Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "China Observer"
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📉 China is experiencing a silent surge of middle-aged joblessness, with over 200 million people engaged in flexible employment and delivery riders struggling to find orders.
00:19
China has over 200 million people engaged in flexible employment.
Delivery riders are struggling to find orders and earning much less than before.
Many single mothers have joined the delivery industry due to lack of other job opportunities.
📊 The average national urban unemployment rate in the first half of 2023 was 5.3%, a decrease of 0.2 percentage points from the first quarter.
02:54
The unemployment rate for local urban residents was 5.1%, while for migrant urban workers it was 21.3% and 4.1% respectively.
Unemployment rates for different education levels were 4.4%, 4.4%, 3.9%, and 3.2% for junior high school or lower, high school, associate's degree, and bachelor's degree or higher respectively.
In major cities, the unemployment rate was 5.5%, consistent with the previous month's data.
! Delivery drivers in Beijing are struggling to get orders due to high competition and low demand.
05:02
Delivery drivers in Beijing are facing high competition and low demand, with some only receiving around 30 orders per day.
The industry is saturated, making it difficult for delivery drivers to make a decent income.
Even during dinner time, there is a lack of orders, affecting both suburbs and inner city areas.
😔 The influx of new drivers to DD has increased competition and led to low earnings, causing drivers to struggle financially.
07:32
Many drivers are complaining about spending a large amount of money on a car for DD but only earning a minimal amount in return.
Some drivers are considering joining discounts to compete, as the increasing number of drivers has reduced their chances of earning enough.
There are jokes about even Teslas being used as DD vehicles to make ends meet.
🚗 Stricter regulations and an oversaturated market have made it challenging for ride-hailing drivers in China to earn a sustainable income.
09:53
Stricter regulations have made it difficult for new drivers to sign up for ride-hailing platforms without proper documents.
The market is flooded with drivers, leading to a situation where there are more drivers than riders.
Rental costs and low demand have resulted in new drivers struggling to make more than 500 yen per day.
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💼 Workers at Quin shine Legion Electronics Company Limited in China are facing layoffs and early returns to their hometowns due to a decrease in orders from Apple.
00:12
Many workers have been laid off, prompting an early return to their hometowns over 2 months in advance.
Quin shine Legion Electronics primarily manufactures Apple's original equipment for mobile phones and wireless chargers, and is experiencing a significant decrease in orders.
A temporary worker at foxcon had to resign due to a decrease in orders, and employees are seen saying goodbye to their former co-workers.
💼 The impact of Foxcon's changes on the Chinese economy and employment.
03:18
Foxcon has cut wages, halted hiring, and relocated production lines, leading to economic downturn in surrounding areas.
The closure of nearby restaurants and shops due to the dismissal of temporary workers at Foxcon's factory.
Reduction in wages for workers in the Foxcon park in Shinen, leading to closure of physical stores.
⚠ China's economic pressure and geopolitical strategies are causing concern for foreign investors and leading to a push for supply chain diversification.
06:47
China's economic pressure and potential job loss is causing concern for foreign investors
Investigation into Foxcon seen as pivotal moment in China's relation with international investors
Geopolitical conflicts and pandemic prompting Western countries to reduce dependence on Chinese supply chains
📱 H shingu Electronics is a major manufacturer specializing in smartphones and related accessories, with a focus on exports.
10:02
H shingu Electronics company established in 2015
Ammer International Group, the parent company, has expanded into the smartphone and semiconductor industries
China International Supply Chain Fair featured 515 Chinese and foreign Enterprises and institutions
🌐 President Xi Jinping requested the US to cancel unilateral sanctions against China during a meeting in November, with implications for the global supply chain.
13:31
China is trying to reorganize its supply chain in response to US technological and trade sanctions, as many countries have decoupled from the global supply chain that included China.
There are challenges for American companies looking to reestablish in China, including whether they can return under US sanctions and what benefits can be gained given China's unchanged policies towards private enterprises.
The founder of TSMC believes that globalization is dead and the world is now in an era of geopolitics, with the new US-China economic and trade framework likely to impact high tech and high precision systems.
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💼 The video discusses the deserted T1 terminal at pong International Airport and the withdrawal of foreign companies from the Chinese market.
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The T1 terminal at pong International Airport is deserted with few people and closed shops.
Foreign companies are withdrawing from the Chinese market due to economic, regulatory, and political challenges.
International pharmaceutical companies are trying to reduce their dependence on China with Indian drug
⬆ The pharmaceutical industry is seeing a shift towards India as a manufacturing base, with companies experiencing strong profit growth and increasing demand for Indian supply chains.
03:12
Pharmaceutical companies in India have reported sales growth of 25 to 30% in recent years, with some clients looking to make India their second manufacturing country outside of China.
India's cdmo industry is estimated to generate revenue of about $15.6 billion this year, with an expected average annual growth rate of over 11% in the next 5 years, surpassing China's growth rate.
Pamal Farm Solutions has received requests to integrate their supply chains into India, reducing their reliance on raw materials from China.
🏢 Airbnb and Blizzard exit the Chinese market due to various challenges and regulations.
06:35
Airbnb's local business in China accounted for only about 1% of its total revenue.
Airbnb faced scrutiny over data security issues and ultimately decided to exit the Chinese market.
Blizzard announced the closure of its Battle.net servers in China, ending its 25-year journey in the Chinese market.
💼 LinkedIn announces plan to restructure its Global Business organization and China strategy, resulting in layoffs and public withdrawal from China due to operating challenges.
09:42
LinkedIn intends to lay off 716 employees, including engineering and marketing teams in China.
LinkedIn entered the Chinese market in 2014, but faced challenges with censorship and government restrictions on content.
Chinese regulators found sensitive posts on LinkedIn and criticized the platform during the two sessions in China.
💼 Gallup Consulting Group decides to completely exit China amidst economic downturn and increasing National Security pressures.
13:11
Gallup Consulting Group announced the closure of its operations in China.
The decision was made amidst China's economic downturn and increasing National Security pressures.
Gallup is closing all three of its offices on the mainland.
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🚗 Fraudsters in China deliberately throw themselves in front of vehicles to demand compensation for self-inflicted injuries.
01:00
These acts are seen as comical and unique to Mainland China.
Fraudsters in China stage accidents by deliberately colliding with vehicles to extract compensation.
One individual managed to stage up to five accidents a day and amassed over 170,000 Yen ($223,233) in compensation.
🚦 Videos show individuals in China attempting to scam drivers by throwing themselves under vehicles or clinging to them, resulting in dangerous and sometimes fatal incidents.
03:02
An elderly man was ordered to compensate a driver for emotional distress after disrupting traffic.
A middle-aged woman from Guangdong attempted to scam a police vehicle by clinging beneath it.
