Core Viewpoint - The article focuses on the current situation of migrant workers in China, highlighting that the number of migrant workers reached 300 million in 2024, a historical high, with significant changes in employment, wages, and consumption patterns [2][5]. Group 1: Population Flow - In 2024, migrant workers primarily flow to the eastern regions, but the net inflow has decreased by approximately 4.5 million compared to 2019 [2][5]. - The total number of migrant workers is 300 million, accounting for 41% of the total employment in China, with major sources being the eastern and central regions [5][14]. - The net inflow of migrant workers in 2024 is concentrated in the eastern region, with a net increase of 4.834 million, while the central region has seen a decrease in outflow [5][14]. Group 2: Employment - Employment among migrant workers is concentrated in manufacturing, construction, and wholesale retail, with 83.62 million, 42.86 million, and 40.76 million workers respectively in 2024 [6][17]. - There is a marginal outflow from the construction industry to manufacturing and the tertiary sector, with a decrease of 2.96 million workers in construction [6][19]. - Compared to 2021, the construction sector has lost 12.72 million workers, with manufacturing and wholesale retail absorbing a significant portion of this outflow [7][19]. Group 3: Wages - The average disposable income for migrant workers in 2024 is 4,961 yuan, reflecting a year-on-year increase of 3.8%, which is slightly lower than the national average [8][22]. - Wages vary significantly across industries, with construction experiencing a wage growth of 4.6% despite a decrease in employment, while manufacturing saw a 4.1% increase in wages alongside employment growth [8][24]. - The article categorizes six key industries into four types based on employment and wage trends, highlighting the differences in wage growth and employment changes across sectors [8][24]. Group 4: Consumption - Historically, migrant workers have focused more on goods consumption, but there is a recent shift towards increased service consumption, particularly in education, housing, and entertainment [9][30]. - In 2024, the enrollment rate for migrant workers' children aged 3-5 is 94.5%, indicating a significant increase in educational spending [10][30]. - The average living space for migrant workers has increased to 24.7 square meters, suggesting a rise in housing expenditure despite a slight decrease in rental prices [10][30]. Group 5: Economic Perception - The GDP growth rate from the perspective of migrant workers has consistently outpaced the official GDP growth from 2020 to 2024, indicating a K-shaped recovery during the pandemic [3][31]. - In 2023-2024, the GDP growth rate for migrant workers remains higher than the official rate, reflecting a recovery in low-end consumption [3][31]. - By the first quarter of 2025, the GDP growth rates for both migrant workers and the official figures are expected to converge, suggesting a shift in consumption dynamics influenced by policy direction [3][32].

Group 1: Labor Flow - In 2024, the total number of migrant workers reached 300 million, accounting for 41% of total employment in China[4] - The net inflow of migrant workers to the eastern region decreased by approximately 4.5 million compared to 2019, indicating a slowdown in labor flow[4] - The net inflow of migrant workers in 2024 was concentrated in the eastern region, with 4.83 million, a year-on-year increase of 410,000[4] Group 2: Employment Trends - In 2024, employment in the construction industry decreased by 2.96 million, while manufacturing and retail sectors saw increases of 1.8 million and 1.49 million, respectively[5] - The construction industry accounted for 14.3% of total migrant worker employment, while manufacturing and retail accounted for 27.9% and 13.6% respectively[5] - Overall, migrant workers are shifting from construction to manufacturing and the tertiary sector[5] Group 3: Wage Dynamics - The average disposable income for migrant workers in 2024 was 4,961 yuan, a year-on-year increase of 3.8%, but still 1.5 percentage points lower than the national average[6] - Wage growth varied significantly by industry, with construction wages increasing by 4.6%, while service sectors like transportation and repair saw lower growth rates of 1.5% and 3% respectively[6] - The construction industry is categorized as "shrinking but maintaining price," with a job growth rate of -6.9% but a wage increase of 2.2 percentage points[6] Group 4: Consumption Patterns - Migrant workers' consumption has shifted from goods to services, with significant growth in education, housing, and entertainment expenditures[9] - The enrollment rate for migrant workers' children aged 3-5 in 2024 was 94.5%, up from 90.9% in 2023, indicating increased spending on education[9] - The average living space for migrant workers increased to 24.7 square meters per person, reflecting a rise in housing expenditure despite a slight decline in rental prices[9] Group 5: Economic Perception - The GDP growth rate from the perspective of migrant workers was consistently higher than the official GDP growth from 2020 to 2024, indicating a K-shaped recovery in consumption[10] - By the first quarter of 2025, the GDP growth rates for migrant workers and the official GDP were nearly aligned at 5.47% and 5.40% respectively, suggesting a convergence of economic experiences[10] - The future opportunities for consumption will largely depend on policy direction, as previous recovery patterns appear to have ended[10]