Technical Recession Confirmed: Economy Shrank 0.6% Last Quarter, Final GDP Shows
The U.S. economy shrank for a second quarter in a row this year, a third and final estimate from the Bureau of Economic Analysis confirmed Thursday—once again signaling the start of a technical recession even as economists predict signs of a slowdown will only grow in the coming quarters, likely prompting the official scorekeeper to declare the economy has entered a recession.
https://www.forbes.com/sites/jonathanponciano/2022/09/29/technical-recession-confirmed-economy-shrank-06-last-quarter-final-gdp-shows/?sh=4b5ae28444da
Sorry those bloody commies at Forbes rained on your charade snubs.
And oh looky here now Mountieboy- the CNY has performed way better than the Euro, GBP & JPY in 2022-
You should be squirming with embarrassment, you lazy school children. Do your homework.
[Sab, don't show them the performance of the Russian ruble please. Too cruel]
Last edited by sabang; 05-10-2022 at 11:23 AM.
16 Oct just around the corner. Big day for Xi.
What ya think Sab?
Don't do pastes so have a look.
China sets date for party congress at which Xi will get rare third term – POLITICO
Five reasons why China's economy is in trouble
Five reasons why China'''s economy is in trouble - BBC News
China's economy is slowing down as it adapts to a punishing zero-Covid strategy and weakening global demand.
Official growth figures for the July to September quarter are expected next week - if the world's second-largest economy contracts, that increases chances of a global recession. Beijing's goal - an annual growth rate of 5.5% - is now out of reach although officials have downplayed the need to meet the target. China narrowly avoided contraction in the April to June quarter. This year, some economists do not expect any growth.
The country might not be battling steep inflation like the US and the UK, but it has other problems - the factory of the world has suddenly found fewer customers for its products both domestically and internationally. Trade tensions between China and major economies such as the US are also hampering growth.
And the yuan is on course for its worst year in decades as it plummets against the US dollar. A weak currency spooks investors, fuelling uncertainty in financial markets. It also makes it difficult for the central bank to pump money into the economy.
All of this is happening at a time when the stakes are especially high for President Xi Jinping - he is expected to secure an unprecedented third term at the Communist Party Congress (CPC) which begins on 16 October.
So what exactly has gone wrong?
The full article is on the link.
All set up, innit. He's a slam dunk- for better or worse. The Chinese way is to have their internecine squabbles and lobbying behind bamboo curtains, and what the Masses get to see has been pre-ordained and exquisitely rehearsed. Not like us unruly westerners.
Are you seriously so dumb you can not see that is a graph tracking the relative performance of the CNY, EUR, GBP & JPY vs the USD in 2022, which clearly shows that the CNY has outperformed the other three? Your home town really must have a problem with fentanyl.You really are on the sauce early today.
^
You might want to check your exchange rates. For the last 3 months those currencies have gradually gotten you more yuan, and still rising.
Two graphs indicating the opposite:
China GDP per capita PPP
Up to 2021.
https://d3fy651gv2fhd3.cloudfront.ne...00922V20220312
Ongoing forecast:
https://d3fy651gv2fhd3.cloudfront.ne...12&forecast=te
Current year:
"GDP per Capita PPP in China is expected to reach 18210.00 USD by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the China GDP per capita PPP is projected to trend around 18350.00 USD in 2023 and 19100.00 USD in 2024, according to our econometric models"
China GDP per capita PPP - 2022 Data - 2023 Forecast - 1990-2021 Historical - Chart
A tray full of GOLD is not worth a moment in time.
All of the wanketeer's chinky brown nosing can't cover up the truth.
One often hears the Chinese Communist Party lauded for “lifting hundreds of millions out of poverty,” as the expression usually goes. And there is no denying that the CCP deserves credit for that historic achievement. Less remarked on, however, is the plight of the hundreds of millions of Chinese people living on low incomes in the country’s rural areas, facing few prospects for advancement. China’s rural inhabitants are not living in poverty, but the CCP provides them with almost no means for social mobility—or any mobility at all, owing to the restrictive hukou residential permitting system.
This substantial subset of the population poses a major long-term obstacle to China’s continued economic growth, just as consequential as more familiar factors, such as the country’s “zero COVID” policy, regulatory crackdowns, and ballooning debt. Low-skilled workers once powered the manufacturing and construction booms that led to China’s phenomenal rise. But decades of discriminatory policies have trapped hundreds of millions of people in rural areas, cut off from educational and employment opportunities.
This presents a policy conundrum for the CCP. Even if rural, low-skilled workers could more easily relocate to large cities, they would struggle to compete in the labor markets there, owing to deficits in their education. And it would take a long time to build a reliable pool of skilled workers in rural areas by spending more on education, especially since doing so would require forms of economic redistribution that might be risky for the CCP. There are no easy answers to China’s rural human capital problem, which is likely to affect the country’s growth prospects for decades to come.
China’s Marginalized Millions | Foreign Affairs
Boy, the Three Stooges are on a propaganda rampage today. Must be doing all they can to divert attention away from the fact that Russia is being smashed in Ukraine.