Various videos capture individuals trying to scam drivers by crawling under vehicles or throwing themselves under speeding cars, resulting in injuries and fatalities.
🚨 A controversial verdict in a traffic accident case sparked public debate and led to a reluctance among Chinese citizens to assist the elderly in public settings.
06:01
Judge Wong delivered a controversial verdict based on common sense rather than concrete evidence.
Pungu was ordered to compensate Shu Sholan over $6,000 USD.
The Supreme People's Court highlighted the Shu Yu versus Wong sh road traffic accident case, leading to an increasing reluctance among Chinese citizens to assist the elderly in public settings.
🚢 Collision between Chinese Coast Guard and Philippine vessels near Renai Reef.
08:58
The collision occurred between a Chinese Coast Guard vessel and a Philippine supply ship near Renai Reef.
The Philippines condemned the CCP for the collision, while the CCP claimed the Philippines staged the accident.
The collision resulted in damage to the supply ship and the Philippine Coast Guard vessel, but no reported injuries.
💥 Japan strongly opposes any unilateral attempts to change the status quo by force or intimidation in the South China Sea.
11:47
Australia's ambassador to the Philippines expressed concerns about the CCP's damaging Filipino vessels and disrupting the Philippine Supply Mission.
The Philippines issued a strong condemnation, denouncing the CCP's actions as provocative, irresponsible, and illegal.
The widespread occurrence of scams in Mainland China reflects a moral degradation in societal values, with evil fostering more evil.
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📉 The combat capability of China's People's Liberation Army (PLA) is only a third of what it appears on the surface due to issues such as formalism, corruption, and lack of combat experience.
00:22
The actual military strength of the PLA may only be a third of its apparent strength.
China's J20 stealth fighter faces issues with its domestically produced engine, including a short lifespan and high fuel consumption.
The domestically produced onboard generators of the J20 are underpowered, severely impacting the emission power of the aircraft's radar.
🚢 Chinese naval vessels face performance and maintenance issues, including challenges during overseas missions and concerns about the fate of aircraft carriers.
03:55
Chinese naval vessels have performance and maintenance issues, hindering their operation for target practice and maneuvering.
The fate of China's three aircraft carriers is a cause for concern, as they could potentially be sunk by the US military within hours in the event of a conflict in China's territorial waters.
China faces challenges in submarine construction, as commercially sourced parts from the West do not meet military standards and result in technical defects, frequent malfunctions, and impaired seagoing capabilities.
🔫 The People's Liberation Army (PLA) has inferior weapons and equipment compared to the US Army, raising doubts about its claim to be the world's leading land force.
07:40
The NP22's performance is inferior to the P226, yet it is priced higher.
The PLA is armed with outdated rifles and limited numbers of advanced tanks.
The PLA may not be able to withstand an attack from the US Army.
📚 Soldiers in the Chinese People's Liberation Army lack initiative and adaptability due to strict orders and procedures, leading to limitations in their skills and career prospects.
11:31
Soldiers in the Chinese People's Liberation Army have little opportunity for initiative and adaptability due to strict orders and procedures.
High-intensity physical training plans may lead to long-term injuries and illnesses for soldiers.
Many veterans from the Chinese People's Liberation Army pursue careers as bodyguards, security guards, special agents, or urban law enforcement officers.
🔍 China's military lacks originality and adaptability, and its pursuit of form over substance has worsened under Xi Jinping's leadership.
15:42
Military salaries have increased, but overall efficiency and pragmatism may be lower than that of the Indian army.
China's defense budget reached 1.45 trillion yen in 2022, but funds are not efficiently utilized.
New recruits in remote areas receive a monthly salary of over 4,000 Yen, while soldiers stationed on the India border can earn as much as 12,000 yen per month.
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💼 Honda's layoffs in China due to production reduction and termination of dispatch contracts, leading to financial compensation and assistance for affected employees.
00:33
Honda's layoffs attributed to reduction in production and termination of dispatch contracts.
Financial compensation and assistance provided to affected employees.
First significant staff reduction for Honda since joint venture in 1998.
📉 The economic performance in China has been the opposite of expectations, with significant decline in major indicators and a notable downturn for GAC Honda.
03:16
China's major economic indicators showed a significant decline with the real estate debt crisis worsening, numerous factories closing, and enterprises going bankrupt.
GAC Honda experienced a notable downturn, with a significant decrease in vehicle sales in the Chinese market for the third consecutive year.
🏭 Companies are losing confidence in China, leading to the relocation of investment and headquarters due to various factors such as supply chain issues and geopolitical risks.
06:23
Japanese automaker Honda rumored to be pursuing deification and reducing its dependence on the Chinese supply chain as early as August 2022.
The covid-19 outbreak and resulting lockdowns in Wuhan disrupted Honda's supply chain and production, leading to the consideration of restructuring the supply chain.
In response to geopolitical risks, Honda plans to rebuild its local supply chain and continue vehicle production in China.
🚗 Honda and LG Energy Solution are investing in electric vehicle production in North America, possibly due to US government subsidies and Japanese companies moving out of China.
09:16
Honda and LG Energy Solution are independently investing 700 million to retrofit factories for electric vehicle production in North America.
The US government will provide subsidies to electric vehicle consumers starting next year, with prerequisites for localization and domestic production.
Japanese companies moving out of China may be accelerating, possibly influencing the investment in North America.
💼 Sudden layoffs in the automotive industry causing financial pressure and uncertainty.
12:29
GAC Toyota announced layoffs in a pillar industry, leaving thousands unemployed.
Mitsubishi's decision to stop car production in China and invest in electric vehicles.
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🔴 Walt Meisterautomobile Technology Group, a once-sensation in the automotive world, is on the brink of bankruptcy due to issues with their new energy vehicles' official systems.
00:06
Numerous owners reported malfunctions with the car's official systems and backend services.
The collapse of EV companies poses a challenge for car owners as their vehicles may not function at all.
China's new energy vehicle industry is declining and coming to an end.
🔥 Weltmeister, an automobile company, is facing financial difficulties, unpaid salary issues, and criticism over vehicle quality, with reports of cars catching fire in various locations.
03:40
Weltmeister employees protested unpaid wages at their factory in February.
Multiple instances of Weltmeister cars catching fire have been reported, raising safety concerns.
Videos captured incidents of Weltmeister cars emitting smoke and bursting into flames.
🚗 Many car dealers in China have collapsed, leaving car owners struggling to find representatives to address their concerns.
07:21
Over 40 car brands have officially exited the Chinese market in the last 5 years.
Chinese government regulations mandate manufacturers to ensure a 10-year part supply after exiting the market, but enforcing this requirement remains challenging.
Sales of other mainland automakers have also seen significant drops since October.
📉 Beijing Hyundai's Chongqing plant is being sold at a reduced price due to plummeting sales.
