How China’s belt-tightening affects the world
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- čas přidán 21. 06. 2024
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With slower growth in China’s economy, young professionals and middle-class people around the country are tightening their belts and cutting down on spending. Many young people say the change is related to the national response to economic challenges. The shift has prompted many foreign governments to raise concerns about China forming excess production capacity, and the impact that could have on the nation’s domestic economy, international relations and even life decisions made by Chinese citizens.
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Read how China’s middle class still jittery about spending - especially on property: sc.mp/7c6j9
That's the true problem of capitalism. You need to have GDP positive every year, even when you have all products available for everyone. We are living in a epoch of hyperproduction and destroying our planet, producing useless trash. We need to work less, stay more with family, enjoy live and consume less.
I couldn't agree more, and I think the vast majority of people in China, the US and other developed countries know this is true, but they just can't help themselves.
I can't help it. I wish I didn't have to work so much and as hard either. But everything is so expensive.
@@billzander2875 Its not just developed coutries
from the context of this video, central command should have corrected for these faults, but seems like instead capitalizing on a tool, it is blaming it after it's own
misuse
So we have a over capacity problem?
i dont think its about china...its about the whole world
The world is suffering from the US's 16T dollar printing during the pandemic.
😂The world don't want to subsidize China . It like asking someone to hey stop making stuff and buy my stuff because I make too much😢
Because the world do not need to produce things we can all buy from China.....till we have no money ........then we can make a revolution because our government do not protect us.
So smart of you!
@@jackham4407😂不是我们生产出来实惠的产品，你们现在最基本的衣服都买不起
之所以我们生产是因为美国在历史上为了转移资本主义发展过程中必然会出现的矛盾，把低端制造业转移给我们
就是为了不在重现第一次，第二次世界大战
现在世界经济发展下降的一切原因就是美国无休止的印刷他们的废纸，全球化换取其他国家珍贵的资源
One thing I observed is that most arguments made with the use of emojis are often biased, unsubstantiated or even offensive.
So yea, those 'people' are really intelligent
Chinese consumers have waken up. They no longer want to chase after luxury. They are basically giving the fingers to the likes of LV and Gucci. The most expensive retailers have to find the next group of people whom are easy to make money from.
First is the crash of the housing Market that is about a 10 Trillion dollars crash that basically Housing in China is not worth a Penny.
Second Chinese Govt Foreign Policy which is known as Lone wolf Diplomacy, It hits China to its core. Since American companies are diversifying its manufacturing industry now outside of China and transferring to favorable countries such as Vietnam, India and the Philippines etc, Not only the U.S company but also Japan, Korea, E.U, and even Taiwanese companies. It led to high unemployment that China refused to release Data.
Third is China's less buyer of its products. As such the countries even put tariffs to protect the domestic industries from China's cheap products.
Fourth China has less consumption of the population, China despite having a big economy the wages are low which doesn't help since the population can not buy its own products that led to many supply but no demand which led to deflation.
So is China's Economic downfall bad for the world? NO! Why? Because China's manufacturing industry can be easier to outsource to other emerging countries in Asia that have a favorable foreign policy than China, Also Chinais just selling things, not food or oil.
What the modern economy needs is oil for energy power and food.
Is China's downfall inevitable? Yes, If China will continue to think that they are irreplaceable.
Trust us, even the USSR fell. China is not excempted if it is going to continue to destroy itself!
Nothing to do with that. It is more to do with Chinese and their face. They think that luxury goods reflect on their image and face.
@@roblox737mbll5 don’t exaggerate. The houses will be absorbed by the Chinese banks, which were China owned. A couple of 100 billion is nothing, they have a trade surplus of 8-9 hundred billion a year.
Spending $11 on a lipstick brush is crazy imo. Probably cost 10 cents or less to manufacture.
Buy Asian brands, LV and Gucci are Western brands. They are the ones sanctioning you remember?
My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?
Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Deborah Lynn Dilling is the licensed advisor I use.Just research the name. You'd find necessary details to work with to set up an appointment
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Lipstick King … so insincere - even reading the apology of a prompt
Very fake apology. He cannot fool the people.
all influencers should get a real job
The Chinese have been always in trouble but they are hard working, tough and smart nation, one of the oldest ancient civilisations that still survive in modern times, never underestimate their ability to thrive.
