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  1. #1
    Thailand Expat David48atTD's Avatar
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    A brief history of Xi Jinping"s economic failures

    A brief history of Xi Jinping"s economic failures-np_file_103242-jpeg

    Since he assumed power in March 2013, Xi Jinping has repeatedly attempted to transform China's economy to institute reforms that would shift the basis for future growth.
    Each time he has failed and each time he has been forced to revert to the old model – a debt-driven stimulus program revolving around infrastructure and construction.


    • On at least two occasions his banking sector reforms designed to limit risky loans backfired. The banking system has seized, forcing the central bank to inject liquidity, which then caused an explosion of high-risk lending.


    • Efforts to make it easier for Chinese firms to invest offshore resulted in massive capital outflows, a series of questionable investments in everything from real estate to resources and the re-imposition of capital controls.


    • His plan to fire up local stock markets by cutting restrictions on new floats resulted in a huge bubble on Shanghai and Shenzen markets which burst spectacularly in 2015.


    • And efforts to promote the renminbi as a global currency foundered when massive outflows again threatened financial stability, forcing a retreat.


    • Then there was the much-trumpeted goal of transforming China from a global factory of cheap exports into a western-style consumer economy. No-one mentions that now.


    But the well-worn path of government infrastructure is beginning to wear thin.
    Growth has declined sharply from 14 per cent in 2007 to just over 6 per cent prior to the onset of the pandemic.

    And for every yuan invested in government-funded infrastructure, the returns have fallen sharply.

    China'''s war on everything turns towards its own tycoons, with Jack Ma being a prime example - ABC News


    Not China bashing, just a partial look at the recent history of attempted economic reform in China.
    Someone is sitting in the shade today because someone planted a tree a long time ago ...


  2. #2
    Thailand Expat
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    ^Surely our heart will break that Jack Ma - and similar - will not be allowed to burn money and fly to Moon...

    Few days ago I pasted here what I read somewhere that the Chinese do not allow the banks and corporations to control govt but the other way around.

    Capitalism in China is governed by political representations, not by banking or industrial corporations. In China, corporations and social institutions are still subject to political power. Their framework strategy is co-determined by the state. And in principle, the strategy of economic and social development of the country is determined by the authority of the Communist Party of China. Every citizen can see its results, and so is the decline of Western corporatocracy.

  3. #3
    Thailand Expat
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    But still the Chinese move forward and the west shit themselves.

    I preferred the Russian bogeyman

  4. #4
    Member Samuel's Avatar
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    Quote Originally Posted by Chico View Post
    But still the Chinese move forward and the west shit themselves.
    In the long run, democracies tend to be more stable than authoritarian governments.

    China is stable now — though if the economy falters, all bets are off, in my opinion.

  5. #5
    Thailand Expat helge's Avatar
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    Quote Originally Posted by David48atTD View Post
    Not China bashing
    Up for an experiment ?

    How about for example Ohoh listed some things, that he sees as worth criticising about China.

    Harry could name a few things that he found ....good/ok.

    Could be interesting


  6. #6
    Hangin' Around cyrille's Avatar
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    Could be short.

  7. #7
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    Unhappy

    One example of the article'a poor reporting/expected propaganda from OZ.

    An example of the authors "knowledge" ....

    "an Alibaba offshoot, a financial services giant called ANT."

    Jack Ma was informed if he wanted to run a bank/financial services company, in China, that there are Chinese banking laws he was obliged to obey, as are all banks. Possibly not in ameristan:

    "The Bear Stearns Companies, Inc. was a New York-based global investment bank, securities trading and brokerage firm that failed in 2008 "
    Bear Stearns - Wikipedia

    Reserves to loans requiements was one IIRC.

    "apparently at the behest of President Xi Jinping."


    The Chinese financial regulators are the gatekeepers.

    "hiving off its consumer transaction database — which had given the group its competitive advantage over the banking sector"

    Illegal usage of customer data. Which many may realise is the golden goose.

