The result has been so steep and unrelenting a fall in real estate prices that elderly people, like my friend’s parents, can’t sell their apartments to pay for nursing or assisted living. And they are hardly the only ones affected by the downturn. Doctors find themselves squeezed — many patients don’t have money for operations — while businesspeople sit on their hands, unwilling to make investments in so unpredictable an environment. Many college graduates, faced with a grim job market, are essentially dropping out, or “lying flat,” as it’s called in China. Not even schoolchildren, it seems, have been spared the general despondency. As one teacher I spoke to observed, when the society is sick, the children pay the price. Too many parents know a child who has had to leave school because of depression.

Of course, for all of this the West is scapegoated — having opposed, people say, China’s rise — as is China’s other favorite enemy, Japan, whose brutal 1930s invasion and ensuing occupation of China still rankles. (One sequence of a CGI video shown in my recent Shanghai spin class featured huge coronaviruses studded with Japanese temples.)

Whoever is to blame, emigration is on the rise. According to U.N. figures, more than 310,000 Chinese left the country in each of the past two years, a 62 percent increase from the earlier average of around 191,000 per year over the decade through 2019. Those in Shanghai with the means to do so talk endlessly about “running away,” even to officially reviled countries like the United States.

This is not always an answer. One friend of mine has come back to China to stay, having spent six years attending graduate school in Boston, saying she missed the warmth of Chinese family life. And no one has illusions about the difficulty of getting established in another country. People in China speak of a whole new class of emigrants, women who have left high-powered careers to accompany their children to the United States early enough for them to assimilate — ideally, in middle or high school. As for the fruits of their sacrifice, it’s too early to say. Can the children really become Westerners? Will they — like me decades earlier — become the foreigners?

Things in China could change. Those “lying flat” are not asleep. They are watching and could someday rise up. But in the meantime, people in Shanghai are simply, as they put it, “xin lei”: Their hearts are tired.