And how much did US economic grew during the same period? Ooh I’m a bit embarrassed about this
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Chitchat PRC Leader Xi Jinping’s Impressive NY2019 Speech
- Thread starter Pinkieslut
- Start date
Its communism and state control that is killing China. Feudal China once accounted for over a third of global GDP. But the CCP set them back by centuries.
Look at how Taiwan prospered under democracy and free markets before the economic rise of china.
And Ah Tiong is doing better than Fuckeinland,,,Democracy has killed fuckeinland,,,,
Ah tiongs stole taiwans lunch: manufacturing. But that's besides the point. A centrally planned economy like China will not succeed over the free markets.
I have heard that since the 90s n it's proven false. The issue is if it's planned well there r benefits...n compare ah tiong land n ah neh land...ah tiong lands economic growth n development is leaps n bounds ahead of ah neh land. N look at Fuckeinland now... economic development has dropped. Living standards have dropped. Fuckein ppl are like the m&d Cinas all dying to leave the country
yes, central planning has worked in recent 20 years, but past performance is no indication of future returns. in a centrally planned system, all it takes is for one bad crop of leaders/decision makers and the whole system falls apart (USSR.) Rampant corruption because of weak institutions will diminish the free markets (india.)
in the USA, incompetent presidents will not lead to the dissolution of the union. FAANG companies have not stopped innovating or growing.
look at the USSR, the best car they could produce was the Lada. China is only slightly better because of forced tech transfers from the free markets.
a centrally planned global economy if china were to dominate will kill all innovation and lead to navel gazing. instead of smart phones like the apples and samsungs, we'll probably be stuck with blackberries or nokias and still playing snake. and given what a nuisance the internet is to governments, the great firewall of china will be telling you what you can and cannot search for. social credits for offences like jay walking will prevent you from getting a loan for your dream home/car etc.
and most of all, central planning in China (one child policy) has led to their impending elderly population crisis. latest projections show china's population shrinking by 2027, 3 years earlier than projected.
i will take the free markets any given day over central planning.
there is a distinction between developing and developed economies. apples vs oranges. golden delicious vs Lukan.
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Chinese President Xi Jinping warns against 'black swans', 'grey rhinos' amid economic downturn
UPDATED ABOUT AN HOUR AGO
Email Facebook Twitter WhatsApp
Chinese President Xi Jinping sits behind a gold-coloured curtain at a press conference
PHOTO Chinese President Xi Jinping has told local governments to strike a balance when it comes to economic risks.
AP: MARK SCHIEFELBEIN, POOL
China must be on high alert against "black swan" and "grey rhino" financial events in the face of a slowing economy, President Xi Jinping told senior members of the Communist Party faithful.
Key points:
Mr Xi instructed officials to "prevent and defuse major risks"
His speech showed "serious concern" over slowing economic growth
Economic risks can lead to political and social threats for the CCP
State news outlet Xinhua said Mr Xi instructed officials to "prevent and defuse major risks" across a range of fields — politics, ideology, society, science and technology — to "ensure a healthy economy and social stability".
A "black swan" is an unpredictable market event with extreme financial consequences, while a "grey rhino" is a large, visible threat that goes ignored.
The speech comes after recently released data showeds China's economy saw its slowest growth in almost three decades last year.
Reuters said Mr Xi told local governments to strike "a balance between stabilising growth and fending off risks" and that "zombie firms — companies with a lot of debt — would be dissolved properly and resettlement of workers would be taken care of accordingly".
Pradeep Taneja, a specialist in Chinese politics at the University of Melbourne, said while the Chinese Communist Party (CCP) was always careful to avoid outright alarm, Mr Xi's speech betrayed deep concern.
Employees work along a production line at a factory of Dongfeng Nissan Passenger Vehicle Co. in Zhengzhou, Henan province, China
PHOTO The Chinese Communist Party fears an economic slowdown could risk social stability, experts say.
REUTERS
"The fact that Xi Jinping was highlighting these risks in this meeting does indicate that there is concern — there is in fact serious concern — about the implications of slowing economic growth rate," he said.