10:47
The Chongqing plant was first listed for sale on August 11th with a base price of 3.68 billion yen.
The base price was later reduced by 1.1 billion yen to 2.58 billion yen.
The reduced price is equivalent to a third of the total investment when the plant was built.
📉 Several Chinese automobile companies have declared bankruptcy due to financial issues and contract disputes.
14:44
Leton automobile, a high-end independently developed electric vehicle brand, declared bankruptcy after being involved in numerous civil cases.
Foten Motor Company declared the bankruptcy of Borgard Group, a Chinese German concern.
GAC Fiat Chrysler automobiles company applied for bankruptcy in Changsha, Hunan Province, and will exit the Chinese market.
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📉 The era of downgraded consumption is upon us as China's economy is in a slump and many young people are adopting a slacking off lifestyle.
00:21
People are choosing to adopt a lying flat or slacking off lifestyle due to high youth unemployment and a lack of hope.
Many individuals burdened with high loans and reduced income are seeking to lower their consumption levels to make ends meet.
Downgraded consumption and substitution products have become popular terms, sparking discussions among internet users.
🧹 People are downsizing their consumption and opting for simpler and more affordable options in various aspects of their lives.
03:16
Cleaning with regular detergent and baking soda is sufficient, and a cast iron skillet is a better alternative to small appliances.
Using common and affordable brands for shampoo and shower gel instead of trendy influencer products.
People are downsizing consumption in different areas, such as transportation and household items.
🍽 The video highlights the decline in orders and income for late-night snack shops in Shanghai, leading to many closures, while street vendors offering affordable meals are thriving.
06:34
Late-night snack shops in Shanghai are experiencing a notable decrease in order frequency and income, leading to many closures.
Traditional restaurants are struggling to stay open due to downgraded consumption, while street vendors with affordable dining options are becoming increasingly popular.
Street vendors in Shanghai offer great value for money, with dishes priced at only 10 Yen or about $15.
🛍 Young people in China are shifting towards affordable products and secondhand goods due to economic downturns and reduced spending, leading to a surge in money-saving tips and the popularity of discount stores and online flash sale platforms.
10:09
Young people in China are avoiding luxury brands and expensive consumer goods, opting for affordable products and secondhand goods instead.
There has been a surge in posts on various online platforms in China sharing money-saving tips.
Low-cost domestic brands and mass market products are gaining popularity, while high-end cosmetics are losing appeal.
💰 The average retail price in Japan increased by 8%, boosting profitability for consumer goods companies like Miniso and Fast Retailing.
13:37
Miniso's revenue increased by 13.8% to 11.4 billion yen, marking the largest growth in nearly 5 years.
Fast Retailing's profit increased by 88.4% to 26.2 billion yen, achieving three consecutive years of record highs in the greater China region.
Chinese consumers consider Uniqlo to offer the best value for money, making it the most purchased brand across all age groups.
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😔 The speaker discusses the challenges they have faced in the foreign trade business this year, including a major client going bankrupt and a decline in orders.
00:07
The speaker's business has been operating at a loss since the beginning of the year.
One of their major American clients has gone bankrupt, resulting in no orders.
The speaker is struggling to find new clients and the monthly expenses are becoming unbearable.
📉 China's foreign trade sector is experiencing a significant decline, with a year-on-year decrease of 55% in revenue and a 74% decrease in net profit.
03:21
Revenue for the first three quarters reached 135 billion yen, down 5.7 billion yen year-on-year.
Cargo volume dropped by 6% in the first three quarters, with the transpacific route experiencing a 10% decline.
Both the transpacific and Asia Europe routes saw a substantial decline in revenue, falling nearly 70% year-on-year.
📉 China's exports have been declining for six consecutive months while imports have seen positive growth.
06:47
China's total import and export in October 2023 amounted to $493 billion, with exports down by 6.4% and imports up by 3%.
The trade surplus of China narrowed by 31% to $56.5 billion.
Foreign invested enterprises in China also experienced a significant downturn in import and export activities.
📉 China's export decline indicates suppressed global demand and the need for domestic growth drivers.
09:32
Media analysis suggests that the decline in Chinese exports could harm market confidence.
Economists predict a continued decline in Chinese exports, bottoming out around mid next year.
Chinese exports have been declining since May, with a consecutive 3-month decline.
📉 China's foreign trade is facing immense pressure due to factors like the pandemic, economic slowdown, and falling demand.
12:51
China's leading container manufacturer, CIMC, reported significant profit declines due to a decrease in shipping container production and accumulation in Chinese ports.
The number of containers arriving at Chinese ports far exceeds those leaving, leading to a decline in shipping prices and revenue for CIMC.
A slump in manufacturing export orders has resulted in a decline in demand for export maritime shipping, further impacting CIMC's revenue.
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💰 Truck drivers prefer national roads over highways due to low freight rates and high fuel costs, and toll charges based on weight are unfair to them.
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Truck drivers now mostly use national roads instead of highways for hauling goods.
Freight rates are low, and cutting costs is essential for survival.
Toll charges based on weight are unfair to truck drivers.
🛣 The construction and opening of a new toll station on National Highway 205 in Jangu province raises concerns about the financial situation and the time it will take to recoup the investment.
04:23
The toll station on National Highway 205 in Jangu province has been completed and is about to start operating.
The province is already in debt and spending over 60 million yen on the toll station raises questions.
Other provinces in China have also started toll collections at national highway toll stations in recent years.
🏢 Concerns over local government debt risks in China and the need to address unfairness in housing purchases.
07:29
National road tolls and civil servants' salary issues also discussed.
Beijing authorities to issue 1 trillion yen in special National Bonds to repay local government debts.
Tight local finances remain a problem despite the announced measures.
💰 Civil servants in multiple regions across China have experienced pay cuts ranging from 15% to 20%.
11:06
Civil servants in Jwai saw a yearly income reduction of 60,000 to 880,000 Yen, while those in Shinen experienced cuts between 50,000 to 100,000 Yen.
Some areas in Guangong had already started delaying subsidy payments, and Shanghai's Department level officials saw a reduction in their annual salary from 350,000 to 200,000 Yen.
In Hong Joo, some organizations experienced pay cuts as high as 40% during the national day holiday in October.
📉 China's population begins to decrease, leading to a decrease in the need for public officials and potential financial strain on the government.
14:43
China's population has started to decrease, marking a historic turning point.
The decrease in population leads to a severe imbalance between population and financial support.
Civil servants may face pay cuts due to the decrease in population, causing concerns about potential abuse of power.
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🏠 Chinese real estate market in crisis with major developers defaulting on debts and government launching affordable housing reforms.
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China's largest real estate developers Grand group and Country Garden have defaulted on debts, leading to financial crises and investigations.
The state Council of China passed a plan for affordable housing reforms to address the anxiety of middle income groups and promote real estate industry transformation.
