Two kids dressed in hanfu, traditional Chinese costume celebrate the Dragon Boat Festival following the traditional customs in Zhengzhou, capital of Henan province, June 6, 2016. [Photo/VCG]

1. Where do family and friends fit in?

The researchers found that family and friends are the primary source of happiness of those born in the new century.

In all surveys conducted in 2005, 2010 and 2015, "happy family" tops most respondents' list and its importance increases in 2005, with 55.2 percent placing it on top, and 59.4 percent in 2015.

"True friends" takes the second spot, with the preference rising sharply by 7 percentage points to 46.9 percent in 2015.

But the number of respondents who placed importance on "contribution to society" and "successful career" gradually shrank in all the three studies.

The report indicates that the new generation places more importance on personal happiness and development than pursuit of social values, compared with the post-90s generation.

An expert explains that the differences are due to the changing social environment. The post-90s generation grew up under the impact of reforms and opening-up and market economy. Their values are more diversified and they focus more on career and social contribution. On the other hand, the new century generation grew up in a more mature market economy. In a more developed society, many assume that only realization of personal value can lead to happiness.