![](https://sopuli.xyz/pictrs/image/5e73f3be-9ce0-4ce1-b44b-4c0b998e05aa.jpeg)
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I think it is also related to the economy as a whole. While the pandemic was dragging on and on, inflation got much higher and central banks responded by increasing the interest rates. As a result, investors no longer had access to infinite free money.
Turns out, there are lots of companies that relied on constant funding instead of actual revenue. Those companies are undergoing some major changes at the moment.
Our perception of it is also highly distorted due to the bubble we live in. Chinese are living in a different kind of bubble where everyone can more or less understand each other, as long as they stick to the written form. The languages may be different, but they are written using the same system, which makes communication possible. Also, the Great Firewall of China keeps Chinese people inside that bubble and foreigners outside it.