New Delhi, Feb. 25 -- The year of the fire horse, which began on February 17th, is hardly galloping along for many Chinese. A property bust and chronic deflation have eroded people's assets, incomes and prospects. Residential property, where Chinese people store the bulk of their wealth, has lost a fifth of its value on average since 2021. Wage growth is weak. And youth unemployment is hovering around 17%. Some graduates find themselves forced into precarious employment in the gig economy. Others say they are choosing to "lie flat" rather than look for a job.

But in a sea of people losing, one group is winning. They are what Xi Jinping, China's leader, calls nongchaoer: a Chinese term referring to those who "ride the tide" of great econo...