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Some wealthier Chinese say they can't afford marriage

STORY: Would you attend a masked party to find the one?That's the idea behind this matchmaking event organized at an upmarket jazz bar in Shanghai for wealthier, top university-educated singles. Entrepreneur Victor Li is one of the participants. He is determined to get married.But like many other young Chinese grappling with an uncertain economic outlook, he isn't sure he can afford to.“It's very expensive for us to get married, especially in a big city like Shanghai. For example, if we get married, we need a place to settle down, and having a house is definitely an essential.// In terms of financial ability, it actually puts a lot of pressure on young people, including myself.”The reluctance to tie the knot is worrying policymakers.China is grappling with a decline in births and a rapidly aging population. The country's fertility rate is currently one of the world's lowest. Local governments have announced various measures to encourage people to form new families. including tax deductions and housing subsidies, as well as cash "rewards" for marriages if the bride is aged 25 or younger.Still, many wealthier Chinese are choosing to stay single due to poor job aspects. Youth unemployment is high and consumer confidence is chronically low. That all lead to a record slump in marriage registrations in 2022. Julia Meng owns the company that organized the masked matchmaking event in Shanghai. "From what I've observed, people over the age of 35 seem to just give up. They give up the idea of getting a partner. They may feel singlehood can be pretty good too and find a balance. But the group of people who don't want to be single are usually between the ages of 30 and 35."