It’s a world wide problem. There is too much manufacturing capacity throughout the world
especially on useless fashions and gadgets
A natural tendency when income drops. Buy cheaper things and at less volume. Quality takes a backseat.
First is the crash of the housing Market that is about a 10 Trillion dollars crash that basically Housing in China is not worth a Penny.
Second Chinese Govt Foreign Policy which is known as Lone wolf Diplomacy, It hits China to its core. Since American companies are diversifying its manufacturing industry now outside of China and transferring to favorable countries such as Vietnam, India and the Philippines etc, Not only the U.S company but also Japan, Korea, E.U, and even Taiwanese companies. It led to high unemployment that China refused to release Data.
Third is China's less buyer of its products. As such the countries even put tariffs to protect the domestic industries from China's cheap products.
Fourth China has less consumption of the population, China despite having a big economy the wages are low which doesn't help since the population can not buy its own products that led to many supply but no demand which led to deflation.
So is China's Economic downfall bad for the world? NO! Why? Because China's manufacturing industry can be easier to outsource to other emerging countries in Asia that have a favorable foreign policy than China, Also Chinais just selling things, not food or oil.
What the modern economy needs is oil for energy power and food.
Is China's downfall inevitable? Yes, If China will continue to think that they are irreplaceable.
Trust us, even the USSR fell. China is not excempted if it is going to continue to destroy itself!
Lower price does not mean lower quality. Marketig brainwashes consumers into believing that.
Same situation here in the USA. ):
@@rcchin7897 hahahahahha what> American are even buying more of PH products
It's important to pivot when circumstances change and quickly adapt in order to survive.
Chinese increase saving when economy is in stress, American increase credit card charging.
You’re talking as if Chinese didn’t use credit card as well. 💀
@ondreiii
U speak like you've never lived in China 😂
not over capacity - it's western Over Anxiety aka can not compete
Yes increase domestic consumption and protect local businesses/industries. Consumers should continue to save. The more you save the more your independence.
What a lousy report. The title does not match the contents.
just take it as a case study of "red herring"
clickbait. deceitful. totally unprofessional
Welcome to CZcams
@@roblox737mbll5 Another laughable "The Coming Collapse of China" narrative. Just illusion of the China haters.
Never bet against the development of China, or you will become a laughing stock like the infamous columnist and writer Gordon Chang. 😅
Really? I thought the title and contents were totally congruent. Less domestic consumption in China is leading to overcapacity, which is leading Chinese producers to push out exports at low prices. But this undercuts international manufacturers, so the government of importing nations are starting to express concern over this. I'm not saying I agree or disagree, but this is what this relationship between domestic consumption and international trade is what the title is alluding to.
clickbait title. nothing was said about how it "affects the world"
Correct, because it is propaganda
23 May 2024: A 41-year-old Thane woman has died of electrocution while drawing water from a tank in Maharashtra's Thane district...
what matter to government is the people's living standard, buying branded brand is irrelevant to living standard, whether you buy no brand t-shirt and branded t-shirt is irrelevant, what matter is that you have t-shirt to wear so that you don't have to show your hairy bare chest when you go out. Anyway, I'm pretty sure the Chinese consumption is under reported, it always is. Nobody keep track of your purchase of ice cream from pop and mom shops, or your jiabing that you buy from street hawkers. I agree with Pettis about how government don't need to own that many assets. The question is how to transfer those assets to public. Doing it recklessly can replay what happened in Russia when oligarchs and corrupt officials basically transferred state assets to themselves. Getting rid of assets also mean the government will have to increase taxes and start pursuing tax evasion cases more rigorously.
Yes! Its consumption DEFINITELY under reported, but not the way you think.
Everything purchased in China are done through digital payments. You would really struggle if you want to use cash. Vendors still accept legal tenders but it's such a faff that you would just use the payment apps out of convenience (or to avoid the embarrassment in holding up the line). So yes, the purchase of ice cream from mom and pop are tracked. Street stalls and people who busks on the street rely on digital payments.
I think the underreport is from not account for the weak yuan, the change in people's circumstances and the true valuation of what's truly important.
As an example: if it costs US$40,000 in the US to furnish a house with EVERYTHING but only costs US$10,000 to do the same to the same standard in China then the consumption figure in China will always be lower and fail to reflect on the real economic activities that had taken place.