Your source has some expertise stretching back decades in "covering up".
"Foreign Affairs is an American magazine of international relations and U.S. foreign policy published by the Council on Foreign Relations, a nonprofit, nonpartisan, membership organization and think tank specializing in U.S. foreign policy and international affairs"
Foreign Affairs - Wikipedia
Published by The Council on Foreign Relations. Who also has a history of "covering up" for decades.
"The Council on Foreign Relations (CFR) is an American think tank specializing in U.S. foreign policy and international relations. Founded in 1921, it is a nonprofit organization that is independent and nonpartisan. CFR is based in New York City, with an additional office in Massachusetts. Its membership has included senior politicians, numerous secretaries of state, CIA directors, bankers, lawyers, professors, corporate directors and CEOs, and senior media figures"
https://en.wikipedia.org/wiki/Council_on_Foreign_Relations
As for your concern of the Chinese rural citizens it's been a priority by their governmeny for many years 'arry.
21:54, 30-Sep-2022
China by Numbers': Rural residents see big changes in life during past decade
In China, people living in rural areas over the past decades have seen big changes in their life. Much of this has been put down to targeted policy-making by the government.
This handy video may reduce your concerns.
Available here:
https://news.cgtn.com/news/2022-09-30/Rural-residents-see-big-changes-in-life-during-past-decade-in-China-1dKTcubaQFy/index.html
If reading is your preference, here's a report:
HOME >> NEWS >> TOP NEWS
How China wins poverty fight, advances rural revitalization
Updated: September 28, 2022 14:34 Xinhua
BEIJING —
"Just ahead of the fifth Chinese farmers' harvest festival that fell on Sept 23, village Party chief Wang Weiwei, sat down with his predecessor Cao Hui, as usual, to do an assessment.
This year, the output value of the village has reached 400 million yuan (about $56 million), and the per capita disposable income is close to 20,000 yuan," said Cao, of Yanglang village, Guyuan city, Northwest China's Ningxia Hui autonomous region.
With some 2,600 farmers, the mountain village in Xihaigu, a region once deemed "uninhabitable," has ushered in a bumper year, again.
The once impoverished village has transformed into a land of wealth, boasting industries such as wine-making, foundry and rural tourism.
The impressive report card is a result of decades of unremitting efforts of villagers, led by members of the Communist Party of China."
Continues here:
http://english.www.gov.cn/news/topne...7729e0a07.html
Last edited by OhOh; 05-10-2022 at 11:26 PM.
Looks like hoohoo was so busy spluttering about who wrote the article that he neglected to actually read it, and missed the point entirely.
Considering the CPC has lifted more people out of poverty, by far, than any government ever in World history, anything but a hearty well done is at best churlish, at worst bigotry.
You probably know how they work- 5/ 10 year Plans and all that. Two of the current things being emphasised are rural development, and health care improvement- especially in rural & remote areas. Considering that Chinese longevity has exceeded that of the USA in the last few years, I have to say once again- well done. This is a government/ system that is responsive to the needs of their people, and acts upon it.
CIA Director William Burns: China Kicking America’s Ass in Tech War—Main Area for Geopolitical Competition
Effective state planning in China combined with political dysfunction and fanatical anti-government ideology in the U.S., along with overinvestment in the military and anti-intellectualism, accounts in part for wide discrepancy
Rather than playing fair, U.S. government resorts to dirty tactics and sabotage to try to reclaim strategic advantage
FULL- CIA Director William Burns: China Kicking America’s Ass in Tech War—Main Area for Geopolitical Competition | CovertAction Magazine
Merka be having it's ass handed to it on a plate snubs. All you can do is rabbit on about that wasted nation, the Ukraine.
BYD’s EV sales surpass Tesla by nearly 200,000 in Q3, remains world’s top-selling EV manufacturer
By Global Times Published: Oct 05, 2022 02:43 PM
"China's auto giant BYD has sold 537,164 units of new energy vehicles in the third quarter of this year, surpassing Tesla by nearly 200,000 vehicles and maintaining its position as the world's biggest electric vehicle producer by sales.
According to data newly released by Tesla and BYD on Monday evening, Tesla's global sales were 343,830 vehicles in the third quarter, a year-on-year increase of 3 percent, which was lower than market expectations. Meanwhile, sales volume of BYD's new energy passenger vehicles was 537,164 units, a year-on-year jump of 187.01 percent.
In September alone, BYD's new energy vehicle sales reached 201,259 units, compared with 71,099 units in the same period last year, a year-on-year surge of 249.56 percent, according to a filing it published on the Hong Kong Stock Exchange on Monday."
BYD’s EV sales surpass Tesla by nearly 200,000 in Q3, remains world’s top-selling EV manufacturer - Global Times
US and its likes should reflect on colonialism and systematic discrimination against indigenous peoples: Chinese envoy
By Global Times Published: Sep 29, 2022 03:17 PM Updated: Sep 29, 2022 03:11 PM
"The representative of China at the United Nations Human Rights Council called on the US, Canada and Australia to seriously reflect on the systematic discrimination and oppression of indigenous peoples in their countries on Wednesday, adding that the COVID-19 pandemic has exacerbated the plight of indigenous people in the US and Canada, and urging these countries to better protect the rights of indigenous people in post-pandemic economic and social recovery period.