Shanghai housing prices plummeted by 51% in the Yu District, signaling a significant drop in the real estate market.
💰 Local governments in Japan have heavily relied on income from land sales, leading to a significant increase in fiscal revenue.
05:10
The average price of land auctions by local governments increased almost 20 fold from 2000 to 2022, reaching 9,119 Yen per square meter.
The financial income from land auction transactions reached 70.8 trillion yen, most of which became the revenue of local governments.
Local governments heavily rely on income from land sales, which has skyrocketed from 18% to 53% of total fiscal revenue from 2001 to 2019.
🏢 The video discusses the debt ratio of US Real Estate Investment Trust Equity Funds, the key real estate indices, and the impact of China's real estate industry on the economy.
08:49
Debt ratio of US Real Estate Investment Trust Equity Funds is 33.8%.
The National Property index has a debt ratio of 44.9%.
The rapid development of China's real estate industry led to a decline in real estate investment from 2014.
💰 Chinese families and real estate operators are burdened with massive debts due to the bursting of a speculative bubble in the real estate sector.
13:28
Chinese families are left with enormous debts, equivalent to a mortgage of a house, due to the plundering of the real estate sector.
Real estate operators in China are also left with larger corporate debts after the bursting of the speculative bubble.
The comprehensive tax burden of real estate companies is estimated to be 15% of sales, impacting their financial situation.
💰 The video discusses the optimistic financial assumptions and challenges faced by property developers in Japan.
17:58
Optimistic financial assumptions and using national average price of 4,000 Yen per square meter for construction costs.
Estimating the value of completed projects based on the national real estate market's average price of 10,000 Yen per square meter.
The total debt of property developers to date is 67.4 trillion Yen, posing challenges even under the most ideal conditions.
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😔 The downward trend of China's economy is impacting the catering industry, leading to closures and financial struggles for restaurant owners.
00:00
China's catering industry is facing immense challenges with a wave of closures impacting restaurants.
Restaurant owners are struggling with financial losses and overwhelming bank debts, leading to closures.
The pandemic has resulted in significant financial challenges for the catering industry in China, affecting both well-known chain brands and individual restaurant owners.
😔 The video discusses the decline of popular shops and restaurants in Shanghai, with a man expressing dismay at the changes in the city's commercial district.
03:30
Popular shops and restaurants in Shanghai are closing down, with fewer customers and empty storefronts in the commercial district.
The man expresses concern about the difficulty of making money in the restaurant business in the current economic climate.
A local driver recommends Sunak Mall in Guang Jadu as a good dining option.
🍽 The restaurant industry is facing a nationwide wave of closures and a surplus of secondhand equipment, leading to a downturn in business.
06:43
Nearly 1 million restaurant licenses have been revoked or canceled this year.
The secondhand equipment recycling market has seen a significant increase in closed restaurants and surplus equipment.
The industry experienced a promising period after the lockdown was lifted, but took a nosedive in May and June.
🍔 Restaurants in various regions of China are facing closure due to high costs and declining customer volume.
09:47
Bleak market conditions affecting restaurants in Shenzhen, Beijing, Changdu, and Changsha.
Small scale restaurants facing high costs and low customer volume, leading to closures.
Popular Fried Chicken chain, Jungshin Chicken Steak, experiencing a significant decline with nearly 10,000 stores shutting down.
😔 The catering industry in China is facing challenges with a significant increase in new businesses and closures, leading to intense price wars and predictions of large-scale closures by the end of the year.
13:14
Cumulative number of newly registered catering businesses nationwide increased by 374,000 compared to the same period last year
The industry has seen a large influx of entrepreneurs, increasing competitive pressure and leading to intense price wars
Predictions of a large scale wave of closures in the catering industry by the end of December this year
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"The Tragic Collapse of China's Largest Private Financial Conglomerate: $510 Billion at Risk of Vanishing and Its Impact on Investors, Creditors, and the Entertainment Industry"
😢 A heartbreaking story of bankruptcy, loss, and tragedy caused by the collapse of a financial group in China.
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Jord own trust announcement of bankruptcy on September 16th, 2023
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Warning to cherish hard-earned money and not trust top financial institutions
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Financial crisis of jungju group and collapse of real estate giant evergrand
01:07
Heartbreaking story of Mr. Lee's spouse passing away due to lack of money for treatment
01:33
Tragic suicide of an investor's father after losing everything in the Jona systems trust
02:44
💸 The collapse of the Jonu group in China has led to significant financial losses and unresolved mysteries, with debts exceeding assets and weak regulation of financial products.
02:56
Client's 70 million yen investment evaporated due to collapse
02:56
Jonu group revealed insolvency and ongoing operational risks
03:26
Debt level reached 420-460 billion yen, assets less than 2 billion yen
03:32
Jungju group became most indebted financial giant in China
03:54
Real estate investments made up 74% of defaulted trust products
05:19
Weak regulation of financial products and bypassing regulatory supervision
05:46
Financial products under Jungju continue to be sold despite risk issues
06:21
💸 The collapse of Jungu Group and its impact on investors and creditors.
06:28
Jungu Group's misuse of corporate funds led to insolvency and potential bankruptcy.
06:28
Founder J. Quinn's sudden death and lack of successor added to the company's troubles.
06:39
Investors facing financial disaster and legal action with little effectiveness under the Chinese Communist Party.
07:17
Revelations of dubious practices prioritizing repayment to government officials over ordinary citizens.
08:31
Preemptive repayment to internal staff, family members, and influential individuals, leaving smaller business owners at a disadvantage.
09:11
💰 A financial scandal involving Jonu group and its connections to state-owned and central enterprises, leading to legal proceedings and lack of government intervention.
09:29
Middle-income individuals and seniors were the primary victims of the scandal.
09:29
Employees who didn't purchase financial products from Jonu had already left the company.
09:41
The highest investment in Jon's fixed financing products reached 5 billion yen.
09:58
The Beijing public Security bureau's chaang Branch filed a case against Jonu group's wealth management company for suspected illegal activities.
10:33
The government has not provided a solution for the repayment of debts owed by the group.
10:55
Jungu group's problematic financial chain was evident from its history.
11:01
Key personnel in Jonu group had connections to the Chinese Communist Party and state administration.
12:02
🎬 The collapse of the Chinese company Jungu Group has had a significant impact on the entertainment industry and high-earning celebrities, signaling potential financial industry collapse in China.
12:47
The collapse of Jungu Group suggests a close network between the company and high-ranking officials in the Chinese Communist Party.
12:47
The company's deep roots in China's entertainment industry have impacted the sector significantly.
12:59
The collapse led to substantial losses for high-earning celebrities who had invested in Jungu Group.
13:10
Jungu Group's involvement in the film industry and its connection with entertainment platforms like Mango TV and Bonabusiness.
