Keyu Jin

Especially in China, the tutorialships, the education, you have to buy a house, you have to buy a house for them so that they can get married eventually.

So it's very, very expensive to have a child.

If you have more children, you spend more, but maybe people don't want to have more children because the cost of having a child is so high.

And this is driven by the competition.

And why is there so much competition?

Because there's a one-child policy generation, right?

You want your child to be the dragon or the phoenix, and you put everything into that one child.

That makes the child more anxious, makes the whole environment more competitive.

And in the end, these one child policy children don't want to have a lot of kids because they don't want them to see them suffer what they have suffered.

Right.

So there are all these kind of unexpected consequences, but also changing the social fabric.

I'd like to say that it broke the hierarchy of the family where the parents had the dominant role.

Now the kids are the boss.

They boss everybody around.

They boss the grandparents around.

Yeah.

It relates to the puzzle, the housing puzzle.

How is it possible that the Chinese youth can afford these really expensive real estate with their meager income?

Well, one common saying is that they have six wallets, right?

You and your spouse, together with the parents, and maybe even the grandparents would chip in.