Chinese Communist Party Bans Fun
The stupidity of Chinese leadership and Xi Jinping regime seems to know no bounds:
China’s ruling Communist Party has banned its 88 million members from playing golf, having sex outside of marriage and partaking in “extravagant eating and drinking,” according to the country’s state media.
Good grief . . . .
China intimidates financial journalists
The whole China story is turning into a bad joke.
This latest development is particularly troubling, as the Chinese government appears to be singling out a respected business journalist for their joke of a stock market. Read about the forced confession here.
The game in China has always been rigged. It was easy to keep playing this rigged game as Chinese industry fueled massive growth, the much of the fruits of that labor has been wasted on unnecessary projects and plenty of graft and corruption.
Throw in a new leader obsessed with consolidating power and promoting Chinese pride and strength over addressing real economic issue, and now you have real problems. Xi Jinping may turn out to be a complete disaster for China.
Zombie factories haunt China
When China was booming, they couldn’t keep up with the demand for steel and cement. Now things are slowing down, and the over-investment in factories is leading to zombie factories that the government is afraid to let die.
When you read this article you get another glimpse as to why the China experiment may end badly. In the rush to move hundreds of millions of people from the farms to the cities, too much money was poured into more factories and apartments that weren’t needed. Central planning can work for a while, but then economic reality sets in, and projects built more to line the pockets of local officials end up being a huge drain on the overall economy.
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China Devalues Yuan
Is the Chinese government getting desperate?
Lately they’ve been manipulating the stock market and encouraging retail investors to keep buying volatile stocks.
Now they’re devaluing the Yuan again in response to weak economic data.
Is China a house of cards? There’s plenty of economic might there, but you have an economy centrally planned by dictators, and local economies planned by corrupt government officials.
How this all ends is anyone’s guess.
Xi tightens control of propaganda with new national security law
President Xi Jinping’s wants to exert maximum control of Chinese culture as he tightens his grip on power and tries to leverage nationalist impulses in China. His latest national security law is another step in that process.
But in the long run he will weaken China, as this tightening of control makes the country less attractive to foreign investment. That may not matter much now, but in the future the bill on China’s many mistakes will come due, and this effort to control everything will likely backfire.