13:38
Well-known private film company Hawaii Brothers is a major shareholder of Jungu Trust and likely affected by the crisis.
13:57
The collapse of Jungu Group indicates potential risks in investing in China's financial industry.
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😔 The once-thriving Chapo Road wholesale market in Shanghai has now become a desolate and empty place, with many shuttered shops and remaining businesses struggling to make any sales.
00:00
Chapo Road wholesale market used to be bustling with crowds, but now sees many shuttered shops and remaining businesses experiencing days with zero sales.
The impact of the pandemic on the physical economy is truly significant, with the market now much less crowded and many shops empty and abandoned.
Half of the storefronts at Chapu Road wholesale Market are unexpectedly available for rent, indicating the market's decline in former glory.
🛍 The clothing retail industry in Kaai Chungam and nearby markets is struggling, leading to a significant decrease in customers and stagnant inventory.
03:15
Over 100 shops on the third floor of Lanfu Fashion City are now closed or turned into warehouses, with only a few still operating.
The downturn in business at Chipu Road reflects the broader challenges faced by the entire brick and mortar clothing retail industry.
The clothing wholesale market is at a standstill, with no business since November, leading to a lack of confidence in the market.
📉 The apparel industry experienced significant downturns and widespread store closures in 2023, leading to financial losses for major companies.
06:03
Apparel industry experienced significant downturns and highest number of brick and mortar store closures.
PEBG Group Company Limited experienced a 21% drop in revenue and reported its first loss since going public.
Peace Bird and Halen Home both faced rapid decline and significant store closures, indicating negative growth in the first quarter of 2023.
💼 The high-end clothing brand Jang G has declared bankruptcy as a result of declining sales and insufficient order volumes, leading to its parent company Rui Group facing a significant crisis.
09:40
Jang G's rapid collapse due to insufficient order volumes and unclear future plans from Rui Group
Rui Group's significant decline in performance and financial crisis since 2018
Rui Group's current market value decline and total liabilities reaching 1.9 billion Yan $264 million
📉 The Chinese men's trousers industry is experiencing a significant decrease in revenue and profits, leading to a challenging market environment.
13:26
Operating revenue of leading companies in the industry decreased by 14% in 2022
Net loss attributed to shareholders of a listed company for the first time since its stock market listing
Apparel and clothing sector in China is facing a decline in profits and an increase in debt
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📉 Moody's downgrades China's credit rating, causing negative impact on the economy. Italy's withdrawal from Belt and Road initiative adds to Beijing's woes.
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Moody's downgrades China's credit rating, leading to a negative signal in the market.
Italy officially notifies CCP of its withdrawal from the Belt and Road initiative, causing anger in Beijing.
💼 Moody's downgrade of China's credit rating could have significant impact on the country's economy and international financing prospects.
04:00
Moody's projects China's GDP annual growth rate to be 4% in 2024 and 2025, with an average growth of 3.8% from 2026 to 2030.
Moody's downgraded China's Sovereign credit rating from aa3 to A1 in 2017.
Moody's recent downgrade in credit ratings may trigger a significant outflow of foreign capital from China.
🔴 Tensions between the US and China are highlighted in response to a diplomatic gesture by China.
08:04
China's diplomatic gesture to Argentina was met with reserved or lukewarm response
US Secretary of Commerce's statement on CCP being the biggest threat and the need to prevent their access to technology
Emphasis on the US leading in artificial intelligence and semiconductor design, but the need for tighter export controls and enforcement with allies
🇭🇰 The US closure of Hong Kong Economic and Trade offices signifies a shift in recognition of Hong Kong's status, leading to tensions with China.
11:38
US no longer recognizes Hong Kong as a special administrative region under the one country 2 systems
US-China relations remain tense after President Biden's meeting with CCP leadership
President Biden publicly referred to Xi Jinping as a dictator
📉 Prominent financial experts in China are facing online censorship and bans, reflecting concerns about the stability and attractiveness of China as an investment destination.
15:16
Prominent financial experts in mainland China, including Le Jing pen, have faced widespread online censorship and bans.
The CCP's heavy-handed approach and inability to address underlying issues are increasingly criticized.
Moody's downgrade sends a serious negative signal to the market, reflecting concerns about the stability and attractiveness of China as an investment destination.
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😢 Chinese delivery riders face low subsidies and labor exploitation, contributing to high youth unemployment.
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A Meituan delivery rider in Hangzhou received a subsidy of one yuan after covering a distance of 10 kilometers.
Chinese youth unemployment reached an unprecedented 21.3% in June, leading many university graduates to join the food delivery industry.
A lecturer documented his experience as a delivery rider, delivering 2000 orders in a month and earning just over 7000 yuan, describing it as exploitative and laborious.
🚴 Delivery riders in China face fines and wage deductions, while international courier industry has a more balanced approach to complaints.
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Delivery riders in China can be fined 500 yuan for a complaint about their attitude from a customer.
Late deliveries in China can result in a minimum deduction of 40% from the delivery fees.
In the international courier industry, both customers and delivery riders have a relatively equal standing in complaints, with consequences such as banning customers from ordering for a year and allowing both parties to present disputes.
😔 The food delivery industry in China is overcrowded with unemployed workers, entrepreneurs, and graduates unable to find jobs, leading to a sharp decrease in orders and income for each rider.
08:32
Many highly qualified individuals, including those with Ph.D. degrees from Tsinghua University, are now working in the food delivery sector.
The influx of people into the food delivery sector has caused a decrease in orders and income for each rider.
The food delivery industry is perceived as a fallback occupation due to its low entry barriers.
😔 Highly educated individuals struggling to find suitable jobs in China's competitive job market.
12:12
Many highly educated individuals, including college graduates and middle-aged professionals, are joining the delivery workforce due to a lack of job opportunities.
Experienced professionals with advanced degrees are facing age discrimination in the job market, making it difficult for them to find employment.
Finding a job has become increasingly challenging, with a low response rate to job applications and limited interview opportunities.
😔 The food delivery industry in China is facing numerous crises, with low earnings and unresolved issues regarding the rights and interests of delivery riders.
15:57
The average monthly income of food delivery riders in China has decreased by more than half compared to last year, forcing them to complete over 30 orders daily to make ends meet.
In remote or quiet areas, the order volume is even lower, resulting in even lower earnings for delivery riders.
The food delivery industry, which was once a lifeline for the unemployed and low-income groups, has now become a trap for them, plunging them into deeper difficulties.
The rights and interests of tens of millions of food delivery riders in China remain unresolved, with cases of severe accidents and injuries during deliveries.
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Absolutely Brilliant video on the Mainland Chinese real-estate market and the pressures on it, and how they influence the market and the overall Chinese economy as it relates to the property markets —Timestamps:
🏢 The Chinese property market is showing conflicting signs as the government reassures the public while rapidly divesting its real estate holdings.
