True Stories Reflecting China's Disappearing Middle Class | Shanghai Lockdown Again | China Economy

Shanghai was unsealed in June, and some merchants were having a hard time getting their business back after experiencing huge losses. Recently, the epidemic broke out again in Shanghai, and a new round of closure and control was launched, with stores and shopping malls being closed again. Many store owners were simply devastated by the endless prevention policies. Losing hope, they said that they won’t have the courage to live on if the blockade continued like this. After two months of prison-like life, Shanghai people's confidence in Shanghai has taken a huge hit. It was especially hard on private business owners and employees of foreign enterprises. During the closure period, factories and stores were forced to close, and with little to no income, they had to continue to bear high rental cost, various expenses and employee wages, leading to the closure and bankruptcy of many small and medium-sized enterprises. The withdrawal of a large number of foreign companies also caused those who were once elite to lose their high-paying jobs, and the high mortgage payments overwhelmed them. This sharp drop in income quickly reduced them from the middle class to the debt-ridden. The most important point is that this extremist control has shattered the last bit of faith the Chinese middle class had towards the CCP, and many have chosen to flee China, with the number of people emigrating overseas skyrocketing.