China is also getting rid of low end assembly manufacturing and trying to go over to a headquarter economy like Tokyo, New York etc. Naturally, there are hundreds of thousands of workers unemployed with little prospect of getting another job.
For example, Shenzhen, which went for a sleepy Chinese village of 500,000 to 18 million with all the low end assembly manufacturing jobs, is now falling back towards its original population.
This is repeated all across China’s economic sectors.
Given the way they treat the creators of their “headquarters economy” in Hong Kong, I suspect that under Xi they will not be so successful. It will take more progressive elements in China to allow the freedom and creativity that have nurtered the headquarters economies of Tokyo and Singapore. Under current conditions, I suspect the most creative minds in China are doing their best to relocate elsewhere, or biding their time so they don’t get in trouble now.