I think you meant BNO holders.
Chinese Economics Thread
- Thread starter Norfolk
- Start date
I think you meant BNO holders.
This is propaganda. All pigs are going to be sacrificed to Xi by getting boiled alive after his coronation as emperor-for-life of China
supercat
Major
Generalization is the hallmark of bigotry and racism. Some Westerners love to smear ALL Chinese as barbaric savages using a few animal-cruelty videos on YouTube, completely ignoring the fact that psychopaths can be any ethnicity and exist in all societies.This is propaganda. All pigs are going to be sacrificed to Xi by getting boiled alive after his coronation as emperor-for-life of China
Wondering why Scholz is in such a hurry to visit China? BTW, FDI in China increased 16.4% Jan-Aug YoY.
China's economic development has really turned the table. Now German groceries are sold in Chinese supermarkets.
This is proof of a Bandera genocideThis is propaganda. All pigs are going to be sacrificed to Xi by getting boiled alive after his coronation as emperor-for-life of China
This is propaganda. All pigs are going to be sacrificed to Xi by getting boiled alive after his coronation as emperor-for-life of China
Pigs are too lowly for an emperor like Xi. Lambs are required instead. Soon all those solar panel sheep will be split roasted, right on the solar panels!
For those who want to see the performance by sectors and industries, here are the GDP numbers for Q3 from the National Stats:
Total GDP of the first three quarters grew by 3.0% YOY. The primary sector of economy grew by 4.2%, the secondary sector, i.e. manufacturing etc, grew by 3.9%, the tertiary sector grew by 2.3%.
Q3 alone grew by 3.9% YOY while the Q1 and Q2 grew by 4.8% and 0.4%, respectively.
Investment in infrastructure and manufacturing increased by 8.6% and 10.1%, respectively. Specifically, investment in high tech related manufacturing and services grew by 20.2%.
Overall unemployment dropped to 5.4% in average in Q3, from 5.8% in Q2. In Q3, youth unemployment (16-24 yo) is 17.9% while it is 4.7% for adults (25-59 yo).
Total GDP of the first three quarters grew by 3.0% YOY. The primary sector of economy grew by 4.2%, the secondary sector, i.e. manufacturing etc, grew by 3.9%, the tertiary sector grew by 2.3%.
Q3 alone grew by 3.9% YOY while the Q1 and Q2 grew by 4.8% and 0.4%, respectively.
Investment in infrastructure and manufacturing increased by 8.6% and 10.1%, respectively. Specifically, investment in high tech related manufacturing and services grew by 20.2%.
Overall unemployment dropped to 5.4% in average in Q3, from 5.8% in Q2. In Q3, youth unemployment (16-24 yo) is 17.9% while it is 4.7% for adults (25-59 yo).
So China can grow at 4% a year with minor lockdowns and the real estate bubble deflating, while a major lockdown like in Q2 will reduce growth to almost 0%. The recovery in 2023 is going to be very strong, assuming that covid related restrictions continue to be relaxed as they have been so far.
Most importantly, this shows that real estate really isn't that important in the Chinese economy. Certain people were claiming it to be around 30% of GDP, but now the economy has achieved almost 4% of growth even though property sales are down 22%, construction starts are down 38% and investment is down 8%. Clearly it has been possible to successfully shift activity from construction of private homes into other sectors.
Most importantly, this shows that real estate really isn't that important in the Chinese economy. Certain people were claiming it to be around 30% of GDP, but now the economy has achieved almost 4% of growth even though property sales are down 22%, construction starts are down 38% and investment is down 8%. Clearly it has been possible to successfully shift activity from construction of private homes into other sectors.
To me, the biggest test of Xi's new government is whether it implements a nationwide property tax. My working theory previously was that this was something Xi wanted to do but was impeded by other factions and special interests. Now that theory will be put to the test: If he's still hesitant and doesn't at least introduce a plan to phase in property taxes, I'll know that this is something he's personally cautious about and my theory will be invalidated.
Property taxes - no matter their political difficulty - will be enormously beneficial for China. It will treat the pathologies of the real estate market at the root, it will open up a vast new revenue stream for local governments, and most importantly, it will bring home prices down. High housing prices is the number one impediment to Chinese families having more children, and the tax could even be structured to exempt families with two or more children.
Property taxes - no matter their political difficulty - will be enormously beneficial for China. It will treat the pathologies of the real estate market at the root, it will open up a vast new revenue stream for local governments, and most importantly, it will bring home prices down. High housing prices is the number one impediment to Chinese families having more children, and the tax could even be structured to exempt families with two or more children.