Chinese Economics Thread

[Bellum_Romanum]

In New York you might get one in the Bronx or Brooklyn.You can by several in central Detroit. You might not even need a bank loan. What city in China can you buy several homes on 150k?

Detroit? Lol no thanks unless you want to live mug free, and crime free.

 

[FriedRiceNSpice]

If you go to the reddit sub r/financialindependence, a common joke is that the typical person who is able to retire in their 20's or 30's is a SWE (software engineer) working at a FAANG company. For example, like this person:

https://www.reddit.com/r/financialindependence/comments/n14qng

Pretty representative of Silicon Valley. One million net worth but still unable to afford a home.

 

[solarz]

Google, Amazon, FB pay a lot more than $100k. Hiring bonuses often involve stock options too (very common these days). $100k at FANG is considered low.

Even finance folks working for mid tier banks such as Bank of America or J.P Morgan, often get paid around low six figures doing data analytics or project management. Pretty easy for a married couple to make $200k annual.

Go to Wilmington, Delaware; a third tier city, your starting salary for Data Analytics at J.P. Morgan is around $85-100k.

It’s not that hard for Asian immigrants with college level education.

I would say that depends very much on where you got your college level education. One of the Ivy Leagues? Sure, but then with the Asian quota at those schools, if you got in there, you're one of the lucky/elite few.

If you went to some second rate college or *gasp* community college? Whole other story.

I mean it's pretty telling that you dismiss BOA or JP Morgan jobs as "mid-tier". If you get a job as an analyst in one of those companies, whatever city you live in, you're pretty much set for life. Well, assuming you have the mental fortitude to endure the rat race.

Many people do have aspirations other than landing a job at a big corp and work until you're retired. Yeah, I get it that Asian immigrant parents groom their kids for that lofty aspiration, but people have all sorts of different dreams. Sometimes, even, people who do have that aspiration fall in love with someone who doesn't. Your idea of a couple both earning 100k annual salary is pretty uncommon.

(I don't know if it was just me, but when I was young, I found girls from a similar background to myself (child of first generation immigrant Asian parents) to be pretty boring.)

 

[voyager1]

How about we go back to "Chinese Economics"

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New home prices in 70 cities, excluding state-subsidised housing, rose 0.48 per cent last month from March, when they gained 0.41 per cent, National Bureau of Statistics figures showed on Monday (May 17). Values in the secondary market, which faces less government intervention, climbed 0.4 per cent, the same pace as a month earlier.

Buyer euphoria is persisting, with investors using real estate as a hedge against global inflation

Last week, policy makers signaled they may revive efforts to introduce a long-delayed national real estate tax via a trial.

What trial, pilot studies, reports etc bs? Just get on with it. These rich vultures are destroying the dreams of.common people trying to buy a house to live in

this is extremely worrying that the prices are increasing so much!

Property tax on people owning more than 2 homes now!!

 

[gadgetcool5]

It takes the PRC authorities forever to do anything. Like people have been saying hukou reform was necessary since the mid-2000's or earlier, and they waited until 2021 to do it. They have been saying a property tax is necessary since the late 2000's at least also. Just as they are saying lifting the child limit is necessary and have been since the late 2000's. Just as they have been saying raising the retirement age is necessary for over 10 years...

JUST DO IT!

 

[voyager1]

It takes the PRC authorities forever to do anything. Like people have been saying hukou reform was necessary since the mid-2000's or earlier, and they waited until 2021 to do it. They have been saying a property tax is necessary since the late 2000's at least also. Just as they are saying lifting the child limit is necessary and have been since the late 2000's. Just as they have been saying raising the retirement age is necessary for over 10 years...

JUST DO IT!

By the time all these pilots, trials, studies, reports are completed, it will be 2030, houses would have doubled in price and the Gov would still talk about secondary expanded pilots lol !!

 

[Tam]

Container volume says a lot about the state of the economy.

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[FriedRiceNSpice]

I would say that depends very much on where you got your college level education. One of the Ivy Leagues? Sure, but then with the Asian quota at those schools, if you got in there, you're one of the lucky/elite few.

You don't need a degree from a top school to be a software engineer to get a job at FAANG. I've worked with good engineers, including senior level engineers at both tier one financial companies and FAANG with either no bachelor's degrees or non STEM degrees from second and third tier schools. As long as you know your data structures and algorithms, have the right core technical competencies and can pass the interview you can get in. People can literally "leetcode (essentially online test bank for algorithmic interview questions) to higher comp." This kind of exhaustive exam prep is what most Chinese excel at. Of course, you actually need to be able to do the job or else you are pipped and let go within the first year.

Turns out having fancy degrees is not a good predictor of software engineer productivity. US tech companies have learnt this, and I think this is something Chinese companies should learn from. By defining an individual's potential worth to society entirely based on one test, China is greatly missing out on large bands of human potential. To have truly competitive and innovative world class companies, you need to establish a corporate culture centered on valuing ability and contribution. Using metrics like educational pedigree, connections, and number of hours worked is inefficient. Having a 996 workforce with no hope that the route to career advancement is based on professional growth and actually making contributions will stifle innovation.

 

[caudaceus]

All this talk about very high salary for software engineers..
I still remember I was very elated when my monthly salary reached 1k USD (from somewhere in ASEAN).
Even today Software Engineer salary in HK is only about 2-3k USD per month, that's atrociously very low.

 

[solarz]

You don't need a degree from a top school to be a software engineer to get a job at FAANG. I've worked with good engineers, including senior level engineers at both tier one investment banks, hedge funds, and FAANG with either no bachelor's degrees or non STEM degrees from second and third tier schools. As long as you know your data structures and algorithms, have the right core technical competencies and can pass the interview you can get in. People can literally "leetcode (essentially online test bank for algorithmic interview questions) to higher comp." This kind of exhaustive exam prep is what most Chinese excel at. Of course, you actually need to be able to do the job or else you are pipped and let go within the first year.

Turns out having fancy degrees is not a good predictor of software engineer productivity. US tech companies have learnt this, and I think this is something Chinese companies should learn from. By defining an individual's potential worth to society entirely based on one test, China is greatly missing out on large bands of human potential. To have truly competitive and innovative world class companies, you need to establish a corporate culture centered on valuing ability and contribution. Using metrics like educational pedigree, connections, and number of hours worked is inefficient. Having a 996 workforce with no hope that the route to career advancement is based on professional growth and actually making contributions will stifle innovation.

If I'm not mistaken, we were talking about entry-level jobs. Certainly, if you have enough work experience and technical skills, you can get hired anywhere. However, if you didn't graduate from an Ivy League, it's highly unlikely that you'll land a 100k+ job right out of school.