POPA ReconChina's gig economy (53million food delivery and ride-hailing workers) has become the absorber for surplus labour displaced by the property…
China's gig economy (53million food delivery and ride-hailing workers) has become the absorber for surplus labour displaced by the property bust, factory automation, and weak consumption But it's saturating: drivers queue 7-10 hours at airports for fares, and per-order delivery fees have fallen 20-50%, pushing incomes toward subsistence. The deeper problem is that labour demand is falling faster than the shrinking workforce - the result is deflation, record-low 3.4% urban wage growth, and a "fragile balance" where underemployment is masked by a meaningless 5% official jobless rate. Source
The excerpt is quoted from a public Telegram channel, which owns its text.