China’s economic rocket ride appears to be ending – or slowing, at least. Growth has declined from 8.4% in 2021 to 4.5% today, youth unemployment has climbed to 16.9%, and cities are filled with unfinished buildings after the collapse of property developer Evergrande in 2024.

For a while now, a phrase has been buzzing on Chinese social media sites Weibo and RedNote to describe what’s happening: “garbage time”.

Borrowed from basketball slang, it refers to the final minutes of a game whose outcome is already decided. The best players sit out. The bench players take over. No one tries as hard because there’s less at stake.

The term caught on last year and seems to capture a mixture of sadness and dark humour. Basically, people now seem to expect less. It’s not so much an economic crash as a slow decline of hope.