Pakodanomics in China.

"When China was in the midst of a pandemic-induced economic slump in 2020, then Premier Li Keqiang touted the idea of creating jobs by encouraging street vendors to set up shop across the country. The pitch was shot down by close associates of leader Xi Jinping," but "In a major policy reversal 'the street vendor economy' is making a comeback," because "The urban unemployment rate for 16- to 24-year-olds hit a record high of 20.4% in April." CNN. Zibo, "a little known factory town became a sensation for its outdoor barbecue stalls." China must have learnt from India where, in January 2018, Prime Minister Narendra Modi said that selling pakodas (fried snacks) should be considered as employment. wikipedia. As a mark of protest, unemployed youngsters in Bengaluru started selling pakodas outside the offices of the BJP which is Modi's party. TNIE. "Most of the employed persons in India are poorly educated," wrote Mahesh Vyas, CEO of Centre for Monitoring Indian Economy (CMIE). "48% of the workforce had not even cleared their 10th exams 28% had cleared between 6th and 9th standard and 20% had cleared only the 5th standard." "Only 12% of the workforce was a graduate or a post-graduate. For reference, that ratio in the USA is about 44% for persons of 25 years or more." That is why the US is such a draw for educated Indians. "The United States' gun culture and the increasing number of shootouts worries Indian parents and prospective students, but the allure of a prosperous future outweighs the concerns for safety." The Print. In 2021-22, 75,000 Indian students enrolled in the US, of which 30% were from Hyderabad. "One in four Telugu families had an American connection, the former US Consul General (Hyderabad), Joel Reifman, had said in March 2021." "Ever since the pandemic, American companies big and small have been scrambling to find enough workers to stay fully staffed," newsyahoo.com. Exact opposite of what is happening in China and India. "As the US economy teeters on the brink of recession, Wall Street is already enduring what could turn out to be the most prolonged corporate profits downturn in seven years." ET. "Companies have resorted to laying off workers, with tens of thousands of jobs culled across industries, from tech to retail." And yet, "Ask anyone who is hiring these days. and they'll tell you something curious: It remains incredibly hard to find and hire enough qualified people for the roles they are desperately trying to fill." Meanwhile, Chinese companies are setting up factories in Mexico to bypass US restrictions on Chinese goods. "Chinese companies have no intention of forsaking the American economy, still the largest on earth. Instead, they are setting up operations inside the North American trading bloc as a way to supply Americans with goods." ET. With new companies come new jobs, but not for the Chinese. "Many Chinese are eager to invest in a residence overseas, keen for a safety net in case of a similar disease (like Covid) outbreak, and also to hedge against economic risks at home."Reuters. They must have the money to do so. Those left behind open street stalls. Like selling pakodas.