This is the best summary I could come up with:

HONG KONG — Online influencers known for their luxurious lifestyles are disappearing from Chinese social media amid a government crackdown on conspicuous displays of wealth.

Videos he posted online, the veracity of which could not be verified, appeared to show his maids, numerous Hermès handbags and expensive sports cars that he had purchased.

China’s Cyberspace Administration, the national internet regulator, announced a campaign in April against influencers who “create a ‘wealth-flaunting’ persona, deliberately showcasing a luxurious life built on money, in order to attract followers and traffic.”

In 2022, officials issued a “code of conduct” for livestream anchors prohibiting them from “displaying or hyping a large number of luxury goods, jewelry, cash and other assets.”

Young people in China are also struggling in an intensely competitive job market, with some of them choosing to “lie flat” and withdrawing from society or seeing content creation on social media as the only viable career.

Lai, who left Douyin amid criticism from other users over her sales tactics and lifestyle, said there were “concerns about young people today seeing too much of this stuff and not focusing on their studies anymore, getting caught up in this excessive, greedy materialism.”

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