It's Chinese youth basically giving up on the prospect of the careers they were planning for , sometimes just staying with their parents and giving up on the job search. I think it comes from caving to too much family/societal pressure and instead adopting a "fuck this" attitude. The Chinese term is Bai lan (摆烂)

See also "tang ping" (lying flat, 躺平)

The media environment in China is murky at best so I'm honestly not sure how much of it is a real phenomenon and how much is propaganda of some sort.

*edited a typo