Shenzhen is at the forefront of an economic slowdown spreading across Guangdong, a province once seen as China’s growth engine. Streets and shopping districts in both Shenzhen and Guangzhou, normally full of shoppers and commuters, now appear empty. Videos on Chinese social media show deserted malls, quiet business streets, and transit hubs with few people. Many stores are closed, while others display “for rent” or “transfer” signs. Job seekers report rising difficulty finding work, and some residents are returning to their hometowns.
One video narrator asked, “Are shopping malls in Shenzhen really this empty? You barely see anyone. Brick-and-mortar shops are struggling. Is it the same in your city?”
In a widely shared clip, a property manager described a surge in empty spaces. “My entire floor used to be fully rented,” he said. “Now four of six units are empty.”
Reports indicate layoffs and wage cuts across large companies and small businesses. A resident noted, “Many big companies in Shenzhen are cutting staff or reducing pay. Smaller businesses can’t afford salaries. Street-level shops are closing. Few are making money now.”
Living costs remain high while incomes stagnate. Another interviewee said, “If you don’t live very frugally, you can’t even pay your mortgage. People want to spend, but there is no money.”
Guangdong was China’s first special economic zone. Between 1978 and 2018, per capita GDP grew over 220 times. The province eventually surpassed South Korea in economic output, known for manufacturing and exports.
This model is under strain. Trade tensions with the U.S. and a broader downturn have slowed growth, affecting multiple industries in Guangdong. Videos show areas in central Guangzhou and Shenzhen, once crowded, now mostly empty. Job losses are mounting, and many residents feel uncertain about the future.
A shop owner warned, “About 90 percent of physical stores in Shenzhen won’t survive this winter. Since September, businesses from fruit sellers to clothing shops are barely holding on.”
Residents describe a growing gap between official figures and reality. While online reports claim average monthly incomes exceed 10,000 yuan, many earn only 4,000–5,000 yuan. One office clerk in Longgang district recalled earning 2,300 yuan monthly, paying 1,600 yuan for a room with no sunlight.
In Guangzhou, business districts such as Panyu, Haizhu, and Tianhe are quieter than expected. “At lunchtime, few people eat out. Most orders are for delivery. Entire buildings are empty,” said a local shop owner.
Dongguan, a major manufacturing hub, has seen companies relocate abroad due to trade pressures. Factory closures have affected nearby restaurants and service businesses. Remaining firms use rotating shifts, unpaid leave, or encourage resignations to cut costs.
A garment factory worker in Guangzhou said, “Orders are gone. People are heading home for the Lunar New Year early. That’s unusual.” Another factory owner added, “Five factories have closed here in five years. Rent alone is 15,000 yuan. You never know who will close next.”
China’s National Bureau of Statistics reported broad economic deterioration in November 2025. Industrial output grew 4.8 percent year-on-year, down from 4.9 percent in October. Retail sales rose only 1.3 percent, the weakest since December 2022 and below expectations. Growth has slowed for six straight months, the longest stretch since 2020. Fixed-asset investment fell 2.6 percent over the first 11 months, likely marking the first annual decline since records began in 1998.
The official data aligns with social media reports of shop closures, layoffs, and low foot traffic across Guangdong. Shenzhen’s economic slump now illustrates the wider challenges facing China’s once-thriving southern cities.
