and to think the right was scared China was going to outpace america.
Looks like theyve hit the point of diminishing returns.
And now the economic fun begins.
edited 1st Nov '11 1:03:38 PM by Midgetsnowman
Pro-Freedom Fanatic
China's economy is going to implode in a way that makes the 2008 crisis look like Disneyland.
You exist because we allow it and you will end because we demand it.
F-22 1986 Concept
Violence Is Necessary!
I'm sorry to read and hear this: China couldn't replace anyone as a global economic leader, even if they tried, with their brand of crony "capitalism" (and IT IS just that).
Also, If this doesn't prove my hatred for the Right-Wing/it's pure stupidity is justifed, I don't know what is! All their fearmongering should be biting them in the ass anyway, and this is one example of many.
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Facepalming my misinterpretation, "even though it be almost similar and a pain in the as for those suffering because of their govt's current BS"...
edited 1st Nov '11 2:15:24 PM by LostAnarchist
This is where I, the Vampire Mistress, proudly reside: http://liberal.nationstates.net/nation=nova_nacio
I wouldn't call China right wing when they're still communist. Their economy is mixed communism/capitalism... whatever the specific term for that is.
But yeah, just selling cheap goods and building apartments with rents no one can pay does not make a successful government. If they want those buildings filled, they're going to have to lower the rents to amounts people can afford. Otherwise they might well end up with squatters.
F-22 1986 Concept
Yeah... Ace, they haven't been communist for decades now.
They're an authoritarian sham democracy with a mied economy heavily dependent on crony capitalism. I think, at least.
USAF713 on his phone or iPod.
The Shadows Devour You.
I just hope this doesn't end with bodies on the ground.
The term "Great Man" is disturbingly interchangeable with "mass murderer" in history books.
Proud Canadian
![[up]](https://static.tvtropes.org/pmwiki/pub/smiles/arrow_up.png "[up]"){kind=icon}
Socialist market ecnomy is what you're looking for. It is actually pretty close to facist economic policy.
And, I'm not surprised. I've been raving that China is gonna go down since March (a Canadian finance magazine picked this story up much earlier), and now Time runs a front page article on it, and this.
If you don't like a single Frank Ocean song, you have no soul.
scratching at .8, just hopin'
Ohhh Boyyyy.
If China needs to bail itself out, could it sell the U.S. Debt it owns? Or is it going to demand the US pays up?
Share it so that people can get into this conversation, 'cause we're not the only ones who think like this.
I... well, they might call in that debt. Not exactly sure how well that will go over though.
F-22 1986 Concept
~sigh~
And the non-American tropers thought that letting China own any stake in our government was a good idea...
USAF713 on his phone or iPod.
I don't think they thought it was a good or bad idea. On the face of it, it's rather a neutral one.
Eye'm the cutest!
Except they were never democratic to begin with...
On-topic:
This might be a fun double-edged message that the power of the state isn't infallible or always right. Also it kinda proves what I was saying in the carrier thread how China seems to be cooking its books. There's no way in hell they can have paradise economic numbers and these kinds of situations at the same time.
"Allah may guide their bullets, but Jesus helps those who aim down the sights."
Violence Is Necessary!
They can't. And I'm not really paying all that attention to China's problems - but I know for a fact, THEY CAN'T!
This is where I, the Vampire Mistress, proudly reside: http://liberal.nationstates.net/nation=nova_nacio
crazy and proud of it
Anecdotal evidence: Wealthy Chinese are coming to the USA to buy American real estate
If they're more confident in American real estate than their own, the real estate that is the proximate cause of the global financial crisis, that says something. Either that or mainlanders are just that dumb. Or both.
American assets are far less likely to fail than Chinese ones. so I doubt this'll be a problem for us given they cant really "call in the debt" seeing as its not loaned money, its bonds theyre making money off anyhow.
So if China has a bubble burst, will this be a repeat of The Great Politics Mess Up?
Byte Me
Diva of Virtual Death
Which new country will we claim has all the power? We're running out of all the obvious options.
Apparently I am adorable, but my GF is my #1 Groupie. (Avatar by Dreki-K)
Well, I'd say that no one country will be a superpower, with influence being spread out more evenly among current first world countries.
Alternatively, the Canadians reveal the plot they had all along to take over the world. Australia and New Zealand will be in cahoots with them.
edited 1st Nov '11 3:23:59 PM by AceofSpades
Well if Canada does take over I'd gladly let them annex my home state. I'd probably be better off.
I'd totally support becoming canadian. Long as we can keep the N Fl.'
Hell, free healthcare alone.
I would prefer San Marinese overlords, to be honest.
Unchanging Avatar.
Better dead than ground under the heel of San Marino!
But more seriously, this is big news. It's not very new big news, but still. I feel sorry for the Chinese people...but I'll be glad to see the PRC fail. Authoritarian capitalism should not be thought of as a preferable option, IMO.
Except for 4/1/2011. That day lingers in my memory like...metaphor here...I should go.
Diva of Virtual Death
I, for one, welcome our new Canadian and Australian overlords.
Apparently I am adorable, but my GF is my #1 Groupie. (Avatar by Dreki-K)
Oh crap.
Migrant workers from China’s vast countryside are usually the first to suffer when employers find themselves strapped for cash. In February a revision to the criminal law made it illegal for a company to withhold salary if it had the means to pay. This has done little to protect the more than 150m rural migrants who perform most of the country’s manual labour. A household-registration system that discriminates against migrants in employment, housing, health care and education reinforces a widespread tendency to treat them as second-class citizens.
The government touted building railways as a great way to keep the economy buoyant during global financial trouble, and boost employment. But the $600 billion stimulus launched in 2008 is all but spent. Indeed, the central government has urged state banks to cut back on lending in order to curb inflation, which in the year to July reached a three-year high of 6.5%, before dropping to 6.1% in September.
In recent weeks a credit crisis in the eastern city of Wenzhou has led to the flight of dozens of businessmen, leaving thousands of workers at private companies unpaid. State firms are little better off. After two record years of track-laying, the problems now facing the railway-building industry are severe. The government has had a change of heart about rapidly expanding the high-speed rail network following a fatal crash of two high-speed trains in July. But bank credit drying up has also played a big part. China Daily, an English-language newspaper, says many of the industry’s migrant workers have not been paid for months. Complaints have been growing. A senior railway official quoted in the state media said workers at China Railway Engineering Corporation, one of the country biggest civil-engineering firms, had submitted more than 2,000 petitions to the authorities since July. Another newspaper, Economic Information Daily, said wage arrears and protests by rail workers had “alarmed” top leaders in Beijing. Only a third of railway construction projects were continuing normally, it said.
Similar problems have also been reported in road building and property construction, prompting a growing number of demonstrations and violent incidents, including clashes with employers and suicides. Such difficulties are likely to get worse towards the end of the year, when companies traditionally try to settle accounts with employees. Wage inflation is adding to employers’ woes. Minimum wages have risen by an average of nearly 22% in the two-thirds of China’s provinces which have adjusted them this year. Nice if you can get it, but not much use if you are not being paid at all.