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The downturn in Shanghai's real economy is apparent and has impacted the development of new projects. A hot topic in China's business circles is the reported halt of the 'Golden Central Development Belt' project in Shanghai, planned with a total investment of about 624 billion yuan. Initiated in July 2020 under the leadership of Chinese Premier Li Qiang during his tenure in Shanghai, experts believe the project's suspension reflects a pessimistic outlook on China's economy, governmental budget constraints, and a significant reduction in infrastructure projects.
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China is facing a spiralling debt crisis and a period of deflation which could very well end their 45 years of economic growth and reform.
And there isn’t a simple reason why this is happening, but rather a compounding of policy decisions, unexpected spread of disease, market euphoria, lies and mistakes.
This video includes a history of China's economy, their recent economic problems including the real estate collapse, stock market stagnation and pandemic aftermath, and a deep dive into the current and ongoing debt and deflation crisis in 2024.
TIMESTAMPS
INTRO 0:00
45 YEARS OF GROWTH 1:16
STATE OWNED ENTERPRISE 4:17
CRISIS AFTER CRISIS 5:05
HIDDEN DEBT CRISIS 10:29
DEFLATION SPIRAL 13:47
A Hong Kong court has ordered Chinese property developer Evergrande to liquidate. But there open questions about jurisdiction of the ruling.
Sources:
-https://www.reuters.com/business/chin...
-https://www.bloomberg.com/news/articl...
-https://www.cnn.com/2024/01/29/busine...
-https://www.bbc.com/news/business-675...
-https://abcnews.go.com/Business/wireS...
-https://apnews.com/article/china-debt...
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Last edited by Your Old Comrade; 02-02-2024 at 08:40 AM.
Wake up and smell the coffee.
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Imagine strolling through Beijing Capital International Airport, but it's not the bustling hub you remember. Nope, it's like a scene from a sci-fi movie – deserted, with tumbleweeds rolling by. Turns out, China's aviation is taking a hit, losing a whopping 400 billion in just three years!
Wake up and smell the coffee.
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Wake up and smell the coffee.
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Received: 3,196 Given: 8,122 |
Wake up and smell the coffee.
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In a momentous turn of events, the colossal financial behemoth, China's renowned real estate developer Evergrande Group, saddled with a staggering debt of 2.44 trillion Chinese yuan, has finally been officially ordered to liquidate by the Hong Kong High Court on January 29th.
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Under the influence of economic conditions and consumption downgrading, the closure of bubble tea shops has become a norm.
At the beginning of 2024, the popular tea drink market in China encountered several significant setbacks. Renowned tea drink brands "Nayuki's Tea," "Fuxiaotao," and "Cuo Nei Village," once considered highly profitable, were reported to have closed a large number of their outlets. These three brands were once extremely popular across mainland China, but now they face shutdowns, indicating significant changes in China's tea drink market.
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As the economy continues to slide, the undeniable reality is that consumer spending has taken a hit, and even China's capital city, Beijing, is not exempt from these challenges.
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A survey published by The Conference Board in November 2023 indicates that CEOs of multinational corporations in China are losing confidence in the country. The survey, which included 35 CEOs primarily from American and European companies operating in China, showed that the number of respondents with negative views outnumbered those with positive views. The organization also found that 40% of the surveyed CEOs expect capital investment to decrease, and nearly as many chief executives also anticipate layoffs in the next six months, a significant increase from only 9% in the first half of the year.
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Looks like BRICS are finished.
Brazil is a mess and turning increasingly to the West
Russia is demographically done for and their Chinese and Indian "friends" make them sell their gas and oil below market price.
India is the last man standing and turning to the West
South Africa is buggered
China is now facing economic collapse.
Looks like the 21th century will be a Western one after all.
Wake up and smell the coffee.
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Wake up and smell the coffee.
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