"Watching Chinese politics is like reading tea leaves — you're always trying to read between the lines of what is being said.
"The Chinese Communist Party never raises alarm. They never say that things are bad. They always indicate that they are in control."
Avoiding another Tiananmen
Always at the back of the CCP's mind was the need to avoid the possibility of another Tiananmen Square, he said, where 1989 pro-democracy protests were violently quashed.
Mr Taneja said there were growing parallels with the events of 1989 and that in China, economic risks come with the threat of political strife.
"If economic stability is under question — if there is a considerably slowing economic growth rate, high unemployment, failing businesses — then there is always the potential for social and political instability," he said, or, as the CCP would term it, "chaos".
Chinese students carry a sign that reads "Give me democracy or give me death" during a large protest in Tiananment Square.
PHOTO The 1989 protests brought tens of thousands to Tiananmen Square, both students and workers.
REUTERS: DOMINIC DUDOUBLE
He said stimulus packages have long been a part of China's approach since the 2008 global financial crisis, from subsidising whitegoods purchases to keeping the Chinese manufacturing industry afloat and investing in public infrastructure.
China's looming great wall of debt
China's looming great wall of debt
Analysts are concerned China will struggle to repay an ever-increasing debt, with potential detrimental consequences for the global market.
China's central bank has slashed the reserve requirement ratio five times in the past year, Reuters reported, and Mr Taneja said he expected to see concrete steps taken to alleviate pressure on small and medium enterprises.
One example of this was cutting taxes for smaller private companies; however, "if demand is slowing, tax cuts aren't really going to help a great deal", he said.
But hand-in-hand with economic control to avoid social upheaval was China's internal security apparatus, Mr Taneja said.
"China spends as much on its internal security as it does on its military, so you've got parts of China, like Xinjiang, Tibet, where there is constant turmoil, and the security establishment of China spends a lot of time trying to manage affairs there," he said.
A significant economic slowdown risked spilling over and having a broader impact than in areas dominated by ethnic minorities in China, he said.
POSTED ABOUT AN HOUR AGO
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BUSINESS
Chinese President Xi Jinping warns against 'black swans', 'grey rhinos' amid economic downturn
UPDATED ABOUT AN HOUR AGO
Email Facebook Twitter WhatsApp
Chinese President Xi Jinping sits behind a gold-coloured curtain at a press conference
PHOTO Chinese President Xi Jinping has told local governments to strike a balance when it comes to economic risks.
AP: MARK SCHIEFELBEIN, POOL
China must be on high alert against "black swan" and "grey rhino" financial events in the face of a slowing economy, President Xi Jinping told senior members of the Communist Party faithful.
Key points:
Mr Xi instructed officials to "prevent and defuse major risks"
His speech showed "serious concern" over slowing economic growth
Economic risks can lead to political and social threats for the CCP
State news outlet Xinhua said Mr Xi instructed officials to "prevent and defuse major risks" across a range of fields — politics, ideology, society, science and technology — to "ensure a healthy economy and social stability".
A "black swan" is an unpredictable market event with extreme financial consequences, while a "grey rhino" is a large, visible threat that goes ignored.
The speech comes after recently released data showeds China's economy saw its slowest growth in almost three decades last year.
Reuters said Mr Xi told local governments to strike "a balance between stabilising growth and fending off risks" and that "zombie firms — companies with a lot of debt — would be dissolved properly and resettlement of workers would be taken care of accordingly".
Pradeep Taneja, a specialist in Chinese politics at the University of Melbourne, said while the Chinese Communist Party (CCP) was always careful to avoid outright alarm, Mr Xi's speech betrayed deep concern.
Employees work along a production line at a factory of Dongfeng Nissan Passenger Vehicle Co. in Zhengzhou, Henan province, China
PHOTO The Chinese Communist Party fears an economic slowdown could risk social stability, experts say.
REUTERS
"The fact that Xi Jinping was highlighting these risks in this meeting does indicate that there is concern — there is in fact serious concern — about the implications of slowing economic growth rate," he said.
