Harvesting the last wave, is the CCP desperate!? Xiamen is finished, who could have imagined it would turn out like this! Qiqi Baba TALK Episode 980, 20260925

This episode focuses on the current economic depression in Xiamen, Fujian and surrounding areas against the backdrop of an economic downturn. Through personal accounts from local residents, shop owners, taxi drivers, and migrant workers, it illustrates social phenomena such as widespread commercial store vacancies, depleted assets due to crushing mortgage pressures, employment difficulties, the coexistence of high consumption and low income, temporary workers sleeping under bridges, and the emergence of "new poor" individuals who look polished on the outside but have bottomed-out bank accounts, analyzing the difficult plight of ordinary people in this economic winter.

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Hello, everyone. Welcome to Qiqi Baba Talk. I am Qiqi.

The real estate agent called me just now to lower the asking price again. I said I won't sell this apartment for anything less than 750,000, and honestly, I really can't sell it for less than 700,000. Many people told me, "Just wait and see! Haha, not even 700,000 and nobody's buying, yet you're asking for 750,000?" The problem is that I have no money left in my pocket, you know? I can't afford to sell it—it's not that I don't want to, but I can't afford to. I'm completely trapped, with my mortgage payments suspended for six months. Oh, around October 20-something, the bank's six-month interest is 16,700, over 16,000, about 700—16,000, anyway close to 17,000. Life has no "what ifs," and there is no way to let you choose all over again. Let me tell you, if I could make a choice all over again, I definitely wouldn't take out a mortgage. I paid a very low down payment—a 30 percent down payment—and took out a 950,000 loan. You take out a 950,000 loan, and at the time you just didn't have the brains to think about it. You borrow 950,000 for thirty years, and with principal and interest combined, it really adds up to over a million, right? You say an ordinary person—when I bought the house and took out the mortgage, I was 34 years old, 34, and took a 30-year mortgage that would last until I'm in my sixties. Thinking about it now, truly, I really don't suggest it for ordinary people. If you want to buy a house, you should really pay in full or take a very small loan, paying 7 or 8 percent down—the bank's interest is truly incredible. It was really a choice made under impulse, but complaining here, I can only vent to you a bit, because nobody forced you to buy it, right? No one forced you to take out a mortgage, right? It was all my own choice, all my own choice. The agent said my house at 750,000 is practically unsellable, but I have no choice, I have no choice. I'll sell my car, and if it can fetch around 70,000, that would already be not bad, but I still owe the bank 80,000 to 90,000. Selling the car fetches 70,000, and there's still 820,000 left. If I can sell it for 750,000, these tens of thousands of yuan—I can still scrape it together somehow, cobble it together, meaning there's still a glimmer of a possibility to muddle through. If it's 700,000, falling short by another 50,000, I completely lose all hope, you know? Completely no hope left. If it can be sold for 750,000, it means that for over twenty years—the car was bought without spending a single penny, as I started saving money from the age of 16 all the way to 38—all my painstaking efforts of over twenty years, every penny and asset saved through frugality will all go down the drain. Both my car and house will turn into bubbles and vanish. With so much money, even if you threw it into the water it would make a splash, but it's all completely gone. Even if I successfully extricate myself from this trap, I'd already be burning high incense. After getting out of the trap, all my assets will be completely wiped out, totally gone. It means I've lived in vain for over twenty years, toiled for nothing, never rested properly for a single day, never enjoyed life properly for a single day—it has all been like a fleeting dream. Under these circumstances, that would already be considered very merciful. Therefore, it really is—sigh.

Uh, right now, this is actually just the Chinese Communist Party (CCP) government robbing the Chinese people, right? Because real estate already harvested a wave earlier, and now, actually, it is still doing a harvesting thing, because—well, you can't even call it harvesting anymore, I think you should call it bottom-fishing. It's stripping away your very foundation, robbing you of everything, basically making your assets zero and turning Chinese people back into proletarians. I feel that what it is doing right now is completely just this kind of operation.

