China’s slowing economy puts the brakes on marriage
Younger generation say uncertain job prospects mean they can’t afford to tie the knot
16 January 2024 - 11:26
byNicoco Chan
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
The Chinese national flag in Beijing, China. Picture: REUTERS/THOMAS PETER
Shanghai — Victor Li is determined to get married soon, though like many other young Chinese grappling with an uncertain economic outlook, the well-heeled Shanghai entrepreneur isn’t sure he can afford to.
“It’s very expensive for us to get married, especially in a big city like Shanghai,” the 32-year-old said, as he took a break from a ticketed networking event for wealthier, top university-educated singles at an upmarket Shanghai jazz bar.
“In terms of financial ability, it actually puts a lot of pressure on young people, including me.”
As the world’s second-biggest economy slows, an increasing number of people are opting to remain single due to poor job prospects as a result of record youth unemployment and chronically low consumer confidence. That has led to a record slump in marriage registrations in 2022.
The reluctance to tie the knot is worrying policymakers grappling with a decline in births and a rapidly ageing population in a country that was once the most populous, and where marriage rates are closely tied to birth rates because unmarried mothers are often denied child-raising benefits.
China’s fertility rate is one of the lowest at present, and official data on Wednesday is expected to show the population fell for a second consecutive year, renewing concerns about the demographic decline.
Last year, President Xi Jinping said it was necessary to “actively cultivate a new culture of marriage and child-rearing” to foster national development. Local governments have also announced various measures to encourage new families, including tax deductions and housing subsidies, as well as cash “rewards” for marriages if the bride is aged 25 or younger.
Julia Meng, whose company, Julia’s Events, organised the Shanghai singles event, said an increasing number of people aged 35 and older had effectively “given up” on marriage.
Younger Chinese, such as event attendee Jack Jiang, say they want to get married, but high housing prices, uncertain job prospects and the general economic situation isn’t helping.
“It’s not that we want to be single, it’s the urban structure, economic situation that have led to this result,” the 32-year-old entrepreneur said.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
China’s slowing economy puts the brakes on marriage
Younger generation say uncertain job prospects mean they can’t afford to tie the knot
Shanghai — Victor Li is determined to get married soon, though like many other young Chinese grappling with an uncertain economic outlook, the well-heeled Shanghai entrepreneur isn’t sure he can afford to.
“It’s very expensive for us to get married, especially in a big city like Shanghai,” the 32-year-old said, as he took a break from a ticketed networking event for wealthier, top university-educated singles at an upmarket Shanghai jazz bar.
“In terms of financial ability, it actually puts a lot of pressure on young people, including me.”
As the world’s second-biggest economy slows, an increasing number of people are opting to remain single due to poor job prospects as a result of record youth unemployment and chronically low consumer confidence. That has led to a record slump in marriage registrations in 2022.
The reluctance to tie the knot is worrying policymakers grappling with a decline in births and a rapidly ageing population in a country that was once the most populous, and where marriage rates are closely tied to birth rates because unmarried mothers are often denied child-raising benefits.
China’s fertility rate is one of the lowest at present, and official data on Wednesday is expected to show the population fell for a second consecutive year, renewing concerns about the demographic decline.
Last year, President Xi Jinping said it was necessary to “actively cultivate a new culture of marriage and child-rearing” to foster national development. Local governments have also announced various measures to encourage new families, including tax deductions and housing subsidies, as well as cash “rewards” for marriages if the bride is aged 25 or younger.
Julia Meng, whose company, Julia’s Events, organised the Shanghai singles event, said an increasing number of people aged 35 and older had effectively “given up” on marriage.
Younger Chinese, such as event attendee Jack Jiang, say they want to get married, but high housing prices, uncertain job prospects and the general economic situation isn’t helping.
“It’s not that we want to be single, it’s the urban structure, economic situation that have led to this result,” the 32-year-old entrepreneur said.
Reuters
China posts rise in exports for first time in six months
China’s factory activity contracts for a second month in November
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
Moody’s lowers China’s credit outlook to negative
Urban youths seek a different China dream in rural Dali
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.