Arthur Hayes

The data all belongs to the state.

The state says, I want to use this data and to create these AI services, whether that's ride hailing, it's ordering food, it's using your palm to pay for things on WeChat and whatnot, right?

You go to China right now, it might feel like on the tier one cities, I'm not talking about the countryside, I'm talking Beijing, Shanghai, Shenzhen, Guangzhou, the four tier one cities in China, they are the future.

Everything is seamless.

Everything is clean.

Stuff is fucking cheap.

The quality is good.

And this is the future.

But youth unemployment might be 40%.

You have a champion.

You graduate from university.

It's very difficult to get into a university in China.

And if you do get into a university, you graduate, probably 30% to 40% of you will not have a job.

And so you're literally living at home.

You're doing odd jobs.

They call it the lying flat movement.

You have some micro apartment in Beijing or Shenzhen or wherever it is.

But you live.

There's great entertainment.

You've got WeChat.