Ah, truly like this—too miserable! I remember last time Abalone Brother came to film this shop and even interviewed them. This time when I came, it's already closed. Xiamen has over three thousand things, Xiamen has many one-day weekends, Xiamen has many real estate agents, Xiamen has many e-commerce workers, Xiamen has many people who can't find jobs, Xiamen has many electric bike seizures, and Xiamen has many people doing unpaid overtime. Then what does Xiamen have little of? Xiamen has few two-day weekends, Xiamen has low wages. No matter what your education level is, getting a monthly income of 2,800 in Xiamen is not a dream. Xiamen is a place that breaks the hearts of working people.

My storefront rent here is 100,000 a year, you tell me if starting a business is hard or not. Now Golden Street changes nine bosses in three years.

In the past, this Longtou Road was the most prosperous commercial street on Gulangyu Island. Everyone can look—so many places are closed.

Over the years, I remember when I came here, Xinshijie Plaza was packed shoulder to shoulder, and now it has become like this—it breaks your heart! Look, this corridor has no one, and that corridor has no one either. This corridor has slightly more people, but still no crowds.

What are you doing?

Oh, it's really not like the past years. Walking from that end to this end and not seeing a single person—isn't it just too desolate?

Oh, I'm at Mingfa in Xiamen right now, and I just realized, holy shit! What happened to Mingfa? It used to be super lively here, but now the vacancy rate for shops is so high.

Living in China gives you a great sense of security; you can sleep anywhere you go. These people are all here for temporary work; they haven't rented a place and are sleeping under the bridge. You can even hear them snoring. Public security in Tong'an, Xiamen is also very good. I work the night shift, and every time I get off work late, I walk on the road alone without any fear because the security is so good, I feel very reassured. Rainbow Beach is also full of tourists sleeping; they just set up tents like this, as long as it's a park, as long as they can find a spot for a bed. Look at these temporary shelters, they are all sleeping soundly, that person is snoring. Thank you to the leaders who manage public security for doing such a good job. These people sleep here day and night because they came out to work, and after working for ten or twenty days, they can't bear to rent a house, so they just sleep under the bridge.

Have you noticed that there are fewer and fewer people in Xiamen? I once went to the area outside the island for a meal, and that restaurant is one we go to often; it's usually packed with people. But the last few times I went, it seemed like there was no one there. So I asked the boss, and the boss said everyone went to the island. Then one day I went to the island to eat, and I asked the boss the same question, and he said everyone went outside the island. Have these people disappeared?

What does Xiamen have a lot of? I'm in Xiamen, Fujian, and I want to ask everyone: Beijing has a lot of officials; Shanghai has a lot of rich people; Hong Kong has a lot of actors. So I want to ask everyone, what does Xiamen actually have a lot of?

I've been working in Xiamen for ten years, and never have I felt this panicked. Large-scale price cuts, widespread shop vacancies, mass rights defense by property owners, mass unemployment, and a large number of debtors losing their credit. So, what is the root cause of so many problems?

Let's take a look at the Taiwan Town in Pingtan. This Taiwan Ancient Town, Taiwan Town, is also completely desolate! There is a duty-free shop in front, but we can go take a look.

This Taiwan Town, the scale is still there.

It's just that there's no one around. Let's look at this Pingtan No. 1 Duty-Free, the entrance to the duty-free city. I don't know what to buy, I searched and found quite a bit. I don't know what else to eat, there's nothing good to eat anymore. Is this a place for live streaming? This is for the god-parading, Kinmen Kaoliang liquor. Men Tiaogen, relax a bit, change.

So tired. Don't want to buy anything.

This trip wasn't in vain, I can take a photo with Sun Moon Lake. Came out of that thing, yeah, nothing much.

Look.

Because this is how it is, after walking around the duty-free shops, basically many of them have closed down. Finally, when leaving, I actually had to scan my ID card. Taiwan Town is just like this, so quiet.

