan or France there is a difference, but not that important.
The enormous difference of wealth in rural/urban areas in China is a fact. Just like it was during the industrial era in other countries.
It is changing tho (the average salary doubled in 10 years) and I believe that a lot of people don't realize the difference between 2000's China and 2023's China.
@@MasoMathiou Rural-urban income gaps are common in developing and emerging economies, including the countries like Korea, the Philippines, and India, where interviews have been conducted in their respective capitals, not just China.
But no one say anything but applause, which highlights how bias and ignorant of you people.
@@mattfp5415 Wow I just replied respectfully, even emphasizing that it's getting better in China but still... You can't accept any form of criticism can you?
Well then yes, everything in China is so GREAT and PERFECT and the countryside is definitely as rich as Shanghai ! There is ABSOLUTELY nothing wrong there :)
LONG LIVE CHINA, LONG LIVE THE CCP!!
@@MasoMathiou It appears that the one exhibiting rudeness is yourself, as you seem unwilling to embrace the truth and instead resort to criticism. China may have its shortcomings, but congratulations on your apparent satisfaction with that fact. Interestingly, nearly every countryside thrives in tranquility and prosperity, with the exception of China. BRAVO INDEED! Good for you! The most brilliant person on the planet resides in a nation characterized by an absence of wealth disparity, maximum happiness, and universal contentment among its populace!! You are the best and your country!
The guy with glasses and the backpack has a cuty vibe
shanghai is more beautiful than california
Not even close
3:00 she's got great voice. she could be a wonderful podcaster
"Well your freedom of speech means nothing if your government is deaf "
Me
@bappyhasanjahid4985 What does that have to do with this video? Want to talk about WW1 and goldfishes as well?
well, the chinese gov is not deaf for sure. They want lower housing price?...well they are getting one very soon.
That same govt made 49 times growth in their gdp in just 40-50 years, bigger than any country on this planet.
@@yerri5567 he surely was talking about the hypocritical western countries and rest assured it's true, so don't be too serious, ok?
@@momokui Surely? How you so sure when this video isnt about Western countries? And asking questions and goldfishes are "very serious"...
The finance bro is ballin out. 💰
As an expat in Xian, China, I'm getting RMB 50,000/mth excl. allowances for Rental, Maid, Cleaning services, Petrol
Wow
@@letisriva8581 ua-cam.com/video/hSP-RYsRB90/v-deo.html
Which job are you doing
probably organ harvesting lol@@duaneowens7777
Salary and expense reconciliation is reconcilable from the span of time, specially in Industries, be it from the age group and its respective expertise, experienced and new entry in industry, accounted inventories in the books of the corporation, adjustments and trial balances for forecasts and reports generation.
Im shocked how similar the costs (and income) are compared to central Europe :/
thats capitalism my man.
I wonder the actual costs in Shanghai are higher or lower than you thought before?
I would doubt that. The costs in shanghai and europe are not comparable probably rent is the exception, because there simply is not much to buy in europe. If you look at a normal shanghainese how many high tech gadgets they have in their household, how many variety in terms of food and snacks, you will be shocked. Yes the cost is similar, but the people in shanghai has more stuff. Its called purchasing power.
@@tao2869not really, tech products are not the best examples, the food and service costs are the ones that actually make a big difference
@@ethanhu4960 Actually tech products make a huge difference. If you have never been to China you would not even imagine those stuff exists. Tech products != Apple
average annual income is around 150000 CNY
My Mom (older than 60) who’ been living in Shanghai since tens of years, tells me that she (plus my dad) can afford to live in Shanghai 4000 Yuan (550$) per month, rent-free, very well, meaning they can afford what they need, eat what they want to eat, no stress at all…😢
Because she doesn't need to pay rent and mortgage.
The psychology of endless inflation is why bother saving money when it’s going to be worthless later on in future. Inflation only goes up over time, life gets shorter and shorter over time. Live the moment. It’s a hopeless feeling for our generation.
CS master degree fresh graduate, Hsinchu@Taiwan, 2M NTD annual salary is common. This is 70K USD.
Same degree at silicon valley it's 120K USD, without stock. I wonder how much fresh grad get in China if hired by IT companies. The one in the video with IT background, is his number representative?
