Chinese Dream
The American Dream and the Chinese Dream are both powerful national ideals that reflect the aspirations and hopes of their respective peoples. While they share common themes of prosperity, personal growth, and collective progress, their differences lie in cultural context, individual versus collective focus, and the roles of the government and society in shaping these dreams.
The American Dream
Core Concept:
The American Dream is centered on individual opportunity. It holds that through hard work, determination, and initiative, anyone can achieve success regardless of their starting point in life. Traditionally, this dream includes material prosperity (owning a home, a car, and having financial stability), personal freedom, and self-determination.
Key Elements:
- Individualism: The dream emphasizes personal achievement and autonomy.
- Home Ownership: Owning a house is a symbol of stability and success.
- Upward Mobility: A belief that each generation can do better than the previous one.
- Limited Government: The dream thrives on the idea that minimal interference allows individuals to shape their destiny.
- Consumerism: Material goods and comfort often measure success.
The Chinese Dream
Core Concept:
Coined by President Xi Jinping in 2012, the Chinese Dream emphasizes collective national rejuvenation and individual prosperity as part of a broader, harmonious society. It envisions a strong, prosperous China where citizens contribute to and benefit from the country’s progress.
Key Elements:
- Collectivism: The Chinese Dream prioritizes the well-being of the community and the nation over individual desires.
- National Pride: It emphasizes restoring China’s historical greatness and global standing.
- Economic Development: A focus on lifting citizens out of poverty and creating a "moderately prosperous society."
- Social Stability: Harmony, order, and adherence to societal norms are central to achieving the dream.
- State Leadership: The government plays a guiding role in shaping and fulfilling the dream.
Commonalities
- Economic Prosperity:
- Both dreams focus on improving living standards and achieving financial stability.
- Homeownership is a shared goal, symbolizing stability and personal success.
- Upward Mobility:
- The American Dream values upward social mobility through individual effort.
- The Chinese Dream supports upward mobility through collective effort and government-led economic growth.
- Aspirations for Future Generations:
- Both dreams emphasize creating a better world for the next generation, whether through education, economic opportunity, or national strength.
- Hard Work:
- Both ideals celebrate hard work and perseverance as paths to success.
Key Differences
| Aspect | American Dream | Chinese Dream |
|---|---|---|
| Focus | Individual success and autonomy | Collective success and national pride |
| Role of Government | Limited government interference | Strong government guidance |
| Freedom vs. Harmony | Stresses personal freedom and choice | Stresses harmony and social stability |
| Materialism | Success often tied to material wealth | Material wealth is a component, but national rejuvenation is central |
| Cultural Roots | Rooted in liberalism and individual rights | Rooted in Confucianism and collectivism |
| Global Influence | Individualism seen as a global ideal | National strength tied to global influence |
| Equality of Access | Theoretically open to all, but income inequality and systemic barriers exist | Emphasizes lifting all citizens out of poverty, albeit with less focus on personal liberty |
Cultural Contexts Behind the Differences
- American Context:
- The U.S. was founded on principles of liberty, self-reliance, and rebellion against centralized power. These values influence the American Dream’s focus on individual rights and freedom from government overreach.
- As a nation of immigrants, the dream reflects diversity and the promise of equal opportunity.
- Chinese Context:
- Rooted in thousands of years of Confucian values, the Chinese Dream prioritizes harmony, respect for authority, and the collective good.
- Following decades of poverty and foreign domination in the 19th and early 20th centuries, the dream also reflects a desire for national rejuvenation and global respect.
Criticisms and Challenges
American Dream:
- Inequality: Not all Americans have equal access to education, housing, or healthcare, making the dream unattainable for many.
- Materialism: Critics argue that the focus on material success detracts from deeper values like community and well-being.
- Debt Culture: Rising costs of college, healthcare, and housing have created financial barriers to achieving the dream.
Chinese Dream:
- Individual Freedom: Critics argue that the focus on national goals can come at the expense of individual rights and freedoms.
- Social Inequality: While millions have been lifted out of poverty, rural areas and migrant workers often face limited opportunities compared to urban citizens.
- Overdependence on the State: The dream’s success heavily relies on government policy, leaving less room for personal agency.
Conclusion
Both the American Dream and the Chinese Dream are powerful narratives that inspire their people, but they reflect two distinct worldviews. The American Dream champions individualism, personal freedom, and the pursuit of happiness. The Chinese Dream prioritizes collective well-being, national rejuvenation, and social harmony. While they differ in focus, they share the universal desire for a better life, prosperity, and hope for future generations.
Whether rooted in the freedom of the individual or the strength of the collective, these dreams reveal what nations and their people value most...
Drawbacks
The Chinese Dream: From Ambition to "Lying Flat"
The Chinese Dream, as envisioned by President Xi Jinping, promotes national rejuvenation, collective prosperity, and personal success within a harmonious society. However, many Chinese young adults are finding that this ideal is increasingly out of reach. Burdened by systemic issues like a real estate crisis, soaring youth unemployment, and a grueling work culture (epitomized by the “996” work schedule), some are choosing to reject the dream entirely in favor of "lying flat" (躺平, tang ping), a quiet form of resistance marked by opting out of excessive ambition.