In Xiamen, with a monthly salary of 3,000 to 4,000 yuan, can you really retain talent? Today, I was chatting with a driver, he's a driver, and he said his salary is only 3,000 to 4,000 yuan. Why is it so expensive? Doesn't your company pay for it? A part of it.

How could the company pay for you? I've been driving for over thirty years, it's always been one insurance. For a period of time, I had to pay for it myself, the company only pays half.

Yeah, in that case.

Even if you are older in Hangzhou, sometimes it's still not enough, so your life is about the same as some young masters who need to earn money to spend.

Nini.

Now. Believe.

Four thousand yuan, that's really not enough to live in Xiamen.

And the company didn't pay social security, didn't pay social security. He said if he pays it himself, it costs 1,500, because I also pay my own social security, it's 1,490. So, in this process, even if you count his salary as 4,000, he only gets 2,500 in hand. He said every year, he has to, uh, borrow from relatives and friends or just borrow external debt, borrow 20,000 yuan to maintain his expenses. He said the city of Xiamen is too difficult, there are many fewer people, and their taxi drivers are also having a very hard time. He said he has been driving a taxi for thirty years, his entire youth, even if he started at twenty-five, he is now fifty-five, so most of his life has been spent in Xiamen. What kind of city is Xiamen? How long have I lived here? I came to Xiamen in 2015, now it's 2026, it's been over eleven years.

One hundred this year.

My impression of it, its most prosperous time was during the BRICS Summit in 2017, it was truly crowded, people everywhere. After the BRICS Summit, some people dispersed, and then another population decline occurred between 2023 and 2024. I hope the Xiamen government keeps it up.

Well, if we're talking about the ultimate scam in a lifetime.

I've been working here for eighteen years, and I haven't even been able to buy a single apartment. Back then, they weren't even allocated; they were over 8,000 per square meter, 8,000 at the time.

Wow, back then.

In '88, in '88, I was here, and everything here was a mess. In '88, I was struggling in Xiamen again. You see, that's what you call a 'wage slave' thing.

So how many did you buy in your hometown?

The eldest one just went bust, oh my god!

Is there no one regulating prices in Xiamen? I just went to eat a bowl of satay noodles, and with just a few fish balls, dried tofu, and a tiny bit of oyster, it actually cost seventy. I passed by a bakery, grabbed two bags of toast, and it was over thirty at checkout. That money would have been enough for me to buy a catty of Zhangzhou pork. What's even more ridiculous is the parking fee; I only parked for a little over an hour, and scanning the code to pay cost twenty yuan. Why are prices in Xiamen like this now? Are there any friends in Xiamen who can tell me the reason?

Recently, a new type of 'poor person' has emerged in Xiamen, with nowhere else to turn. Hey, don't get me wrong, they aren't the kind of people who split bills or smoke cheap cigarettes; on the contrary, they are all decent people in Xiamen who own homes and cars. Those with homes worry about monthly mortgage payments; those with cars are afraid to step on the gas. The women wear exquisite makeup; the men wear crisp shirts. Hey, everyone has the latest iPhone, but their WeChat balance is often less than a hundred yuan. They use six-digit passwords to protect three-digit savings. On the surface, they look infinitely glamorous, but in reality, their pockets are cleaner than their faces. The bitterness is something only they know. You look at their social media, and it's all check-ins at various trendy influencer shops. But when they get home, they boil a bowl of noodles, add an egg, slice up a sausage, and that counts as improving their diet. Society has really progressed, hasn't it! When people are this poor, you can't see a single trace of it on the outside. Do you have such 'new poor' people around you? Feel free to chat in the comments section.

The old street that used to be packed with people is now cold and deserted; you can't see anyone. Everything is up for sublease, sublease. It used to be so crowded you couldn't move.

It's fine, it's fine, it's fine.

The wind is roaring, making the air turn cold.

It's tough. How many places in Xiamen are just putting up a sheep's head but selling dog meat? They told me on the job platform it was a part-time English job, and now they tell me I have to work full-time, 3,000 yuan, on call 24/7.