"Watching Chinese politics is like reading tea leaves — you're always trying to read between the lines of what is being said.
"The Chinese Communist Party never raises alarm. They never say that things are bad. They always indicate that they are in control."
Avoiding another Tiananmen
Always at the back of the CCP's mind was the need to avoid the possibility of another Tiananmen Square, he said, where 1989 pro-democracy protests were violently quashed.
Mr Taneja said there were growing parallels with the events of 1989 and that in China, economic risks come with the threat of political strife.
"If economic stability is under question — if there is a considerably slowing economic growth rate, high unemployment, failing businesses — then there is always the potential for social and political instability," he said, or, as the CCP would term it, "chaos".
Chinese students carry a sign that reads "Give me democracy or give me death" during a large protest in Tiananment Square.
PHOTO The 1989 protests brought tens of thousands to Tiananmen Square, both students and workers.
REUTERS: DOMINIC DUDOUBLE
He said stimulus packages have long been a part of China's approach since the 2008 global financial crisis, from subsidising whitegoods purchases to keeping the Chinese manufacturing industry afloat and investing in public infrastructure.
China's looming great wall of debt
China's looming great wall of debt
Analysts are concerned China will struggle to repay an ever-increasing debt, with potential detrimental consequences for the global market.
China's central bank has slashed the reserve requirement ratio five times in the past year, Reuters reported, and Mr Taneja said he expected to see concrete steps taken to alleviate pressure on small and medium enterprises.
One example of this was cutting taxes for smaller private companies; however, "if demand is slowing, tax cuts aren't really going to help a great deal", he said.
But hand-in-hand with economic control to avoid social upheaval was China's internal security apparatus, Mr Taneja said.
"China spends as much on its internal security as it does on its military, so you've got parts of China, like Xinjiang, Tibet, where there is constant turmoil, and the security establishment of China spends a lot of time trying to manage affairs there," he said.
A significant economic slowdown risked spilling over and having a broader impact than in areas dominated by ethnic minorities in China, he said.
POSTED ABOUT AN HOUR AGO
SHAREEmail Facebook Twitter WhatsApp
RELATED
China's economy meets growth forecasts but analysts remain doubtful
China opens the debt taps again as economic growth slows to multi-decade lows
Ghost cities, shadow banks, and empty airports: Inside China's looming great wall of debt
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PM parachutes former Labor president to contest seat of Gilmore
Matildas coach sacked after players revealed they were afraid to ask for help
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'Extremely rare' two-headed lizard excites NSW reptile park staff
'I don't want to live like this': Two adults, five kids and a dog in a two-bedroom unit
'It is a men issue': Aiia Maasarwe's sister hits out at violence against women
Pub staff allegedly told to ban 'blacks', charge Aboriginal customers for water
Mid-air brawl forces Scoot flight to make emergency landing in Sydney
This Sydney rapper and slam poet just won Best Cabaret of the Year
Endeavour replica to sail around Australia to mark 250 years since Cook's arrival
Coalition warns of 'storm clouds' for economy as it ramps up re-election pitch
Carreno Busta booed out of arena after contentious ruling prompts on-court meltdown
These are the worst actors and films of 2018 (according to the Razzies)
Injured passenger says Prince Philip has not apologised, police yet to take her statement
Dentists and health groups mock soft drink ads in latest campaign
Cashing in on Madagascan vanilla boom
Female bar staff told to swap men's shirts for low-cut tops due to 'health and safety'
Cane toads perform 'extremely rare' phase switch
'It is unreadable': Controversial Gold Coast light installation to be removed
'That's not a spider': Snake hiding behind air-conditioning unit likely wanted food
BUSINESS
Business HomeArticles
MORE FROM ABC NEWS
HomeJust InPoliticsWorldAnalysis & OpinionBusinessSportScienceHealthArtsLive StreamsVideoPhotosEntertainmentUploadSubscribeRuralOther Topics
Top of page
Change to standard view
ABC NewsJust InWorldBusinessHealthEntertainmentSportAnalysis & OpinionWeatherTopicsArchiveCorrections & Clarifications
Terms of UsePrivacy PolicyAccessibilityContact the ABC© 2019 ABC
Commentary: Xi Jinping is no Davos man
US President Donald Trump takes the heat but Beijing is hardly a champion of internationalism, says the Financial Times' Rana Foroohar.
