Meet the typical Chinese millennial, who makes $22,000 a year but has no student debt, grew up in an economic boom, and has learned how to out-hustle everyone else

Cheryl Teh,Matthew LohJul 30, 2021, 14:23 IST

Chinese millennials face similar challenges to American millennials, including rising debt and staggeringly high home prices.Dan Porges/Getty Images

There are 400 million millennials in China, five times more than in the US.
A quarter of them have degrees, but rarely have student debt because going to college is cheap.
They were the first to grow up during China's economic reform, and thus the first generation in the country to enjoy true financial freedom.

Chen Hai Ying, 39, lives in a six-story, 10,000-square-foot house in Guangzhou. Life is good for the designer, who runs a 3D printing business and earns $15,000 a month. But getting here hasn't been easy.

After leaving home at 18, juggling jobs, and working part-time to get through community college, Chen Hai Ying, is now the spitting image of the Chinese Dream. Chen Hai Ying

Chen Hai Ying, 39, lives in a six-story, 10,000-square-foot house in Guangzhou. Life is good for the designer, who runs a 3D printing business and earns $15,000 a month. But getting here hasn't been easy.

China's millennials are the country's first privileged generation.

China’s millennials were brought up by a generation known for its intense grit, but they entered the workforce at a time when the country was blossoming. Zhihao/Getty Images

Many Chinese millennials are homeowners - and those who aren't have their sights set on becoming homeowners.

Fan Qing, a 35-year-old social worker, is single and currently rents an apartment with some friends. One of her conditions for marriage is owning a house with her future husband. Fan Qing

Chinese millennials have basically no student loan debt because school is so cheap.

University courses in China are far cheaper than in the US, and can go as low as $550 a semester. Tian Yuhao/China News Service via Getty Images

With so many fresh graduates flooding the market, the job market doesn't look all that rosy for the typical Chinese millennial.

Zhang Xun, 33, left his job as a HR executive to start a machinery testing company. The pay isn't far off from the average salary in China, but he says he's happy. Zhang Xun

When it comes to finances, the typical millennial in China is making about $22,000 a year. That's on par with their debt levels: The typical Chinese millennial has about $20,000 in debt.

Millennials prefer to keep their money close to their chest, but will break the bank for big-ticket items like homes and cars. Hector Retamal/AFP via Getty Images

When it comes to finances, the typical millennial in China is making about $22,000 a year. That's on par with their debt levels: The typical Chinese millennial has about $20,000 in debt.

For many, the image of success is tied to material goods like cars and homes.

Chinese millennials looking to make their mark in life still peg their success to core pillars of success - earning enough to put down a deposit on a house and a car, and getting married to a desirable partner from a good family. Greg Baker/AFP via Getty Images

Online shopping has become something of a national pastime among millennials in China: 77% of respondents in a 2017 survey said shopping on Taobao is their favorite leisure activity.

It's fun to live in a big city in China. But fun often comes with a big price tag. If you're a cash-strapped millennial, nights out might put a strain on your pocketbook. Shanghai TAXX/Weibo

Online shopping has become something of a national pastime among millennials in China: 77% of respondents in a 2017 survey said shopping on Taobao is their favorite leisure activity.

Millennials in China love their luxury brands and are expected to account for a significant portion of the global luxury market by 2024.

Luxury brands enjoy massive sales in China among the younger crowd. Not all Chinese millennials go gaga for expensive products, though. Hector Retamal/AFP via Getty Images

And then there's the matter of marriage. The typical Chinese millennial is either putting off marriage until their late 20s, or not getting married at all.

The typical Chinese millennial is getting married much later than their parents did. This, despite the stigma being attached to young women over the age of 27, who are called "sheng nv," or "leftover women." Zhang Jie/Hua Shang Daily/VCG via Getty Images

Experts say the typical Chinese millennial woman is choosing pets over strollers, and freedom over family.

China’s birth rate hit an all-time low in 2020, prompting the government to raise its quota from two children to three. Nicolas Asfouri/AFP via Getty Images

Delaying marriage and childbirth isn't the only way Chinese millennials are reshaping their country. This year, a new trend emerged: Some Chinese millennials are choosing to reject the rat race and "lie flat."

For some Chinese millennials, being under constant pressure to fulfill generational expectations of starting a family and forging ahead in one's career at all costs holds no appeal. They'd rather lie flat. Yongyuan Dai/Getty Images

Delaying marriage and childbirth isn't the only way Chinese millennials are reshaping their country. This year, a new trend emerged: Some Chinese millennials are choosing to reject the rat race and "lie flat."

The typical Chinese millennial knows the odds are stacked against those who don't come from money or top colleges, but they're willing to hustle for a better future.

There are only a handful of top colleges in China, called the C9 League. Equivalent to the US Ivy Leagues, going to one of these colleges essentially means one has a leg up in almost all aspects of life. But that doesn’t mean the typical Chinese millennial isn’t willing to hustle to get ahead. Tang Yanjun/China News Service via Getty Images)

In comparison to American millennials, Chinese millennials earn less - but they might still be better off financially.

Chinese millennials face similar challenges to American millennials, including rising debt and staggeringly high home prices. Dan Porges/Getty Images

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Meet the typical Chinese millennial, who makes $22,000 a year but has no student debt, grew up in an economic boom, and has learned how to out-hustle everyone else

Chen Hai Ying, 39, lives in a six-story, 10,000-square-foot house in Guangzhou. Life is good for the designer, who runs a 3D printing business and earns $15,000 a month. But getting here hasn't been easy.

China's millennials are the country's first privileged generation.

Many Chinese millennials are homeowners - and those who aren't have their sights set on becoming homeowners.

Chinese millennials have basically no student loan debt because school is so cheap.

With so many fresh graduates flooding the market, the job market doesn't look all that rosy for the typical Chinese millennial.

When it comes to finances, the typical millennial in China is making about $22,000 a year. That's on par with their debt levels: The typical Chinese millennial has about $20,000 in debt.

For many, the image of success is tied to material goods like cars and homes.

Online shopping has become something of a national pastime among millennials in China: 77% of respondents in a 2017 survey said shopping on Taobao is their favorite leisure activity.

Millennials in China love their luxury brands and are expected to account for a significant portion of the global luxury market by 2024.

And then there's the matter of marriage. The typical Chinese millennial is either putting off marriage until their late 20s, or not getting married at all.

Experts say the typical Chinese millennial woman is choosing pets over strollers, and freedom over family.

Delaying marriage and childbirth isn't the only way Chinese millennials are reshaping their country. This year, a new trend emerged: Some Chinese millennials are choosing to reject the rat race and "lie flat."

The typical Chinese millennial knows the odds are stacked against those who don't come from money or top colleges, but they're willing to hustle for a better future.

In comparison to American millennials, Chinese millennials earn less - but they might still be better off financially.