    His IPO was pulled prior to execution, much to the relief of the potential "investors".


    Another action on a completed IPO in ameristan recently was DIDI, a taxi service.

    It appears there are data collection laws in China and the company was in breach of them.

    Illegal recording/usage of customer data. Allegedly, routes taken, pickup and drop locations and driver/customer discussions.

    Which many may realise is the golden goose.

    Didi Chuxing sued by American shareholders over stock plunge caused by Chinese regulatory changes, data-collection inquiry


    The ride-hailing giant lost US$15 billion / alone after rapid-fire moves by watchdogs unnerved investors.

    Didi’s New York IPO was the biggest by a Chinese company in the US since 2014

    "
    Didi Chuxing is facing a new problem: angry American shareholders.

    The operator of China’s dominant ride-hailing app is facing at least two lawsuits filed in courts in New York and Los Angeles this week and investigations by at least half a dozen law firms seeking to bring additional class-action litigation against the company and its underwriters after its shares plunged

    “We cannot assure you that the regulatory authorities will be satisfied with our self-inspection results or that we will not be subject to any penalty with respect to any violations of anti-monopoly, anti-unfair competition, pricing, advertisement, privacy protection, food safety, product quality, tax and other related laws and regulations. We expect that these areas will receive greater and continued attention and scrutiny from regulators and the general public going forward,” the company said in its prospectus."

    Didi Chuxing sued by American shareholders over stock plunge caused by Chinese regulatory changes, data-collection inquiry | South China Morning Post

    It appears ameristani IPO regulations are more, "Wild west/buyer beware" scenario. Or the "investors" failed to read the prospectus.
    Last edited by OhOh; 02-08-2021 at 09:35 PM.
    A tray full of GOLD is not worth a moment in time.

  8. #8
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by OhOh View Post
    It appears ameristani IPO regulations are more, "Wild west/buyer beware" scenario. Or the "investors" failed to read the prospectus.
    Or they were simply defrauded. It is the chinkies after all.

  9. #9

  10. #10
    Chinese spy
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    Might the pandemic have had something to do with the recent decline in the stellar rate of Chinese GDP growth?

    Growth has declined sharply from 14 per cent in 2007 to just over 6 per cent prior to the onset of the pandemic.
    Or is it just a coincidence? The OP article seems strangely mute on this point.

    I am sure quite a few western nations would love to be accused of a decline in GDP growth to a 'mere' 6%!!

    I am not going to bother you with concepts like the "S Curve", but suffice it to say a GDP growth rate of 14% was never sustainable long term, and Chinese economists were saying the same thing. If anything, it was alarmingly high.
    Last edited by sabang; 03-08-2021 at 05:19 AM.

  11. #11
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by sabang View Post
    Might the pandemic have had something to do with the recent decline in the stellar rate of Chinese GDP growth?
    Oh I don't know. When they quietly went around buying up everyone's PPE while they were hiding the Wuhan virus, and then cornered the market when it was at a premium, I'd say they did very well out of it. There are probably other examples where they have earned filthy pandemic lucre from their duplicity.

  12. #12
    Member Samuel's Avatar
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    Quote Originally Posted by sabang View Post
    Might the pandemic have had something to do with the recent decline in the stellar rate of Chinese GDP growth?
    Maybe — China definitely wanted Trump gone as he was playing hardball with China regarding using sanctions to force new concessions from China.

    Before the Wuhan virus leaked from the lab in Wuhan (or jumped species in Wuhan), resulting in China stopping flights from Wuhan to the rest of China, but allowing international flights to go out — the US economy was doing very well under Trump, who had a decent chance of getting re-elected.

    China couldn't have that, and if the table isn't set the way you like it, what do you do?


    Blow it up!

