How to get rich in modern China
The Economist
February 24, 2026
AI-Generated Deep Dive Summary
China’s economic landscape is facing significant challenges, with many citizens struggling due to a property market downturn, deflation, and high youth unemployment rates. Despite these obstacles, it is nongchaoer—entrepreneurs from rural backgrounds—who are emerging as success stories in modern China. These individuals are capitalizing on opportunities in underserved markets, often by leveraging their unique perspectives and experiences to build innovative businesses.
The property bust has hit Chinese households hard, with residential property values dropping by around 20% since 2021. This decline, combined with weak wage growth and a youth unemployment rate hovering near 17%, has created widespread economic uncertainty. Many young graduates are either forced into precarious gig economy jobs or choosing to disengage from the workforce through a phenomenon known as “lying flat,” where they opt for financial safety over career ambition.
Against this backdrop, nongchaoer are standing out by identifying gaps in rural services, e-commerce, and other sectors. Their success highlights the potential for innovation and entrepreneurship to thrive even in challenging economic conditions. As China navigates its current economic headwinds, these stories of resilience and creativity underscore the importance of supporting small businesses and local entrepreneurs who can drive growth and stability.
For business readers, understanding how nongchaoer are navigating these challenges offers valuable insights into market dynamics, consumer behavior, and entrepreneurial strategies. Their ability to pivot and adapt in a tough economic environment serves as a blueprint for innovation and resilience in both emerging and established markets. As China’s economy continues to evolve, the rise of these unconventional entrepreneurs signals a shift toward more localized and dynamic business models that could shape the country’s future economic landscape.
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Originally published on The Economist on 2/24/2026