Development in technology is SUPPOSED to have a deflationary effect. Remember how expensive an LCD TV used to be? After all the initial investments into the R&D, factories and infrastructure has been paid off then the price of the products would naturally decline. This is how human SHOULD aspire to, except modern economics seem to think this is a terrible things to happen. That everything should actually be more expensive even when the process of producing these things get more efficient.
Also, China's consumption level will NEVER return to the level in the 2000-2020 because that's when millions of people were first lifted out of poverty, moved into the cites and started their homes and furnished it with all the appliances. This is something a developed nation can never do. All the China-Doomers will always point to the decrease without any context.
The true value of the Chinese economy lies in the things they have already invested in. Things like their factories, transport networks, logistic chains, R&D and deals they have already stuck with countries supplying the raw materials. I mean look at how China is dominating the supply chain for batteries. I think a lot of the growth in China are now actually hidden by Western term because they are too obsessed with pumping up mirages. Everything are measured in terms of the real estate market and the stock prices but never really consider the big picture.
So yeah... The West will have all the numbers and figures but China is holding all the real assets.
Nobody keep track of your purchase of ice cream from pop and mom shops, or your jiabing that you buy from street hawkers - actually no, since almost all transaction in china now using electronic payment, yes it is very easy to be tracked, quantified, categorized and tabulate
Value for money…. that’s Chinese. And great savers….not frugal but prudent spenders,
First is the crash of the housing Market that is about a 10 Trillion dollars crash that basically Housing in China is not worth a Penny.
Second Chinese Govt Foreign Policy which is known as Lone wolf Diplomacy, It hits China to its core. Since American companies are diversifying its manufacturing industry now outside of China and transferring to favorable countries such as Vietnam, India and the Philippines etc, Not only the U.S company but also Japan, Korea, E.U, and even Taiwanese companies. It led to high unemployment that China refused to release Data.
Third is China's less buyer of its products. As such the countries even put tariffs to protect the domestic industries from China's cheap products.
Fourth China has less consumption of the population, China despite having a big economy the wages are low which doesn't help since the population can not buy its own products that led to many supply but no demand which led to deflation.
So is China's Economic downfall bad for the world? NO! Why? Because China's manufacturing industry can be easier to outsource to other emerging countries in Asia that have a favorable foreign policy than China, Also Chinais just selling things, not food or oil.
What the modern economy needs is oil for energy power and food.
Is China's downfall inevitable? Yes, If China will continue to think that they are irreplaceable.
Trust us, even the USSR fell. China is not excempted if it is going to continue to destroy itself!
Yes, ask any Chinese, I'm sure they will tell you how happy they are to buy "home-grown" baby formula instead of expensive foreign one...
Buy Asian brands, LV and Gucci are Western brands. They are the ones sanctioning you remember?
he is so selfish
You mean the lipstick guy?
First is the crash of the housing Market that is about a 10 Trillion dollars crash that basically Housing in China is not worth a Penny.
Second Chinese Govt Foreign Policy which is known as Lone wolf Diplomacy, It hits China to its core. Since American companies are diversifying its manufacturing industry now outside of China and transferring to favorable countries such as Vietnam, India and the Philippines etc, Not only the U.S company but also Japan, Korea, E.U, and even Taiwanese companies. It led to high unemployment that China refused to release Data.
Third is China's less buyer of its products. As such the countries even put tariffs to protect the domestic industries from China's cheap products.
Fourth China has less consumption of the population, China despite having a big economy the wages are low which doesn't help since the population can not buy its own products that led to many supply but no demand which led to deflation.
So is China's Economic downfall bad for the world? NO! Why? Because China's manufacturing industry can be easier to outsource to other emerging countries in Asia that have a favorable foreign policy than China, Also Chinais just selling things, not food or oil.
What the modern economy needs is oil for energy power and food.
Is China's downfall inevitable? Yes, If China will continue to think that they are irreplaceable.
Trust us, even the USSR fell. China is not excempted if it is going to continue to destroy itself!
Welcome to recession town. I know, its new to China, but it happens, its just the normal business cycle. Now how you respond to the recession is what determines how long it takes to recover.
more tariff?
In India, Indian women instead of men, risk their lives rappelling down deep wells to fetch water and often ended up dead.
Where do you live, i never see that, i am born and living here in india since 30 years haryana, rohtak village.
