Latest news with #SteveTsang
ABC News
12-05-2025
- Business
- ABC News
China and US agree to 90-day pause on tariffs
US President Trump described it as a 'total reset of the trade relationship' but in the last hour we learned a little more of the substance of the weekend's negotiations between the United States and China in Switzerland. The duelling powers have agreed to a 90-day pause in their implementation of tariffs on each other's imports. In a press conference in Geneva, US Treasury Secretary Scott Bessent said both countries will reduce their tariffs by 115 per cent. Guest: Professor Steve Tsang, Director of the China Institute at SOAS - the School of Oriental and African Studies in London, and an Associate Fellow at Chatham House.
Newsweek
23-04-2025
- Business
- Newsweek
China's Economy Faces Rise of 'Rat People'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. China's economic headwinds and demanding work culture have given rise to a new trend among its young people. In an evolution of the "lying flat" movement of 2021, which spawned the trend of doing nothing, a growing number are rejecting the hustle and embracing a shut-in "rat person" identity. Why It Matters The world's second-largest economy soared in the 2010s, fueled by fierce competition and a tech boom culture championed by the likes of Alibaba founder Jack Ma. That gave rise to the notorious "996" work schedule—9 a.m. to 9 p.m., six days a week. But young Chinese today face a shakier economic situation, stagnating wages, and a rising cost of living. Unemployment among 16- to 24-year-olds not in school in urban areas stood at 16.5 percent in March. Newsweek reached out to the Chinese Foreign Ministry by email with a request for comment. A young woman sits on a flight of stairs waiting to sell flowers in Chongqing, China, on February 14, 2025. A young woman sits on a flight of stairs waiting to sell flowers in Chongqing, China, on February 14, To Know Steve Tsang, who heads the University of London's SOAS China Institute, told Newsweek the trend is an act of rebellion among young Chinese who feel trapped in a "pressure cooker environment." Some young professionals have begun to stop trying—at least for now—disaffected and overworked, with some dropping out of the workforce entirely. Chinese social media is abound with netizens posting often playful musings about their lives as "rat people," saying they're spending entire days in bed, surfing the internet, and eating takeout. "A day of low-energy rat-person travel: eating alone, ordering takeout for everything," wrote one netizen in a post alongside photos of mung bean porridge and various other dishes she ordered. Another person defended their reclusive lifestyle: "When my energy is low, I become a rat person. Is it really that hard for people to understand?…Don't talk to me—let me recharge." Behavior associated with "rat people" is more extreme than that associated with "lying flat," with associated social media posts the antithesis of the influencer routines found on social media. "Lying flat was: 'I might not be doing anything, not working a 9-to-5, but still doing things that I like,'" Ophenia Liang, the director of Asia-focused marketing agency Digital Crew, told Business Insider. "The rat people want to be the exact opposite of the rest of the self-disciplined and glamorous internet that goes to the gym." Unlike their parents, who benefited most from the boom and were able to put away more savings, Gen Z and many millennial Chinese have entered the workforce under more difficult conditions. However, Liang pointed out, they are also the first generation with enough family support to afford to step back—children of those who reaped the most from China's economic rise. What People Are Saying Steve Tsang, director of the University of London's SOAS China Institute, said: "[Chinese President] Xi may want young Chinese to focus and work hard to make China a technology and innovation powerhouse, but he cannot succeed if people are not interested in doing so. "Obviously, 'rat persons' are still very much a tiny minority at present and thus not really a big issue for the economy. But if it goes mainstream, the Communist Party will have a problem." What's Next China's government in March announced sweeping plans to spur the economy, including efforts to "boost work-life balance." That's on top of 2023 measures expanding internships and vocational training programs and offering some employers subsidies to hire younger workers. With a record 12.22 million students set to graduate this year, it remains to be seen how effective these measures will be.
