Financial Markets Around World

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yungho

Junior Member
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Xi Unleashes a Crisis for Millions of China’s Best-Paid Workers​

China created a professional class in record time. Now, just as swiftly, many of their dreams are being crushed.
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Another FUD article from Bloomberg. I think it touches on a lot of anecdotes that I hear from network in China about the state of the finance and tech industry. I've personally wanted for a long time to go to China for my career, but the environment is overwhelmingly negative for my industry (finance).

While developing chip manufacturing and renewable energy is crucial for national security, I think having a thriving service industry is just as important. There's no reason for China to be both a manufacturing powerhouse and a finance/tech powerhouse. This economic downturn feels manufactured in order to boost the targeted 'high quality' industries identified by the CCP. I don't think the clamp down will hamper the service industry permanently, though it has unleashed a wave of negativity. Curious other's thoughts on this.
 
M

Michaelsinodef

Senior Member
Registered Member
yungho said:
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Another FUD article from Bloomberg. I think it touches on a lot of anecdotes that I hear from network in China about the state of the finance and tech industry. I've personally wanted for a long time to go to China for my career, but the environment is overwhelmingly negative for my industry (finance).

While developing chip manufacturing and renewable energy is crucial for national security, I think having a thriving service industry is just as important. There's no reason for China to be both a manufacturing powerhouse and a finance/tech powerhouse. This economic downturn feels manufactured in order to boost the targeted 'high quality' industries identified by the CCP. I don't think the clamp down will hamper the service industry permanently, though it has unleashed a wave of negativity. Curious other's thoughts on this.
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It's the top 1% hurting.

Also fits with my other post just before this one.
 
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yungho

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Michaelsinodef said:
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It's the top 1% hurting.

Also fits with my other post just before this one.
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The top 1% being suppressed by policy does not equate to the 99% benefiting. One of the concerns outlined in the article speaks to students believing that university is pointless because the suppression of high-paying industries. If there are no good jobs waiting for them after they graduate, what is the point of university? People settle for menial jobs because there isn't social mobility or because if they achieve their goals, they get suppressed via policy. This kind of sentiment aligns with the 'garbage time' of history phrase that's being used. It's a problem that effects the entire populace, not just the upper class.
 
J

Jamie28

New Member
Registered Member
yungho said:
The top 1% being suppressed by policy does not equate to the 99% benefiting. One of the concerns outlined in the article speaks to students believing that university is pointless because the suppression of high-paying industries. If there are no good jobs waiting for them after they graduate, what is the point of university? People settle for menial jobs because there isn't social mobility or because if they achieve their goals, they get suppressed via policy. This kind of sentiment aligns with the 'garbage time' of history phrase that's being used. It's a problem that effects the entire populace, not just the upper class.
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One of the achievement of China is that you don't need avid middlemen to do anything, when my mother was running a shop in China she didn't even know what an accountant is like, instead here we have to hire accountants and lawyers to deal with the revenue agency and the civil administration and pay hefty bills to them just to put a signature on some useless piece of paper.

If there are too many graduates in sectors like finance and law it's not the State that has to find an occupation for them through garbage regulations and make people waste their money for some junk paper, the market will regulate itself and there will be more cohorts that will join STEM courses and will actually innovate and make real added value while also enriching themselves (eg. Zeng Yuqun, founder and CEO of CATL who holds an PhD in physics).
 
M

Michaelsinodef

Senior Member
Registered Member
yungho said:
The top 1% being suppressed by policy does not equate to the 99% benefiting. One of the concerns outlined in the article speaks to students believing that university is pointless because the suppression of high-paying industries. If there are no good jobs waiting for them after they graduate, what is the point of university? People settle for menial jobs because there isn't social mobility or because if they achieve their goals, they get suppressed via policy. This kind of sentiment aligns with the 'garbage time' of history phrase that's being used. It's a problem that effects the entire populace, not just the upper class.
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Nah, there very much still is.

They are simply being bombarded with a lot of negative news (a lot is controlled by that top 1%).

Not to mention, they always had unrealistic expectations (although finance did have it quite good, but it really needed the slap, as it really was getting parasitic and bloated).
 
Y

yungho

Junior Member
Registered Member
Michaelsinodef said:
Nah, there very much still is.

They are simply being bombarded with a lot of negative news (a lot is controlled by that top 1%).

Not to mention, they always had unrealistic expectations (although finance did have it quite good, but it really needed the slap, as it really was getting parasitic and bloated).
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The govt and policymakers are the top 1%. And they also control the domestic media.

Jamie28 said:
One of the achievement of China is that you don't need avid middlemen to do anything, when my mother was running a shop in China she didn't even know what an accountant is like, instead here we have to hire accountants and lawyers to deal with the revenue agency and the civil administration and pay hefty bills to them just to put a signature on some useless piece of paper.

If there are too many graduates in sectors like finance and law it's not the State that has to find an occupation for them through garbage regulations and make people waste their money for some junk paper, the market will regulate itself and there will be more cohorts that will join STEM courses and will actually innovate and make real added value while also enriching themselves (eg. Zeng Yuqun, founder and CEO of CATL who holds an PhD in physics).
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The issue is the state is not letting market forces dictate sectors, but rather suppressing sectors like finance to prop up sectors like renewables. It can be debated whether the suppression is good overall for the health and balance of the economy, but they are being actively targeted.
 
M

Michaelsinodef

Senior Member
Registered Member
yungho said:
The govt and policymakers are the top 1%. And they also control the domestic media.
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???
Except, they aren't the ones hurting though (well, maybe some of the high positions in SOEs).

And no, actual official media is nowhere as bad as other media (private or 'independent').

yungho said:
The issue is the state is not letting market forces dictate sectors, but rather suppressing sectors like finance to prop up sectors like renewables. It can be debated whether the suppression is good overall for the health and balance of the economy, but they are being actively targeted.
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Yea, and it's good that finance (and speculation) is getting suppressed.

The more you allow the finance sector to grow, the more the economy goes from 'real to virtual' (从实向虚), in other words, money flowing towards speculation or 'financial products' that actually don't create real value.
 
4Runner

4Runner

Junior Member
Registered Member
SPY-2024-09-22at3.58.28PM.png

The big boys came back from summer vacations and did some wash-out in the past 2 weeks. This week is going to real which direction they are pushing S&P 500 before the general election. If the forces behind Harris are winning, then SPY is likely going up as continuation of the current bull story. On the other hand, there is a decent chance in my count that SPY goes sideway in the next few weeks.
 
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