@@user-dx9zf2ce9t Read my comments under the comments section.
😂 You are everywhere.
@@user-dx9zf2ce9t He is Pakistani
Yeah
These kinds of doom reports are featured heavily.
However that being said there are more rich people being created in China/Asia today than ever before.
I have heard how China is going to become Japan for 3 years in a row already. Still waiting.
I've been hearing [China will collapse this year] for the past 20 years.
Ci na ba bi go live in shitguo 🇨🇳
Doubt it
Still far in the future, this crash happen when they still had enough young workforce to get back on their feet, which japan isnt and China is a "corporation country" not some a country own by corporation. Is it gonna go stagnan possibly yes but still far
@@misterbig9025. What for. China itself is coming to my country
China is doing fine.
Naturally, when the world economy is not great , Chinese would save more.
I am a Malaysian and the economy is lukewarm here as well.
We just save more and be careful about extravagance.
China is no different than us.
Our property prices are just humdrum. Not rising.
The government didn’t give us loads of stimulus like in the USA but the artificial boost will fade and recession will come.
China still have trillions of overseas assets.
Meanwhile USA have millions of homeless and public debts of $35 Trillions……and they are in great shape ?
Hahahaha….
Tell us you don't know economics without telling us you don't know economics
@@victortoba-ogunleye4056Chinese and communist don't know economic lol
Hi Malaysia, singapore is getting a raise from the wealth management segment outflow from china. but hi, not just us, I heard Penang is getting much of the production fleeing out of china, you will get your raise eventually, as long as, you know, your gov...
Malaysian China bootlicker detected
Yo, have you actually seen rural china? I actually have been to china before, since, my relatives still live there. Over 900 million chinese people still live in poverty (their former prime minister said it himself, you know, the one that got assassinated that everyone liked), and its even visible in cities now, since there are so many homeless people, to the point they have names for those people on weibo, douyin and other social media.
I know you want to be pro-china and anti-US and everything, but ignoring a problem doesn't make it go away.
At least the west doesn't hide its problems and pretend it doesn't exist.
this is entire world problem
@@roblox737mbll5 oh yeah, tell this to biden and EU. with this situation it's impossible china has money to subsidy it's industry right? please tell them your great theory
@@rudyalfonsus686 NO AMERICANS WANT TO BUY CHINESE PRODUCTS! HAHAHAHAH
What does the internet influencer outburst to do with the macro economy?
'Supposed' excess capacity? The SCMP that I once loved and knew is truly transformed after the national security bill
So it is no longer a colonial mouthpiece. Read the US media if you want that nonsense.
@@Lost_Johnny Colonial mouthpiece? That’s funny seeing that China is an Imperialist colonial country today. Belt & Road debt trap, unilateral claims of the ocean against international law and courts, economic bullying and a media environment filled with censorship. When revolution hits the streets over draconian Covid laws, not even their colonial national mouthpiece can prevent the rise of the people
Very interesting, thank you for this reportage.
It's not just how much you make, it's also how much you keep.
So fake asking for forgiveness!!!
Fourth scenario: Let's invest in countries that can quickly develop and create new markets for our products.
But where can we find such countries in our time? Maybe in Africa, South and Central America, Central and South Asia??? Maybe...
One must be able to be relate to others pain especially if you are doing business you must be able to share your profits with others to enable your business to continue
Great report!!
20 Apr 2016: A 12-year-old girl died on Sunday here after she collapsed while making her fifth trip to the nearest water pump to fetch water...
same as the "NO SPEND" challenge in the U S...
Never forget your roots! I made nice money by buying in HK and selling SZ. As a foreigner, I was allowed to make many runs per day, so I am always grateful.
Shouldn't it be the other way? 🤔
scramble to get the crown，but lose it easily 😢
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
@@joshbarney114 I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Marisa Breton Dollard up and send her a message. You've truly motivated me. God's blessings on you.
the best way to transfer wealth from the gorvernment is to list profitable companies own by the gorvernment on the stock exchange and offer a portion of it at discounted prices to the public
World consumption down because of “US DOLLAR”. The video didn’t even mention it or blame the US. Record high US interest rates brought to low n slow world consumption that caused China slowdown. Since China is a world manufacturer. China will catch up when the US interest drop & dedollarisation. I am Malaysian.