On Wednesday, Chinese representatives attended the annual discussion on indigenous rights at the 51st Regular Session of Human Rights Council and the dialogue of experts on indigenous rights.
The Chinese representative said that China is deeply concerned about the neglect, discrimination, unfair treatment and even abuse of indigenous people in those countries.
According to the Native American Rights Fund, Native American voters face 11 common barriers to political participation, including limited government services and a lack of funding for elections.
Canada shocked the world with the discovery of alarming numbers of children's remains and unmarked aboriginal burials at the site of a boarding school.
The incarceration rate of indigenous Australian people is 15 times higher than that of non-indigenous Australians, and the death rate in detention is on the rise, causing family separation and seriously undermining the development of indigenous communities.
The Chinese representative also called on the above-mentioned countries to seriously reflect on the systematic discrimination and oppression suffered by indigenous peoples and implement the UN Declaration on the Rights of Indigenous Peoples.
What's more, the systemic discrimination and inequality faced by indigenous people in some countries has not been improved by the implementation of post-pandemic economic and social recovery plans. American Indians and Alaska Natives have long had far higher unemployment rates than other ethnic groups, and the gap has widened during the post-pandemic economic recovery period.
According to the recent review conclusions of the Committee on the Elimination of Racial Discrimination, indigenous people's food security and women's rights are not guaranteed, and the willingness and measures of the US to fulfill its commitment to the protection of indigenous people's rights are seriously insufficient.
He noted that the welfare of indigenous children in Canada is still not effectively protected, and violence and crimes against indigenous women and girls are still rampant, which greatly hinders the recovery of indigenous communities from the harm caused by the pandemic.
The Chinese representative stressed that relevant countries should seriously reflect on the systematic discrimination and oppression suffered by indigenous people in employment, education, medical care, justice and social security, listen to the voices of indigenous people and better protect their rights in the post-pandemic era."
US and its likes should reflect on colonialism and systematic discrimination against indigenous peoples: Chinese envoy - Global Times
I assume the Uighurs and the Tibetans aren't included in that.The Chinese representative stressed that relevant countries should seriously reflect on the systematic discrimination and oppression suffered by indigenous people in employment, education, medical care, justice and social security, listen to the voices of indigenous people and better protect their rights in the post-pandemic era."
The US moved on from those things long ago. China is still engaging in systemic genocide as we speak.
The UN proves once again its not fit for purpose and can be bought by the yellow scum
UN vote to ignore human rights abuses in China leaves west in dead end
Result not to debate its own damning report shows many states are unwilling to take sides in power struggle between China and west
In a display of raw Chinese political power, the UN has voted to turn its back on a report written by its own human rights commissioner that accused Beijing of serious human rights abuses and possible crimes against humanity in Xinjiang province.
The 47-strong UN human rights council meeting in Geneva voted on Thursday by 19 to 17 to reject an American-led call for a debate on the report at the next human rights council in spring. Eleven countries abstained. A simple majority was required.
The clear and damning report, much of it based on Chinese official information, was written by the outgoing human rights commissioner, Michelle Bachelet, and published in August on her last day in office.
The US demand had been pitched at the mildest level possibleto attract as many votes as possible, but the US could not secure enough swing states on the council even to keep the issue on the UN agenda by staging a formal debate on the issue.
The UN report, much of it based on Chinese official information, was written by the outgoing human rights commissioner, Michelle Bachelet.
The outcome is a severe blow to supporters of universal individual human rights values and a confirmation that many states refuse to take sides in the ideological power struggle between China and the west.
The defeat became inevitable when a series of Muslim states, including Pakistan, Qatar and Indonesia, refused to back an inquiry into the persecution of Uyghur Muslims. Mexico was one of many countries to abstain after intense lobbying by China.
Indonesia told the meeting in Geneva that as the largest Muslim country it could not abandon its Uyghur Muslim brothers and favoured dialogue, but then rejected the call for the debate.
Western diplomats had admitted before the votes that the outcome was on a knife-edge and pointed to a group of swing states as critical to the outcome, including Kazakhstan, Malaysia, Brazil and Senegal.
more https://www.theguardian.com/world/2022/oct/06/un-vote-ignore-human-rights-abuses-china-leaves-west-dead-end
Last edited by malmomike77; 07-10-2022 at 01:14 AM.
The real figure is 36 to 17 NaGastani call for a vote.
Losing a cup final 2:1, usually means the team manager is ripe for replacement.
NaGastan fails to deliver again.
The victor applauds the outcome.
UN human rights body rejects Xinjiang-related bid, ‘a victory for justice and truth’
By GT staff reporters Published: Oct 07, 2022 08:19 PM
UN human rights body rejects Xinjiang-related bid, ‘a victory for justice and truth’ - Global Times
Last edited by OhOh; 08-10-2022 at 01:37 PM.
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