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Absolutely. They have been building much more than Spain and more than us during the housing crisis, mainly because so many rural folk were moving to the city (another problem). Now, though, they have massively overbuilt, but continue to prop it up, similar to what we did. I believe, for a while, China was using a majority of the steel or concrete in the world, I forget which one. It is going to have to end some time, as local governments deal with the consequences. Their federal government may show surpluses, but they have incurred massive debt in other places. I still believe the greatest thing holding them back is their own political system. Something that is unlikely to be changed without revolt of some sort.
What?
What?? Move to China commie if you love em so much. If all you liberals moved to one of your "mother" countries the US would be just fine. Leave us alone.
Absolutely. They have been building much more than Spain and more than us during the housing crisis, mainly because so many rural folk were moving to the city (another problem). Now, though, they have massively overbuilt, but continue to prop it up, similar to what we did. I believe, for a while, China was using a majority of the steel or concrete in the world, I forget which one. It is going to have to end some time, as local governments deal with the consequences. Their federal government may show surpluses, but they have incurred massive debt in other places. I still believe the greatest thing holding them back is their own political system. Something that is unlikely to be changed without revolt of some sort.
And guess who will be on the business end of a China real estate bust? The country that is currently a hot potato now that everyone, except the Brits, forgot about from about the early 90s till around the early 2000s: Australia. They are the new hot potato as well, fueled by China's massive hunger for minerals, steel, and coal. They probably now have the most expensive real estate in the world, and prices are still rising. Australia and China are going to be the mother of all property bubbles.
Well, we relied on "construction" to fuel our growth... It was the real estate boom of the late 90's into the mid 2000's, fueled by cheap money loans.
Look how well that works. Duhhhh.
Yes. But, unlike Spain, we actually still have industry propping up the other sectors of the economy, which is why our unemployment rate isn't very high like Ireland and Spain
Yes. But, unlike Spain, we actually still have industry propping up the other sectors of the economy, which is why our unemployment rate isn't very high like Ireland and Spain
No, our published "unemployment" rates are phony numbers.
By defining a growing percentage of the population as "not in the labor market", they have "adjusted" the published percentage. The actual percentage of people who have a job, compared to those who don't, has not significantly improved, nor is it good.
It is really weird that some people are acting like 'lefties' love China. I'm about as Left as you can get and I think China is riding for a huge fall.
They have a ruinous one-child policy that is causing great stress among families, the breakdown of their tight family systems due to young people needing to travel great distances to find jobs, the incredible abuse of their environment ever since Mao's Great Leap Forward(s), the rapid aging of their population together with expensive illnesses like cancers caused by pollution and widespread smoking, the rising costs of doing business, and the shrinking GDP...all put together plus a whole bunch of other stuff means that China is a bad bet.
If I had a company there, I'd pull out. Right now, there's nothing to stop the Chinese gov't from nationalizing whatever they please, including Apple Corp's factories. Who's going to stop 'em? They've never paid a bit of attention to any contract or treaty that they didn't choose to in their entire history. As soon as conditions change, those corporations that chose to invest in China will be out on their ears. If their army tells a boss to get out, that boss is out.
Yes, I've been there. I've seen their old folks sleeping in the streets -- and not because the sun was shining because most days in Beijing you can't see the sun. I've heard them putting up buildings with ordinary hammers because they don't have nail guns and I've seen the buildings collapse because somebody bribed the inspectors. I've seen the back-villages where they draw water from the same fields their buffaloes have been standing in and I've seen the sickly children. It's a stunningly beautiful country but for every gleaming modern city, there's a thousand villages with plumbing and infrastructure that could be from 1350. No wonder most of the potentially devastating viruses come from there.
The 'Chinese century' ran from about 1972 to 2030. I give them no more than 15 years before they'll have another revolution -- possibly sooner than that.
It is really weird that some people are acting like 'lefties' love China. I'm about as Left as you can get and I think China is riding for a huge fall.
They have a ruinous one-child policy that is causing great stress among families, the breakdown of their tight family systems due to young people needing to travel great distances to find jobs, the incredible abuse of their environment ever since Mao's Great Leap Forward(s), the rapid aging of their population together with expensive illnesses like cancers caused by pollution and widespread smoking, the rising costs of doing business, and the shrinking GDP...all put together plus a whole bunch of other stuff means that China is a bad bet.
If I had a company there, I'd pull out. Right now, there's nothing to stop the Chinese gov't from nationalizing whatever they please, including Apple Corp's factories. Who's going to stop 'em? They've never paid a bit of attention to any contract or treaty that they didn't choose to in their entire history. As soon as conditions change, those corporations that chose to invest in China will be out on their ears. If their army tells a boss to get out, that boss is out.
Yes, I've been there. I've seen their old folks sleeping in the streets -- and not because the sun was shining because most days in Beijing you can't see the sun. I've heard them putting up buildings with ordinary hammers because they don't have nail guns and I've seen the buildings collapse because somebody bribed the inspectors. I've seen the back-villages where they draw water from the same fields their buffaloes have been standing in and I've seen the sickly children. It's a stunningly beautiful country but for every gleaming modern city, there's a thousand villages with plumbing and infrastructure that could be from 1350. No wonder most of the potentially devastating viruses come from there.
The 'Chinese century' ran from about 1972 to 2030. I give them no more than 15 years before they'll have another revolution -- possibly sooner than that.
The Chinese still have an amazing work ethic and that'll keep them around for awhile...
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china building a sound economy one slave at a time
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