Your wishful thinking only. Don't be a Chinese lapdog even after CCP's gross mistreatment of your fellow Muslims in China.
The bigger question would be: How India’s belt-tightening affects the world? I mean after all, India and Indians said in year 1998 that they will be superpower by 2020 (Meme: India superpower by 2020) and they are the "leader/voice" of the Global South Countries and the GLOBAL teacher of the entire world (Vishvaguru) and this 21st century will be India's century and also the world's fastest growing economy (Modi said that)?😅😆😁
How much more left to tighten the belt with Global Hunger Index ranked 111?🤣🤣🤣
I love international affairs. Great channel!
Stagflation already started all over the world. No exception whether for China or any other country. To keep its industrial production overcapacity humming along even though profit margins are lesser, new markets with their large population esp among BRICS+ countries need to be tapped which may be an opportunity for the poor and less developed populace to enjoy a higher standard of living with abundant cheaper goods and products in exchange for their agricultural produce or mineral resources or labor. Forget the western model of Keynesian economics. It is White's Man economics of Capitalism and economic governance which have failed many times in the past.
Chinese economy is failing not because of 'Western model' of Capitalism, but by its own hyped up "Capitalism with Chinese Characteristics' model.
??? International trade relations have always been about give and take. Keynesian economics was always for local governance, not on a world scale. It never applied to international trade, although it would be affected by it.
Tell me you don't know anything about economics without telling me you don't know anything about economics.
Em.. there was has deflation in China...
this slowdown it's inevitable .....govt has to start printing just like the feds
2:00 SCMP dude is reading from his script word by word 😂😂
Work hard and buy the cheapest,😢😢
Sometime when you see more of these type of videos, it is a sign of a bottom
can SCMP get a voice-over who can speak better English??
ameringlish to be precise
What's best for people is the ability to freely increase their income, so they can consume more but still have savings
I buy most of my electronics and computer stuff on AliExpress and hopefully if many people in the west do that. It won’t be ”overcapacity” it will just be a question of supply and demand regulating prices and consumtion. Can’t understand why the US and EU doesn’t accept basic economic principles?
"Foreign leaders express concerns....." actually only the West which represents only 15% of the world population. This kind of reporting has no originality.
The US Great Depression model eventually worked because of WWII… 😢
People expenditures increases this yesr in China. Where did you gdt the imlression about belt tightening? BBC or Finahcial Times.
As the meltdown in the property market cripples the Chinese economy, domestic demand weakens and consumer's confidence dampens.
And it creates a deflation spiral as more people spend less money, make less money, have less money, save more money, and prices deflate because no one is buying, furthering the deflation.
Sometimes in order to move forward one must first slow down, reconnect to the surroundings, and re-orientate.
When the wind has turned, raising sails higher to go faster does not get you to where you wanted to go.
And as some said in the comments here, we are overproducing and putting strain on the planet.
China's current path creates both economic and ecological problems elsewhere in the world.
If China is serious about a harmonious world with multi polar world order things and such then they should not be causing these problems to other parties.
China should make use of this as an opportunity to set new goals.
It's funny when lastchang is trashtalking when he himself doesn't have money, job, home, nor family 😂😂😂
nextlastDumb has some mental diseases, he is obsessed with China and spreads fake news every day.
@@roblox737mbll5 I love how westerners are getting more delusional day by day 😂😂😂
The tears are sending me😂😂😂
China wants to maintain its growth but yet geopolitically chooses the side of Russia and its allies. It’s really not that complicated.
sanction huawei and China before Ukraine crisis happen, so nice try , another failed fake news
Your logic is backwards.Because Europe/US chose to isolate itself from China, which caused China to turn to Russia.
it is happening everywhere in the world. "reduced consuming"
4 May 2016: A woman (45) died while she was fetching water in Maharashtra
And yet people listen to those "influencers"... Humans are doomed
It means that the Chinese will have their lives savings halved over the next 10-15 years as supply and demand kicks in more and more and property prices drop another 40%. Sad but unavoidable because of the one child policy going on for 35 years.
they could sleep on the side walk like a QUEEN USA style
Actually property prices are already going up. LOL.
@@Lost_Johnny No they are not. Friends both in Shenzhen and Shanghai say totally the opposite, they are still dropping, but by all means Keep on dreaming that supply and demand don't affect prices in China
But can a country like China rely heavily on domestic consumption when it's currency is not some sort of reserve currency like US$, the Euro and Yen? Without the status of a reserve currency, how able is China to print money and spend its way out of an economic slow down?