Let’s explore the drawbacks of the Chinese Dream and why many young people are “waking up” from it.
1. The Real Estate Crisis: A Dream Built on Shaky Foundations
Unattainable Homeownership
Owning property is deeply tied to success in Chinese culture and is often seen as a prerequisite for marriage and social status. The Chinese Dream encouraged homeownership, leading to a booming real estate market. However, this has created significant problems:
- Skyrocketing Prices: Property prices in major cities like Beijing, Shanghai, and Shenzhen are out of reach for most young adults, with homes costing dozens of times their annual salaries.
- Mortgage Slavery: Many young Chinese find themselves locked into decades-long mortgages, sacrificing their quality of life to own a modest apartment.
- Real Estate Collapse: Developers like Evergrande and Country Garden are facing massive debts, leaving projects unfinished and shattering the trust in real estate as a stable investment.
Impact on the Dream
For decades, the Chinese Dream was synonymous with upward mobility through property ownership. The bursting of the real estate bubble has undermined this foundation, making young people question whether the dream is a viable reality or just a myth perpetuated by previous generations.
2. High Youth Unemployment: The Vanishing Ladder
Rising Joblessness
Youth unemployment in China hit a record high in 2023 before the government stopped publishing official statistics. Estimates suggest the rate exceeded 20%, leaving millions of young graduates jobless. The mismatch between degrees earned and jobs available has created significant barriers:
- Education Inflation: Degrees that once guaranteed good jobs are now basic prerequisites, forcing young adults to pursue multiple advanced degrees without corresponding returns.
- Mismatch of Skills: Many graduates from top universities find themselves underemployed, working low-wage jobs or completely unemployed.
- Economic Slowdown: Sluggish economic growth has reduced job opportunities in traditional industries like manufacturing, while tech layoffs have affected previously booming sectors.
Impact on the Dream
The Chinese Dream promises upward mobility and economic prosperity, but when even highly educated young people struggle to find jobs, that promise feels hollow. Many are left feeling hopeless about their futures.
3. The "996" Work Culture: Burnout and Disillusionment
What is 996?
The “996” work schedule—working 9 a.m. to 9 p.m., six days a week—has become infamous in China, particularly in the tech sector. It’s hailed by some as a necessary sacrifice for success but criticized by others as exploitative and unsustainable.
The Problem:
- Low Wages, High Pressure: Despite the grueling hours, many workers find their salaries stagnant, with little hope for advancement.
- Health Costs: Burnout, mental health struggles, and physical ailments are common among 996 workers, leading some to view the sacrifice as not worth the reward.
- Wealth Inequality: Young people see that their hard work enriches corporate elites, while their own lifestyles stagnate.
"The Slackers Win"
The disillusionment with overwork is compounded by a sense of unfairness. Many young workers see colleagues who put in minimal effort—clocking in and disappearing—receiving the same paycheck. This realization makes ambition seem futile, driving many to adopt the mindset of "lying flat."
4. The "Lying Flat" Movement: Quiet Resistance
What is Lying Flat?
"Lying flat" (躺平) is a social phenomenon where young people reject traditional notions of success by doing the bare minimum to get by. It’s not laziness but a conscious decision to prioritize personal well-being over societal expectations.
- Avoiding long hours at work.
- Skipping homeownership and marriage.
- Rejecting consumerism and material competition.
Why Are They Lying Flat?
- Disillusionment: The promises of hard work and sacrifice no longer yield the rewards they once did.
- Economic Realities: Housing costs, low wages, and job insecurity make traditional milestones (like owning a home or raising children) seem unattainable.
- Mental Health: Burnout from 996 and societal pressure to excel have pushed many to seek simplicity and peace.
5. The Great Awakening: Waking Up From the Dream
While the Chinese Dream emphasizes collective progress and national pride, these ideals can feel out of touch with the daily struggles of young people:
- A Shift in Priorities: Young people increasingly value personal happiness, mental health, and leisure over material wealth and social status.
- Cultural Pushback: The rise of "lying flat" reflects dissatisfaction with rigid societal expectations and a desire to redefine success on their own terms.
- Demographic Challenges: With fewer young people choosing to marry or have children, China faces a shrinking population and an aging workforce, further complicating its economic future.
Conclusion: A Dream Deferred
The Chinese Dream once inspired a generation to work hard, build, and prosper. But today, many young adults see that dream as unattainable or even harmful. The reality of a collapsing real estate market, high youth unemployment, and exploitative work culture has prompted a generational reckoning.
"Lying flat" isn’t just about giving up; it’s a form of quiet rebellion, a call to reconsider societal values, and a plea for systemic change. If China wants its dream to remain relevant, it must adapt to address the very real challenges facing its youth—before more wake up and opt out entirely.
