For four decades, real estate development accounted for one-third of China’s gross national product (GNP) growth rate. Over the past 15 years, the construction boom, driven by the expansion of cheap credit, caused housing prices to double on average. By 2019, investor euphoria was at its peak. Real estate’s share of household wealth was now at 70%. The illusion of wealth created by the continuous rise in housing prices encouraged investors to take more risks. Investments became speculative in a market where over 20% of new homes were empty.
— Read on www.lemonde.fr/en/opinion/article/2022/12/10/four-decades-of-rapid-growth-driven-by-the-real-estate-sector-crashes-to-an-end-in-china_6007248_23.html
Chinese youth opt out of the rat race in search of personal peace
Young people are abandoning demanding careers and ditching consumerism, but the ruling communist party needs them to work hard to further economic growth.
Russia’s terrible war generates headlines, but China’s growing debt crisis is mostly ignored. And yet, it will have profound negative effects on the global economy. In just three generations, Beijing built a middle class bigger than America’s entire population. But now Chinese many face ruination. China’s domestic real estate bubble, due to deregulation, is so gargantuan that much of its middle class has been damaged.
China’s bursting housing bubble summed up in a viral video, as official tells citizens to ‘Buy one property, then a second. Bought a second? Buy a third, and fourth’
five major Chinese companies have announced that they will delist from the New York Stock Exchange. The five companies are –– Sinopec and PetroChina, two of the world’s biggest energy firms, The Aluminum Corporation of China, also known as Chalco, China Life Insurance and a Shanghai-based Sinopec subsidiary.
The Rocket Force under the Eastern Theatre Command of China’s People’s Liberation Army (PLA) conducts conventional missile tests into the waters off the eastern coast of Taiwan, from an undisclosed location in this handout released on August 4, 2022. Eastern Theatre Command/Handout via REUTERS
India says Vivo’s local unit evaded over $280M in import tax
中华民族的传统美德. 印度反走私机构表示，手机供应商 Vivo 的当地部门在印度反洗钱机构突击搜查这家中国公司的国内办事处大约一个月后，逃避了超过 2.8 亿美元的关税。