  13. #13
    Chinese spy
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    So, Covid was really just a big Chinese Conspiracy to get Trump unRe-elected!! Wow, that's a good one- and I thought Q-anon was original. Venezuelan voting machines conspiracy no longer en vogue?
    Last edited by sabang; 03-08-2021 at 07:34 PM.

  14. #14
    Thailand Expat helge's Avatar
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    Quote Originally Posted by Samuel View Post
    resulting in China stopping flights from Wuhan to the rest of China, but allowing international flights to go out
    That was weird.

    Even weirder that these flights with tourists were allowed to land ...in my country.

    Well.

    In the extremely clear light of hindsight

  15. #15
    Member Samuel's Avatar
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    Quote Originally Posted by helge View Post
    That was weird.

    Even weirder that these flights with tourists were allowed to land ...in my country.

    Well.

    In the extremely clear light of hindsight

    Yep, at that time, China was lying to the WHO and the world — saying that the Wuhan virus wasn't transmissible person to person.

  16. #16
    Member Samuel's Avatar
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    China admitted it could spread from person to person the day after Thailand reported a case in January 2020.

  17. #17
    Member Samuel's Avatar
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    Quote Originally Posted by sabang View Post
    So, Covid was really just a big Chinese Conspiracy
    Go on then — what's your conspiracy theory?

    Quote Originally Posted by sabang View Post
    Might the pandemic have had something to do with the recent decline in the stellar rate of Chinese GDP growth?

  18. #18
    Thailand Expat helge's Avatar
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    Quote Originally Posted by Samuel View Post
    Yep, at that time, China was lying to the WHO and the world — saying that the Wuhan virus wasn't transmissible person to person.
    Nah

    I knew, you knew; so I guess it's safe to say that WHO and the rest of the world knew.

    Wasn't taken seriously enough though.

    I remember that people here talked about it and was wondering about the nessesity of having tourists arriving from Wuhan, who was infected.


    Not due diligence

  19. #19
    In Uranus
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    Quote Originally Posted by helge View Post
    I knew, you knew
    Da fuck?

    Clearly you day drink.

  20. #20
    Member Samuel's Avatar
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    Quote Originally Posted by Samuel View Post
    Yep, at that time, China was lying to the WHO and the world — saying that the Wuhan virus wasn't transmissible person to person.
    Quote Originally Posted by Samuel View Post
    China admitted it could spread from person to person the day after Thailand reported a case in January 2020.
    Quote Originally Posted by helge View Post
    I knew, you knew; so I guess it's safe to say that WHO and the rest of the world knew.
    How would we know?

    There were no cases outside China, and China is a totalitarianistic/authoritarian government that suppressed the truth.

    Also, SARS-CoV (from China) spread a bit in Asia in 2003 but was contained — so the west thought the Wuhan virus (SARS-CoV-2) would see the same fate, I'm guessing.

  21. #21
    Member Samuel's Avatar
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    Sabang:

    Since my posts have to be approved by mods (until I have 100 posts?) maybe you didn't see my post #17.

  22. #22
    Thailand Expat helge's Avatar
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    Quote Originally Posted by bsnub View Post
    Da fuck?
    What is it that you do not understand ?
    Quote Originally Posted by bsnub View Post
    Clearly you day drink.
    I won't let my life be dictated by time-zones.

    It's japanese night out today

    Skål

  23. #23
    Thailand Expat Saint Willy's Avatar
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    Quote Originally Posted by helge View Post
    Skål
    Skål away.

  24. #24
    Thailand Expat helge's Avatar
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    Quote Originally Posted by TheRealKW View Post
    Skål away.
    Maybe later

    Another day at work tomorrow and has to do some food for the kids


    Any frozen veggies, that you could recommend ?



    Don't worry; it'll soon be forgotten

  25. #25
    Member Samuel's Avatar
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    Quote Originally Posted by helge View Post
    Any frozen veggies, that you could recommend ?

    Mutt-pack: loves to dish it out — though hates to take it.

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