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
Chinese President Xi Jinping speaks during an event to commemorate the 40th anniversary of the "Message to Compatriots in Taiwan" at the Great Hall of the People in Beijing, China January 2, 2019. REUTERS/Mark Schiefelbein/Pool
By Rana Foroohar
22 Jan 2019 06:00AM (Updated: 22 Jan 2019 06:40AM)
Share this content
LONDON: Two years ago, at the World Economic Forum in Davos, which launches once again this week, Chinese president Xi Jinping gave a speech positioning himself as the protector of globalisation.
“Whether you like it or not, the global economy is the big ocean that you cannot escape from,” he said, as newly elected US president Donald Trump was busy launching trade wars with friends and foes alike.
Advertisement
“Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks, is simply not possible,” Mr Xi declared, citing all the ways in which China’s economic opening has enriched both the Middle Kingdom and the world.
BACKTRACKING ON REFORMS
So much for that. A year later, Mr Xi removed term limits on the presidency, a move back to the Mao era.
China began backtracking on reform, encouraging unproductive state-owned enterprises to grow even bigger, reducing competition and exacerbating the economic slowdown already under way.
Advertisement
In coping with this slowdown, Beijing has fallen back on an old formula — papering over problems with debt, as big companies receive big loans from state-owned banks, while the more productive private sector is squeezed out.
It now takes US$3 of debt to create a dollar of growth in China, according to Ruchir Sharma at Morgan Stanley Investment Management.
READ: Where did all the Chinese consumers go to? A commentary
SILVER LINING TO THE TRADE WAR
Mr Trump has taken plenty of heat for upsetting the global system, and rightly so. But China has not taken enough. Mr Trump’s tariffs have brought to the fore the existential conflict between the US and China that has been brewing for years. But he is not the main event.
“Trump takes extreme measures, but we would have come to this point naturally,” says Chinese private equity investor Weijian Shan, whose new book, Out of the Gobi, is a memoir of growing up in Mao’s China but also a study in why markets have worked better than state control for the country.
“There are vested interests that don’t want to see China change. In reality, if a trade war pushed the country to make real reforms, like lowering investment barriers and protecting intellectual property, it could be a good thing.”
READ: Expect nerve-wracking risks in the global economy to emerge this year, a commentary
TIGHTENING STATE CONTROL
So far, it has not. The US under Mr Trump has fallen back on the old sugar high of financialisation — tax cuts and corporate share buybacks propping up wobbly markets that are ripe for correction after a decade of easy money and record debt.
China is doing its version of the same, supporting the usual glut of unnecessary construction projects, loosening credit and allowing asset bubbles to brew.
Far from promoting some new agenda around globalisation and multilateralism, Mr Xi has tightened state control of the market, and made it tougher for a host of companies — from Qualcomm, to Apple, to Visa and Mastercard — to do business.
Beijing is also exerting more control over the high-growth technology sector, requiring both foreign and domestic companies to engage in more censorship and cooperate with state security efforts.
That is part of a dangerous narrative that Chinese-style centralisation is exactly what the high-tech sector needs.
In an age of artificial intelligence and big data, the story goes, China will have an advantage over the US because there is no civil liberty debate to get in the way of the surveillance state.
With unfettered access to all the information generated by the world’s largest population, the Chinese tech sector will move ahead quickly. It is an argument that has been used recently by the heads of US tech companies to push back against regulatory efforts in Washington and Brussels.
I don’t buy it. I think China’s surveillance state will bring more repression than innovation. A recent report published by Freedom House found that Beijing had exported its surveillance technology to at least 18 other countries, making it easier for governments in countries such as Zambia or Vietnam to crack down on their citizens.