00:08
The government emphasizes support for the housing market and real estate as a cornerstone of China's industry.
Multiple state-owned enterprises have been selling off properties, revealing the true state of the market.
Large-scale property sales have occurred in Beijing, Gan, and Guan, potentially indicating more to come.
🏢 The origins of state-owned properties being offloaded by state-owned Enterprises in places like Beijing's Chaoyang and Jinan are discussed, focusing on the concept of limited competitive housing in land auctions.
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During 2015 to 2016, there was a surge in the national land market as housing prices soared and land prices followed suit.
Land regulation became stricter aiming to control land prices, leading to a shift in land auction dynamics.
Developers started bidding on aspects like self-retention and other conditions in addition to the price ceiling.
🏢 Local state-owned enterprises in Japan are selling properties at reduced prices to cut losses and recruit capital in a sluggish real estate market.
08:05
Prices of properties sold by local state-owned enterprises have been reduced by amounts ranging from 700,000 to 1.3 million yen, equivalent to selling at 80 to 90% of their original value.
There has been a sharp drop in revenue from land sales, with nationwide land sales revenue being 23.3% lower in 2022 compared to 2021, and a further 20.9% decline in the first half of 2023 compared to the same period in 2022.
The local debt crisis and decline in the property market have led local state-owned enterprises to deemphasize property-driven economic growth and consider selling properties to alleviate the burden of massive debts incurred due to past dependence on land finance.
⚠ Financial experts predict that the Chinese government will relax purchase restrictions and price control policies in response to the bursting of the real estate bubble.
11:50
State-owned enterprises are offloading properties, indicating imminent policy changes.
China's housing supply is enough to accommodate 3 billion people, suggesting an over-supply and uneven distribution.
Public outrage over excessive construction of houses and approval of numerous projects.
🏢 China is reconsidering price control measures in its housing market, which could have unpredictable consequences and pose enormous risks.
16:13
Discounts exceeding 15% on property prices might be acceptable if regulations change.
Implementing consistent pricing policies nationwide in China's region-specific real estate industry would be challenging.
First-tier cities like Beijing, Shanghai, Guangzhou, and the Yangtze River Delta region may be more resilient in an economic crisis.
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😢 Many families in Guangzhou are struggling with debt and the pressure of being the sole breadwinner.
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A client in the loan industry shared his financial struggles, including overdue payments and constant harassment.
Many families in Guangzhou rely on a single income, making it challenging to cover expenses and repay loans.
Unreasonable interest rates and financial losses are suffocating debtors, leading to a need for more time to repay.
😔 A man's attempt at property speculation in China leads to financial strain, bankruptcy, and a loss of job opportunities.
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The man initially profited from the rise in property value but later faced a decline in property values and disputes with developers.
He struggled with monthly household expenses and mortgages totaling 100,000 yuan.
Many businesses in China, including his, are on the verge of bankruptcy due to a loss of foreign orders and intensified competition.
💰 Chinese real estate companies like Country Garden and Evergrande rely on political connections and corruption to profit, while ordinary Chinese citizens suffer.
11:30
Country Garden leverages political-business relations to access lands and loans, while Evergrande builds connections with the powerful.
The CCP has issued a massive amount of money, but it ends up in the hands of corrupt officials and elites.
Some businessmen with ties to CCP officials earn money with their assistance, acting as 'shadow shareholders'.
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Yiwu, Zhejiang Province, the 'Capital of Small Commodities,' is known for its counterfeit goods market.
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Yiwu is home to the world's largest small commodities wholesale market.
The phrase 'pressure on Yiwu' refers to the swift replication of popular products as counterfeit goods.
Suppliers in Yiwu can source or create identical items within a short period of time.
💼 The counterfeit personal shopping industry in China is booming, with faux personal shoppers buying high-quality counterfeit luxury goods and selling them for slightly less than the original's retail value.
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The counterfeit personal shopping industry in China has grown due to the demand for luxury brands and their allure.
Yiwu likely serves as a hub for these counterfeit operations.
Yiwu offers both counterfeit luxury goods and original branded products of varying quality.
💼 Yiwu's development model, coined by Xi Jinping, has propelled rapid prosperity through attracting and strengthening businesses, primarily driven by counterfeiting.
07:53
Xi Jinping summarized Yiwu's developmental experience as 'inexplicable,' 'creating out of nothing,' and 'turning stone into gold.'
Yiwu's industrial growth is credited to the approach of attracting big businesses and strengthening existing ones.
Yiwu's reliance on counterfeiting has facilitated rapid prosperity for its populace.
🏭 The video showcases the production of skin-cooling silk masks and leather bags in a family-run workshop in Yiwu, China.
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The production of skin-cooling silk masks and leather bags is done in a family-run workshop in Yiwu, China.
The video raises concerns about the hygiene standards of the workshop due to its cluttered setup.
Yiwu's success may be attributed to its low costs, rapid adaptability, and short production cycles.
🛍 Yiwu's wholesale market for small commodities may have deceptive practices, such as selling goods by weight with packaging included and offering leftover stock with imperfections.
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Goods in Yiwu are sold by weight, including packaging, leading to potential misrepresentations.
Many products sold by weight in Yiwu are leftover stock with imperfections and incomplete sets.
Thorough inspection and unpackaging of goods is essential when sourcing from Yiwu.
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🔍 High-ranking officials in the Chinese Communist party, including the former Minister of Foreign Affairs and the Minister of National Defense, have disappeared, fueling speculation and creating a mysterious narrative.
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High-ranking officials in the Chinese Communist party have been vanishing successively, creating an unsettling undercurrent.
The disappearance of former Minister of Foreign Affairs qingang remains unsolved, adding to the intrigue.
China's Minister of National Defense has also vanished, leading to speculation and a frenzy of public interest.
🔍 Beijing authorities are investigating and removing Lee Shang Fu from his position as Minister of National Defense, along with arresting several military officers, due to corruption and cracking down on princelings.
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Lee Shang Fu is under investigation and has been removed from his position as Minister of National Defense.
A total of eight people from the Equipment Development Department have been arrested, including military officers and bureau level officials.
The arrest of Lee Shang Fu is part of Xi Jinping's anti-corruption campaign and crackdown on princelings.
🔍 China investigates procurement corruption and misconduct in its defense industry and system.
07:41
The 19-month long russo-ukrainian War may have caused setbacks in Chinese civilian military integrated products supplied by Russia.
Lee, a member of the princeling faction, is involved in the investigation.
Lee has held significant positions in the military Aerospace system and was appointed Deputy Commander of the PLA Strategic Support Force.
🔍 The recent removal of prominent figures in China's military may be a result of Xi Jinping questioning their loyalty and purging them in batches, according to a media personality.