It's not just relying on domestic consumption though like suggested in the video. They also mentioned pushing up the value-added chain but they packaged it in such a way that made it sounds irrelevant.
One way to keep expanding is to build higher quality things like EVs, 5G, drones etc etc and China has been doing that for the past 5 years. This video report just swept all this aside by adding the "overcapacity" label while China is already dominating a lot of global sales in these tech. I mean just think of all the things that US and EU want to ban or apply big tariffs on. These are things that the world will be buying from China instead of US and EU.
Remember the One Belt One Road? According to some African scholars, that's actually been going on for decades. And now it feels like China will be ramping up the exchanges of these high quality products for resources and minerals.
@batcountry... Quality products and China are far apart. In the real world, Chinese products, including their EVs and 5G ,are renowned for their cheapnes both in terms of quality and price.
@@user-ni5gt4wm8e Indeed. The only high quality tech they produced was always for foreign companies that kept a tight QC. Domestic brand products don't have the QC levels that match foreign company requirements, and thus, while not very poor, they make them mid in quality and prone to malfunctions.
@@BatCountryAdventures Higher quality is debatable. I would consider them more "luxury" or "advanced" products than higher quality (quality is a relevant measure, and IMO, unless the companies were manufacturing for foreign companies that have a high QC requirement, the quality of domestic chinese brands aren't near foreign ones, you may feel different though).
For most cases, just the simple manufacturing process from raw material to final deliver to consumers is already a "value added chain".
They really do have to rely more on domestic consumption though, because relying on exports, as can be seen today, is very risky if relations with trading partners go bad.
@@user-ni5gt4wm8e yeah, that is why USA afraid of cheap low quality
Don't think the Chinese eating all the brand name like LV and GUCCI products. All this western brand producer are now crying.
Never apologize - you lose people's respect.
Change your behavior - this gains people's respect.
I would give people jobs growing food and building houses, then sell the food and housing back to them so they can collect their share.
Shhh... that's communism, and we don't talk about that around here, especially not in China.
Most of the consumer still prefer Starbucks than Luckin brand. Just go fair price and other supermarkets to see it yourself. 😊😊😊
I prefer 7-11 coffee. It's cheaper than Starbucks and higher quality, although it isn't fancy.
So, increased cost of living are happening globally.
Aren't you curious, why our leaders, instead uniting to solve the problems, instead seems to be playing "Game of Chicken" ?
Perhaps, just perhaps, it is not that they are not aware of the problem.
But at the contrary, that they already knew it is inevitable, and what they are trying to do is to secure as much as possible for their nations.
Oh hey, someone gets it. Also, depending on the leader, it could just be their own pockets.
Koreans north or south are smart people. They can make both socialism and capitalism work.
The American perspective is if a man wants to save money he probably shouldn't buy lipstick. 🤷🏻♂
No more 10%gdp for Chinese 😑😑😑
Why?? 10% will overheat the economy. Its better quality growth then quantity
2.45% is way better
10% Even 5% also cannot achieve
In Indian culture, women should fetch water for their men, and most of them ended up dead while fetching water from deep wells.
The Chinese are a country of savers. At least they have something to save. I have said it before, China is, was and will be self sufficient. Whereas we the west don’t know what that is anymore.
Pettis is great at boiling down complex issues to very simple language. He cut his teeth in EM bond trading. Have a bias towards professors / economists that have real world experience.
Why
First is the crash of the housing Market that is about a 10 Trillion dollars crash that basically Housing in China is not worth a Penny.
Second Chinese Govt Foreign Policy which is known as Lone wolf Diplomacy, It hits China to its core. Since American companies are diversifying its manufacturing industry now outside of China and transferring to favorable countries such as Vietnam, India and the Philippines etc, Not only the U.S company but also Japan, Korea, E.U, and even Taiwanese companies. It led to high unemployment that China refused to release Data.
Third is China's less buyer of its products. As such the countries even put tariffs to protect the domestic industries from China's cheap products.
Fourth China has less consumption of the population, China despite having a big economy the wages are low which doesn't help since the population can not buy its own products that led to many supply but no demand which led to deflation.