READ: Rating citizens - can China’s social credit system fix its trust deficit? A commentary
WHAT’S NEEDED? OPENING UP
China’s leaders say the country’s slowdown is a natural and welcome thing, a transition to a new consumer-led economy. There are plenty of others who say it is the result of the reversion to command-and-control policies.
Nicholas Lardy of the Washington-based Peterson Institute for International Economics believes that the increasing drag of state companies in China has resulted in a massive productivity slowdown since the global financial crisis. Reversing this requires less state control, not more.
READ: Governments criticise China yet sign deals with them still, a commentary
As Mr Xi noted in his 2017 Davos speech, after China opened up in the 1980s it attracted more than US$1.7 trillion of foreign investment and made a huge contribution to global growth.
Today, both capital flows and growth are decreasing. Some of the slowdown is due to the US-China trade war. But just as US economic problems start at home, so do China’s.
Mr Trump has cancelled the US delegation’s trip to Davos because he is too busy orchestrating a needless government shutdown as part of a wholly manufactured immigration crisis.
The Chinese will be there. But this year, it will be much tougher for Beijing to position itself as any kind of protector of globalisation.
© 2019 The Financial Times Ltd.
Source: Financial Times/sl
Tagged Topics
Read more at https://www.channelnewsasia.com/new...ina-president-xi-jinping-davos-trump-11149578
US President Donald Trump takes the heat but Beijing is hardly a champion of internationalism, says the Financial Times' Rana Foroohar.
image: data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==
Chinese President Xi Jinping speaks during an event to commemorate the 40th anniversary of the "Message to Compatriots in Taiwan" at the Great Hall of the People in Beijing, China January 2, 2019. REUTERS/Mark Schiefelbein/Pool
By Rana Foroohar
22 Jan 2019 06:00AM (Updated: 22 Jan 2019 06:40AM)
Share this content
LONDON: Two years ago, at the World Economic Forum in Davos, which launches once again this week, Chinese president Xi Jinping gave a speech positioning himself as the protector of globalisation.
“Whether you like it or not, the global economy is the big ocean that you cannot escape from,” he said, as newly elected US president Donald Trump was busy launching trade wars with friends and foes alike.
Advertisement
“Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks, is simply not possible,” Mr Xi declared, citing all the ways in which China’s economic opening has enriched both the Middle Kingdom and the world.
BACKTRACKING ON REFORMS
So much for that. A year later, Mr Xi removed term limits on the presidency, a move back to the Mao era.
China began backtracking on reform, encouraging unproductive state-owned enterprises to grow even bigger, reducing competition and exacerbating the economic slowdown already under way.
Advertisement
In coping with this slowdown, Beijing has fallen back on an old formula — papering over problems with debt, as big companies receive big loans from state-owned banks, while the more productive private sector is squeezed out.
It now takes US$3 of debt to create a dollar of growth in China, according to Ruchir Sharma at Morgan Stanley Investment Management.
READ: Where did all the Chinese consumers go to? A commentary
SILVER LINING TO THE TRADE WAR
Mr Trump has taken plenty of heat for upsetting the global system, and rightly so. But China has not taken enough. Mr Trump’s tariffs have brought to the fore the existential conflict between the US and China that has been brewing for years. But he is not the main event.
“Trump takes extreme measures, but we would have come to this point naturally,” says Chinese private equity investor Weijian Shan, whose new book, Out of the Gobi, is a memoir of growing up in Mao’s China but also a study in why markets have worked better than state control for the country.
“There are vested interests that don’t want to see China change. In reality, if a trade war pushed the country to make real reforms, like lowering investment barriers and protecting intellectual property, it could be a good thing.”
READ: Expect nerve-wracking risks in the global economy to emerge this year, a commentary
TIGHTENING STATE CONTROL
So far, it has not. The US under Mr Trump has fallen back on the old sugar high of financialisation — tax cuts and corporate share buybacks propping up wobbly markets that are ripe for correction after a decade of easy money and record debt.
China is doing its version of the same, supporting the usual glut of unnecessary construction projects, loosening credit and allowing asset bubbles to brew.