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Xi Jinping's anti-corruption campaign in the military is ongoing with zero tolerance for corruption.
The missing individuals were close confidants of Xi Jinping, most of whom were personally promoted by him.
Historically, leaders in dictatorial regimes exhibit distrust towards their subordinates and purge them in batches.
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🌍 The Belt and Road Initiative (BRI) faces criticism internationally as participating nations struggle with debt crises, but China is still promoting the project as a successful outcome.
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Criticism towards the BRI has been escalating internationally, with many participating nations facing debt crises.
China's Foreign Affairs Ministry announced the hosting of the third BRI Summit in Beijing in October, aiming to publicize the initiative's successful outcomes.
The BRI is frequently criticized by Western countries for enticing impoverished nations into a debt trap, expanding China's global influence.
💰 The Belt and Road Initiative is trapping economically fragile developing nations in a cycle of debt, allowing China to gain control over their infrastructure.
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Debtor nations unable to repay their loans are forced to give China control over their ports, airports, dams, and communication networks.
Sri Lanka and Djibouti are examples of countries that have fallen into this debt trap and had to hand over their ports to Chinese state-owned enterprises.
China's plan to invest in a deep water port project in Myanmar was aimed at further expanding its control over strategic locations.
🌐 Italy hints at withdrawal from China's Belt and Road Initiative (BRI) during discussions with Chinese officials.
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Italian Deputy Prime Minister hinted at necessary exit from BRI during discussions in China.
Italian Prime Minister stated that a final decision regarding withdrawal from BRI had not yet been made.
Italian media reports that Prime Minister informed Chinese Premier about plans to exit BRI.
🌍 China becomes the world's largest creditor as the US global share of creditor rights decreases, while loans offered by China to African nations decline significantly.
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China's creditor rights increase to 30% while the US decreases to 2% between 2016 and 2021.
China's loans to African nations decline by 75% before the pandemic.
The Chinese government may no longer have the ability to help nations struggling to repay debts.
🌍 India, the Middle East, and European countries are collaborating to challenge China's Belt and Road Initiative and diversify supply chains.
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India has deep mistrust and opposition towards China's Belt and Road Initiative.
The project was conceived during confidential meetings between India, the UAE, and the US.
The United States is ardently backing India and aims to complement India's rise.
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Chinese Elderly Take a Stand: 80 Million Refuse to Pay Pensions, Prompted by Financial Struggles and Lack of Government Support
😔 Elderly vendors in China continue to work despite their age due to financial constraints and lack of government support.
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The 79-year-old vendor relies on selling vegetables and his pension to make ends meet.
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The elderly man pays his medical bills out of pocket and recently spent thousands of yuan on treatment.
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The aging population in China is rapidly increasing, leading to issues surrounding aged care.
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The one-child policy in China has led to a burden on the middle-aged generation who have to support both sets of parents.
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Many people born in the 80s and 90s are constantly at the hospital accompanying their parents and children.
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💰 China is facing a retirement wave as the post-1960s generation retires, leading to inadequate pension funds and wealth disparities.
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China will face its largest-ever retirement wave in the next decade, with the post-1960s generation retiring at an average rate of 20 million people per year.
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The shrinking employed population and growing elderly population in China lead to inadequate pension funds.
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Around 38 million people in China have suspended their pension insurance, and 43 million have completely withdrawn.
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The situation poses risks to social stability, exacerbates wealth disparities, and reflects public dissatisfaction with government public services and social investments.
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Many people lack optimism about future economic prospects and prefer to focus on their present living conditions.
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📊 The pension system in China has significant disparities between government employees, enterprise workers, and rural residents, with government retirees receiving much higher pensions.
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In Yingtan, the average monthly pension for government employees is 5,080 yuan, while enterprise retirees receive 2,368 yuan, and rural retirees receive only 207 yuan.
06:17
Similar disparities exist in Changchun, where government and public institution pensions are 1.8 times higher than those of enterprise employees and 41 times higher than rural residents.
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The average monthly pension for urban retirees in China is 3,326 yuan, while rural retirees receive only 179 yuan.
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There are approximately 130 million rural elderly people aged over 60 in China, and their pensions are significantly lower than their urban counterparts.
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The CCP's pension system lacks adequate support for the rapidly aging migrant worker population.
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😔 Migrant workers in China face inadequate retirement benefits and lack of pension support, leading to delayed retirement age and hindrance to young labor.
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Rural hukou prevents migrant workers from enjoying better retirement benefits available to urban salaried workers.
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Inadequate social security payments for migrant workers, averaging between 100 yuan and 200 yuan per month.
09:47
China's pension system has a problem of not being able to cover expenditures, with 70% of provinces outliving their pension funds.
10:17
Reduction in medical benefits for the elderly, affecting over 300 million urban residents.
11:01
Protests by retirees demanding the roll back of measures to reduce health benefits in Wuhan, Dalian, and Guangzhou.
12:13
😔 Retired workers in China are protesting against a reduction in their medical insurance benefits, which they argue is a breach of contract and leaves them unable to afford necessary healthcare.
12:52
The medical insurance amount for retired workers in China was cut from 320 renminbi to 160 renminbi, causing widespread dissatisfaction.
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Retirees argue that the reduction in medical insurance benefits is not only illegal but also a breach of contract.
13:31
Many elderly people rely on this small amount of money for healthcare expenses, but the new policy is insufficient to cover even basic needs.
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There is widespread dissatisfaction among the Chinese public due to inadequate medical insurance benefits, and protests are unlikely to settle down easily.
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China's aging population is increasing, with estimates suggesting that by 2035, the elderly population will exceed 400 million, constituting over 30% of the total population.
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📉 China's pension funds may be depleted by 2035, exacerbating the youth unemployment crisis.
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China's pension funds might be depleted by 2035, according to a report.
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China's government is encouraging older workers to re-enter the workforce to bridge the pension gap.
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Promoting employment among the elderly may worsen youth unemployment in China.
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Chinese youth unemployment rate exceeds 21%, much higher than the OECD average.
17:57
As youth unemployment rises and wage-earning individuals decrease, contributions to the pension fund will diminish.
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📉 Hong Kong's economy faces decline due to political events, pandemic, and emigration, leading to deserted streets and closed businesses.
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Hong Kong's economy declined due to political events and pandemic lockdowns
Emigration of elite class resulted in billions of Hong Kong dollars leaving the city
Downtown streets are deserted, with closed and empty shops, reflecting the significant economic decline
💔 Hong Kong's economy suffers as CCP's influence grows, leading to record-high bankruptcy filings and stagnant stock market. Chief Executives align with Beijing's directives.
03:58
Record-high bankruptcy filings and stagnant stock market in Hong Kong
CCP's influence leading to economic downturn in Hong Kong
Chief Executives aligning with Beijing's directives
🌏 Taiwan rejects CCP's pressure on economic cooperation, deepens international relationships, and remains confident in autonomy.