IT行业算是高薪行业，最普通的是1-2万，他是属于最普通的那种。高一点的一个月3万，4万，5万都有。如果你是985大学（全中国一共39所）毕业，应该能拿到2-3万，如果是清华北大毕业，应该可以拿到4-5万。
Cost of living in Silicon valley would make that 120k feel like 60k. With rent for a 1 bedroom averaging 3.2k per month.
CS毕业生，在中国能拿的也太高了吧，40-80人民币年薪都有，腾讯，阿里，抖音，头条都能开出这个价格
中国的其他行业肯定比美国低但cs真的有可能比美国高
@@christianli1578 if the salary is only good for coders up to 35y, then no, coders in US makes more for they still have opportunities at 40y, 50y. It's perfectly fine to keep coding at that age in US and salary would keep increasing.
This interview only focus on young generation in Shanghai, which could be quite misleading because the title didn’t mention it.
Shanghai has a wide range of consumption levels, with stark differences between the inner city and the suburbs. People with varying means can survive in Shanghai. However, as an international metropolis, Shanghai offers abundant entertainment and cultural activities. The glitzy nightlife and indulgences require a good amount of money to fully enjoy.
Due to China's accumulated structural economic issues, tense geopolitics, and the compounding impact of the pandemic, Shanghai's economy is not as strong as in previous years. Job opportunities have declined while university graduates increase year after year. Additionally, some people are unwilling to endure hardship after studying for over a decade, only to end up in physically demanding jobs or those without much room for career growth. All these factors have led to high youth unemployment rates nowadays.
As for the "lying flat" culture, I see it as young people's way of not compromising with the status quo of society - a manifestation of "nonviolent non-cooperation."
Sounds like we need universal basic income and A.I. This is happening in Toronto too...
I know Chinese salaries are low compared to the US, but it is still shocking to see how much lower it is, especially considering the cost of buying real estate. I work for a Chinese company and I suspect we are getting paid at least 6 or 7 times as much as our colleagues based in China.
buying house in top cities are indeed expensive but renting isnt also cost of living is def much cheaper . how much do you spend to ask a worker to replace a broken house window? $ 50? $100?.How much do you pay to go to a dentist? it isnt 6 to 7 times if cost of lving included plus income tax is higher in US
Also property tax. Once you buy a house in china , you dont have to pay property tax forever .
So yes american salary is indeed higher but def not 6-7 times in real purchasing power
people are complaining that they are taking jobs away from americans. therefore the logical thing to do is increase the salary of chinese workers right? 😉
You definitely are, and that's also why it's a pretty big deal with expats in Shanghai choose to leave....for their salary they were living like kings there before.
thats why alot of companys outsourced to china. It may seem low for you but its still a huge increase compared to decade after decade before actually. Here in Germany the average wage isnt that much higher as theirs tbh
If it's a tech company, then the salaries would be much higher. Software engineers in Beijing and Shanghai make about $40k/yr. Still lower than the US but much higher than the average Chinese. However costs of daily living in China is much lower so purchasing power parity means a $40k salary in China would be equivalent to about $110k in the US.
appreciation for the video
Shanghai is really too Juan
very misleading question. Chinese youth unemployed was based on 16-21 years old information. They are in school or just graduated. 22-55 unemployed in China is only 4.2%.
"A takeout order costs $4 USD." Oh, sweet summer child...if only you knew. If only you knew.
Sounds like "lying flat" is either the Chinese equivalent of quiet quitting at best, or hikikomoris at worst.
You can get breakfast for under 2 USD regularly in Chinese cities. So, yeah. That's double the price.
"Lying flat" is also quite different by Chinese standards; for the average citizen, they study 10+ hours a day, 6 days a week for four years, take a grueling 2 day exam that decides their entire future, and they come out to 9 am to 9 pm, 6 days a week sort of work culture. For them, "lying flat" is like working a regular 9-5 work week.
it's the same thing to be honest.
Pfff you just don't know what they do go get their salaries, and 4$ is NOT DOLLAR ! They don't have the same salaries there, so compared to this, it's like ordering 20$ for a delivery at least.
Did you go somewhere else except your country 😂😂😂???
@Razear "Oh, sweet summer child...if only you knew. If only you knew"
That "sweet summer child" you speak of earns about $5500 USD a year. The average American earns more than 10x that. So that $4 USD take out is equivalent to at least a $40 USD take out for the average American. "If only you knew"...
Here I’m in LA and most simple take out costs over $20