Alice Han and James Kynge look at why, for the first time in decades, China's new Five-Year Plan sets no numerical target for urban job creation. With unemployment at 5.1%, producer prices at a four-year high, and AI anxiety rippling through the labor market, what does it mean when Beijing, a government that treats jobs numbers as sacred, stops setting one? Then: Tencent is in talks to become the largest shareholder in Manus, the Chinese AI agent startup Meta tried to buy for $2 billion before Beijing forced the deal to unwind. Alice and James unpack why Chinese regulators intervened, what happened to Manus's founders, and what this all signals about Beijing's grip on its AI sector. Finally: Gen Z in China is skipping the megacities. Alice and James dig into why more young people are choosing Tier 3 and Tier 4 cities over Beijing and Shanghai, and whether it's a lifestyle choice or a symptom of a tougher economy. 00:53 Vitals 01:18 Economic indicators from unemployment to inflation raise flags 20:01 Tencent could buy Manus back from Meta 32:39 Why Gen Z is moving to smaller cities across China 46:17 Predictions Subscribe to China Decode on Substack for weekly analysis, livestreams, and deep dives into the biggest story shaping the global economy: chinadecode.profgmedia.com