Core Insights - Beijing's new work visa initiative, aimed at attracting global STEM talent, has ignited significant online debate, revealing underlying issues in China's industrial policy [1] - The 'Made in China' campaign has seen success in key industries, yet the collapse of the property sector, which once constituted 32% of the economy, has created a substantial economic gap [2][8] - Consumer spending has shown signs of pessimism, particularly after a recent holiday, with travelers opting for budget-friendly options [3] Industry Analysis - The introduction of the K visa, akin to the US H-1B, comes at a challenging time as China seeks to revitalize travel and consumption post-pandemic [4] - The real estate sector's downturn, exacerbated by government crackdowns on excessive borrowing, has led to a significant economic impact, with property assets representing about 70% of family wealth in China [7][8] - Despite the growth of China's tech industry, which is projected to reach 27 trillion yuan ($3.8 trillion) by 2026, it still lags behind the peak contributions of the real estate sector in terms of GDP and job creation [12][13] Employment Trends - China's tech giants are increasingly noted for job cuts rather than hiring, particularly affecting individuals over 35, highlighting a disconnect between industry growth and employment opportunities [9] - The ongoing jobs crisis, particularly affecting Gen Z, is underscored by the challenges faced by the tech sector in providing sufficient employment [6] - Experts suggest that stabilizing the real estate market will require significant government intervention, including the establishment of a national team to purchase foreclosed homes [10]