Explaining the Chinese Real Estate Collapse: A Pump-and-Dump in Slow Motion
The collapse of China’s real estate market has been compared to a pump-and-dump scheme, where the industry’s foundations were propped up by speculative practices and unsustainable growth. The domino effect of bad practices, overbuilding, and economic mismanagement has resulted in a situation where property investment is seen as a terrible deal—and millions are left with empty, unfinished buildings they can’t even live in.
1. The Core Mechanics: Borrowing from Peter to Pay Paul
The root of the crisis lies in how real estate companies structured their financing and operations:
- Pre-Sale Funding Model:
- Developers sold properties before they were built, using the funds from buyers to begin construction.
- Instead of completing these projects, they used the revenue to fund future developments, creating a dependency on continuous sales to keep cash flowing.
- Cycle of Speculation:
- As demand for housing grew, fueled by urbanization and a cultural emphasis on property ownership, developers massively overbuilt, often in areas with little real demand.
- People bought properties as investments, not as homes, assuming prices would rise indefinitely.
- Over-Leveraging:
- Developers borrowed heavily, not just from buyers but also from banks and shadow banking entities. Companies like Evergrande racked up unsustainable debts to the tune of hundreds of billions of dollars.
2. Overbuilding: Supply Outpaces Demand
- Ghost Cities:
- Developers constructed entire cities with thousands of apartment blocks, malls, and office spaces, anticipating demand that never materialized.
- These “ghost cities” became symbols of overbuilding, with little population to justify the scale of development.
- Excess Inventory:
- As of 2023, it’s estimated that China has enough vacant housing to house over 90 million people, or roughly the entire population of Germany.
- Many properties remain unsold, and some are half-built or abandoned.
3. The Collapse: From Optimism to Pessimism
When the cracks in the system began to show, the bubble burst:
- Defaults by Major Developers:
- Companies like Evergrande and Country Garden couldn’t meet their debt obligations, leaving countless projects unfinished.
- Buyers who had already paid were left with empty promises and skeleton buildings.
- Trust Erosion:
- The pre-sale model relied on trust that developers would complete projects. After the collapse, this trust evaporated, leaving potential buyers unwilling to invest.
- Economic Slowdown:
- As China’s economy slowed, fewer people had the means or the appetite to buy properties, exacerbating the oversupply problem.
4. Why It’s Like a Pump-and-Dump Scheme
In a pump-and-dump scheme, the value of an asset is artificially inflated to lure in investors, only for the value to crash when the scheme collapses. Here’s how the Chinese real estate market mirrored this:
- The Pump:
- Developers hyped up demand, selling property as a guaranteed path to wealth. Government policies encouraging urbanization and homeownership fueled the narrative.
- The market thrived on the assumption that property values would always rise, drawing in more buyers and investors.
- The Dump:
- When debt levels became unmanageable and buyers stopped pouring in, the system collapsed under its own weight.
- Developers were left with massive debts, unfinished projects, and unsold properties. The “dump” was felt most acutely by individual buyers who lost their savings on worthless or incomplete investments.
5. Unfinished Buildings: Unlivable Investments
- Incomplete Projects:
- Millions of apartments remain half-built, with no utilities or basic infrastructure.
- Buyers are stuck paying mortgages on properties they can’t move into or resell, creating a massive financial and emotional burden.
- Property as a Liability:
- Instead of being an asset, these unfinished properties have become a symbol of financial loss and despair for many Chinese families.
6. The Fallout: Real Estate as the Worst Investment
The aftermath of the collapse has made Chinese real estate a toxic investment:
- Falling Prices:
- Property prices in many areas are declining, erasing years of value for current owners.
- Speculators, once the lifeblood of the market, are now fleeing.
- Pessimistic Outlook:
- The younger generation sees property as a poor investment. Many are choosing to rent instead or avoid property altogether.
7. Emigration to Thailand: A New Dream
Amid the chaos, many Chinese citizens are looking for better opportunities abroad. Thailand has become a popular destination for several reasons:
- Affordable Real Estate:
- Ease of Business:
- Thailand’s business-friendly policies and relatively stable economy make it an attractive option for Chinese entrepreneurs.
- Lifestyle:
- Thailand’s warm climate, friendly locals, and laid-back lifestyle appeal to those seeking a less stressful life.
- Cultural Acceptance:
- Thailand is welcoming to Chinese immigrants and tourists, further encouraging relocation.
And thus, leading to the creation of J£X Empire.
Conclusion: A Broken Dream
The Chinese real estate market was built on unsustainable practices, fueled by speculative hype and a flawed funding model. When the bubble burst, it exposed deep structural problems, leaving millions with unfinished homes and a disillusioned view of property ownership.
Now, the exodus to places like Thailand reflects a broader shift: a search for new opportunities and a rejection of the overhyped promises of the past. For many, the dream of stability and prosperity no longer lies in China’s concrete jungles but in the sunnier, more affordable lands abroad.