I can't find a job at all. I've been in Xiamen for four or five days now.

The employment environment in Xiamen is really grim. From what I know, several companies are cutting salaries, and some companies can't even pay wages. I was thinking about the kids starting school, so I focused my efforts, and in two weeks I sent out many, many resumes, specifically for positions where I had previous work experience, but I didn't get a single interview. The only one that offered me an interview was a part-time sorter job, twenty yuan per hour, and I had to work every weekend and holiday. But I have to take care of my kids, so I can't do that. I really feel it's too hard, too hard. As a middle-aged unemployed woman, I feel the job opportunities are just too slim.

If you go to Gulangyu, Zhongshan Road, or Hexiang West, which were once the most prosperous commercial districts, you'll see for yourself. Every shop on the street has 'For Rent' signs posted; even old shops that have been open for decades can't hold on anymore. Small shops go without saying—one opens and another closes. Big companies are either laying off staff or stopping pay. This current situation is really leading to more and more people delivering food and running courier services. It has basically reached a state of saturation. Many people really have no better choice, so they can only choose to do odd jobs or ride-hailing to make ends meet. The city of Xiamen is currently experiencing the growing pains of high consumption and low income. Many adults in Xiamen are basically unable to support their whole families.

It is now 7:59 PM Beijing time. What's wrong with Xiamen? It's 7:58 PM in a Xiamen shopping mall, where did all the people in Xiamen go? It's empty, the whole mall. How can the economy be this bad now? How can it be bad to this extent? I walked around, no one, it's empty.

Who can tell me, at Baolong, why are the shops downstairs, these street-side shops, and over there, able to stay empty for so long, empty for several years and unable to be rented out? And right next to it is a subway exit, why can it stay empty for so long, empty for several years and unable to be rented out? Baolong, what is the reason? Does anyone know?

I just took a walk around the Xiamen Wanda Plaza in Hubin, and I saw nearly twenty businesses all up for rent. I originally wanted to come here to grab a power bank, but there was no machine. If Wanda were to install shared power banks here, the payback period would be at least fifty months. See this whole row? Did you see that? All of them are being subleased, transfer and rent, it seems they haven't been able to sublease them for half a year now, rent and transfer.

What is going on here? This one too. Pressure, also a transfer.

This one is also for rent, and this one is for rent too.

This bookstore has been transferred.

For rent and transfer, yet another one. This shop probably hasn't been able to rent it out for a whole year, huh, ah, it's closed too, must be over half a year by now.

The economic recession storm sweeping across the Chinese Communist Party's realm has poured a bucket of cold water on Xiamen, turning this tourism pearl that once bustled day and night into an exceptionally desolate and bleak sight, leaving people deeply sighing with emotion. Strolling through the once bustling streets and prosperous commercial districts, what now meets the eye are only rows of storefront transfer signs that have weathered the wind and sun, long since faded, year after year yet consistently drawing no interest. The shocks brought by stagnant exports, factory layoffs, and the winter of the tourism industry have pushed local residents into a cruel paradox, bitterly enduring the high prices of a tier-one city while helplessly drawing meager wages akin to a tier-three city. The harshness of the era has also exposed the tragedy of the new poor, who carry heavy mortgages and car loans, looking glamorous on the outside while their bank accounts are completely empty, forced to meticulously budget and haggle just to get by. And while the middle class is still struggling in consumption traps, at the bottom of society, tens of thousands of laborers who have exhausted all hope can only wipe away their tears and gloomily flee back to the countryside, or heartbreakingly pitch tents under bridges, barely hanging on, gritting their teeth just to scrape together a glimmer of survival in this economic winter.

It's like this, I feel that, for any country, actually given China's current economic situation, I think everyone would already fall into a state of panic, just like the Great Depression. Only the Chinese Communist Party can still, ah, shamelessly come out and say that everything is flourishing for us and the economy is still developing at a high speed. I think only they can pull that off, I honestly still admire them for that point.