Far from promoting some new agenda around globalisation and multilateralism, Mr Xi has tightened state control of the market, and made it tougher for a host of companies — from Qualcomm, to Apple, to Visa and Mastercard — to do business.
Beijing is also exerting more control over the high-growth technology sector, requiring both foreign and domestic companies to engage in more censorship and cooperate with state security efforts.
That is part of a dangerous narrative that Chinese-style centralisation is exactly what the high-tech sector needs.
In an age of artificial intelligence and big data, the story goes, China will have an advantage over the US because there is no civil liberty debate to get in the way of the surveillance state.
With unfettered access to all the information generated by the world’s largest population, the Chinese tech sector will move ahead quickly. It is an argument that has been used recently by the heads of US tech companies to push back against regulatory efforts in Washington and Brussels.
I don’t buy it. I think China’s surveillance state will bring more repression than innovation. A recent report published by Freedom House found that Beijing had exported its surveillance technology to at least 18 other countries, making it easier for governments in countries such as Zambia or Vietnam to crack down on their citizens.
READ: Rating citizens - can China’s social credit system fix its trust deficit? A commentary
WHAT’S NEEDED? OPENING UP
China’s leaders say the country’s slowdown is a natural and welcome thing, a transition to a new consumer-led economy. There are plenty of others who say it is the result of the reversion to command-and-control policies.
Nicholas Lardy of the Washington-based Peterson Institute for International Economics believes that the increasing drag of state companies in China has resulted in a massive productivity slowdown since the global financial crisis. Reversing this requires less state control, not more.
READ: Governments criticise China yet sign deals with them still, a commentary
As Mr Xi noted in his 2017 Davos speech, after China opened up in the 1980s it attracted more than US$1.7 trillion of foreign investment and made a huge contribution to global growth.
Today, both capital flows and growth are decreasing. Some of the slowdown is due to the US-China trade war. But just as US economic problems start at home, so do China’s.
Mr Trump has cancelled the US delegation’s trip to Davos because he is too busy orchestrating a needless government shutdown as part of a wholly manufactured immigration crisis.
The Chinese will be there. But this year, it will be much tougher for Beijing to position itself as any kind of protector of globalisation.
© 2019 The Financial Times Ltd.
Source: Financial Times/sl
Tagged Topics
Read more at https://www.channelnewsasia.com/new...ina-president-xi-jinping-davos-trump-11149578
I have new found respect for Xi Jinping. We would never hear such honest criticism of the PAP from any of our thin-skinned leaders.
https://www.bloomberg.com/news/arti...ity-as-economic-risks-mount?srnd=premium-asia
The party is facing long-term and complex tests in terms of maintaining long-term rule, reform and opening-up, a market-driven economy, and within the external environment,” Xi said, according to Xinhua. “The party is facing sharp and serious dangers of a slackness in spirit, lack of ability, distance from the people, and being passive and corrupt. This is an overall judgment based on the actual situation."
...
“That’s a cocktail that could be explosive as people realize the CCP is no longer delivering the goods on the social contract,” said Dennis Wilder, a professor at Georgetown University and former senior director for Asia on the National Security Council. “The slowdown of the economy to rates not experienced in the reform area is uncharted territory for this generation of leaders of the Communist Party.”
...
hence the limits of central planning. it depends too much on the quality of the administrators.
https://www.bloomberg.com/news/arti...ity-as-economic-risks-mount?srnd=premium-asia
The party is facing long-term and complex tests in terms of maintaining long-term rule, reform and opening-up, a market-driven economy, and within the external environment,” Xi said, according to Xinhua. “The party is facing sharp and serious dangers of a slackness in spirit, lack of ability, distance from the people, and being passive and corrupt. This is an overall judgment based on the actual situation."
...
“That’s a cocktail that could be explosive as people realize the CCP is no longer delivering the goods on the social contract,” said Dennis Wilder, a professor at Georgetown University and former senior director for Asia on the National Security Council. “The slowdown of the economy to rates not experienced in the reform area is uncharted territory for this generation of leaders of the Communist Party.”
...
hence the limits of central planning. it depends too much on the quality of the administrators.