So is China's Economic downfall bad for the world? NO! Why? Because China's manufacturing industry can be easier to outsource to other emerging countries in Asia that have a favorable foreign policy than China, Also Chinais just selling things, not food or oil.
What the modern economy needs is oil for energy power and food.
Is China's downfall inevitable? Yes, If China will continue to think that they are irreplaceable.
Trust us, even the USSR fell. China is not excempted if it is going to continue to destroy itself!
lipstick brother #1 !!!!! I will always love you Lipstick Brother
Deep investigation but English speaking ruined all
overcapacity...
He is right! I bought a mai70 dash cam last week with the price same as 10 years ago. We need cheap chyna products from their sweat shops.
🤣🤣
Neither does the world needs u. 😅
@@anjunadeep.8384 we need chyna sweat shops
😂😂
@@Hkchinese888
They dont spew feaces like you.
@@anjunadeep.8384
Discrimination isn't allowed in yt, comrade
@@Hkchinese888
Awww... Hence more so reinforced the first point.
My condolences to all Chinese 🇨🇳 who lost their freedom of speech and independent brain, and have become victims of expansionism in disguise of nationalism with the fact that China is NO Superpower:
- The GDP per capita of the second most populous country is 99th in the world, still behind many African countries,
- It doesn't respect international laws and orders, and
- it's coercive against smaller nations
When will China surpass the U.S. to become the world's largest economy?
You repeating this copypasta everywhere is "independent thought".
Free palestine
Very true. You can't treat people as subjects following instructions. The west allowed China to be their factory and the world praised real estate infrastructure at 25% of GDP by borrowing money as a big achievement. CCP is the root cause of all problems and the Chinese people follow instructions and have no political say.
I've seen this bot so many times
Name me one country that is not experiencing "belt tightening'
if USA weapon makers can be consider a country
2023/2024. FAANGAN stock is still the best company to invest in.
Facebook,
Amazon,
Apple,
Netflix,
Google,
AMD,
Nvidia.
Soon Qualcomm and Arm will join the big boys.
The expert in this video only thought China economic under US global rules, the reason behind his three foresighting is China sticking to dollar based global economic, and that won't happen. China as global manufacturer still has chance to shift its economic, but US if they don't want great depression once again they should consider more.
Lol lipstick king is only crying because his money has gone down
China should concentrate on reducing social and economic inequality, and not bother about the GDP jokes of capitalism.
Seems you agree with Pettis, specifically his scenario #1-unfortunately it's the least likely to happen.
Big country, big problems
proportional to it's size as well
No need to spend $$$ buying WESTERN goods #BOYCOTT 😅
I mean... you're using youtube and you have a google account. Both are western products. #SUPPORTWESTERN 😂😂
@@ryuno2097 Google is not accessible in China, they mostly use their own services like Weibo .etc. Beside, GG account is free so they do not spend any money on it. GG ads also does not work in China which did not bring any profit to GG at all.
no problem then buy chynese junk.
Stop using youtube then bruh. But on the other hand, THANKS FOR SUPPORTING THE US!
Buy chynese junk instead 😂
It means that countries can't put all their eggs in one basket.
but then again westards were hoping and praying for China's economy to be collapsed. Isn't this what you want?
A poorly selected lead-in example.
my opinion is China will not adjust according to the western economists wanted nor expected... the formula for a communist government with a capitalist economy was never the precedent in the history, and the Chinese government has little concern of popularity like the western government who depends on votes! the formula that the Chinese government will come out is a stable GDP with the internal consumption but revolving high quality lower price product which currently is already killing a lot of western brand... in car, solar, retail (look at Anta).
Does SCMP realize what a valuable source it for the rest of the world for a getting a glimpse into how Chinese society thinks and works? Thank you, SCMP. You are helping the world understand one of the most important cultures / countries/ societies in the world. We collectively owe you a debt of gratitude.
Do women actually like men who wear lipstick?
It is shame he ever got famous for anything.
a phase in life ;
Many thanks to SCMP for this very helpful illustration.
the amont of ccp bots in the comments 💀
Delidgate out rank😮😮😮
03:35 Yvonne should be fired for violating company policies.
India has 5 times more GDP than China and they would be able to fill the gap left behind by the Chinese consumers with ease saar !!
LOL
How to do that with Hunger Index ranked 111?🤣🤣🤣
Bull loads