08:05
Taiwan rejects CCP's pressure on economic cooperation
Taiwan deepens international relationships
Taiwan remains confident in autonomy
📈 Taiwan's economy thrives as it rejects CCP, while Hong Kong's economy sinks due to loyalty to CCP.
11:53
Taiwan's trade surpluses with the US and Asia reach record highs, nearly matching the surplus with mainland China and Hong Kong.
Taiwan's stock market index rises significantly, with foreign capital returning and strategic positioning by foreign investors.
Taiwan's unwavering stance against CCP allows it to achieve the highest per capita GDP in East Asia, while Hong Kong obediently integrates into CCP's markets.
🌏 Stark contrast between Hong Kong and Taiwan's economic paths due to CCP loyalty and rejection, with insights from Argentine president on dangers of socialism.
15:47
Argentine president highlights dangers of socialism leading to economic disaster
Taiwan's clear-sighted rejection of CCP leading to economic growth
Hong Kong's population flight and lack of trust in CCP-controlled future
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🍽 The video shows the stark contrast between the lavish meals at the Asian Games and the prepackaged meals given to children.
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The left side of the screen shows fake fireworks while the right side shows the real scene.
The high-quality dining at the Asian Games is contrasted with the prepackaged meals for children.
The media village at the Asian Games offers a variety of delicious food options.
📊 Hanjo's investment in urban infrastructure for the Asian Games is double the amount spent on the previous games, but the expected revenue may not cover the expenditure.
03:04
Hanjo invested at least 200 billion yen in urban infrastructure between 2016 and 2020 for the Asian Games.
The expected sponsorship revenue for the Hanjo Asian Games is 60 billion yen, with a total income of 100 billion yen, but this is significantly less than the expenditure.
The decision to host the Asian Games has faced intense domestic criticism, with concerns over the high budget and public opposition.
🚇 Residents in H joreportedly ordered to stay home during the Asian Games, leading to empty subway carriages and a confrontational stance against citizens.
05:52
Residents in H joreportedly ordered to stay home during the Asian Games.
Two tourists were the only passengers in a subway carriage due to residents being ordered to stay home.
The Asian Games prohibited ordinary citizens from attending, leading to a confrontational stance against citizens.
🏟 The CCP allegedly arranged for fake spectators and staged cheerleading squads at the 2018 Asian Games in order to save face and prevent ordinary citizens from attending.
08:30
Chinese netizens revealed that the government arranged for fake spectators to prevent ordinary citizens from attending the Asian Games.
Some spectators noticed that the North Korean cheerleaders at the football match appeared to be Chinese and not North Korean.
Foreign dignitaries were scarce at the event, with the CCP sending a special aircraft to bring the Syrian president.
🏅 Indonesia ranks fourth in the medal tally at the 2018 Asian Games, while Central Asian nations like Kazakhstan and Uzbekistan remain strong in the Asian sports arena.
11:10
Indonesia secured 98 medals during the 2018 Asian Games, ranking fourth in the medal tally.
Central Asian nations like Kazakhstan and Uzbekistan performed well in the Asian Games, ranking fifth and ninth respectively on the medal table.
President Biden's recent meetings with the leaders of Central Asian nations during the UN General Assembly could lead them to maintain a careful distance from China.
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💰 The Hubei District government in Tianjing faced financial difficulties and borrowed money from a temple, leading to a retaliatory move by the government to restrict the temple's operations during peak income seasons.
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The government borrowed money from a temple to sustain its operations.
The temple declined to lend more money when approached again by the government.
The government retaliated by imposing restrictions on the temple during peak income seasons.
💰 China's local governments are facing a severe financial crisis, resulting in downsizing civil servants and salary cuts.
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Financial crises in local governments across China due to the implementation of the zero covet policy
Struggling local governments drowning in debt and cutting salaries for civil servants
Cumulative result of China's distorted economic growth and long-standing structural economic problems
💰 Local governments in China are facing financial difficulties due to decreased revenue, increased expenditures, and mounting debts.
09:52
Revenue from land sales fell by nearly a third in 2022 compared to the previous year.
Debt ratios of various provinces in China have been on the rise, with some surpassing 400 percent.
Major state-owned banks are offering ultra-long-term loans to local government financing vehicles to help salvage the situation.
🔍 The Tianjin Public Transportation Group in China has reportedly not been paying salaries and employee insurance since June 2022.
14:09
The Da Bei Temple in Tianjin has been targeted by the government in an 'Environmental Order Special Rectification' campaign, leading to its closure during peak income seasons.
A driver employed by the Tianjin Public Transportation Group revealed on social media that the group has not been paying salaries and employee insurance since June 2022.
The Tianjin Public Transportation Group is a state-owned enterprise with numerous subsidiaries, employing 18,700 people and operating 548 routes with a fleet of 6,541 vehicles.
💰 Local governments in China are facing a severe financial crisis due to insufficient revenue and increased expenditure.
15:25
A certain southwestern province in China may have to downsize its civil servants by 20% to cope with the financial crisis.
Local governments in China are experiencing financial difficulties due to the implementation of the 'zero-COVID' policy and the impact of the pandemic.
The land-based fiscal model, heavily relying on 'land sales revenue,' is no longer sustainable as real estate companies default on their debts.
💰 China's local government debt is estimated to be as high as 94 trillion yuan, prompting the State Council to dispatch working groups to reduce debt and address financial stability risks.
16:13
China's local government debt is estimated to be as high as 94 trillion yuan.
China's State Council has dispatched working groups to financially struggling provinces to reduce debt and report directly to Premier Li Qiang.
China spent at least 352 billion yuan on COVID-19 prevention and control in 2022, further straining local finances.
🏠 China eliminates home purchase loan restrictions, but experts warn of increased mortgage burden.
17:10
Lowering entry barrier and cost for homebuyers may increase monthly mortgage burden.
Consumers have limited funds and uncertainty about the economy, making them hesitant to purchase homes.
CCP's policies have not resolved the contradiction between autocratic political system and free market economy.
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🏆 China is hosting the 19th Asian Games in Hangzhou, Zhejiang from September 23rd to October 8th, showcasing Chinese culture and sports enthusiasm.
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The Asian Games is the first major international event hosted by China post the pandemic and the largest-scale competition in China in the last decade.
Hangzhou made extensive preparations, including the construction and renovation of venues and urban infrastructure projects.
Streets were decorated with vibrant colors, Asian Games flags, and banners to ensure the success of the event.
🥱 Many Chinese citizens showed indifference towards the Hangzhou 2022 Asian Games due to economic struggles and discontent with government expenditures.
02:50
Chinese citizens were not enthusiastic about hosting major events like the Asian Games.
Hangzhou residents expressed discontent with the government's massive expenditures on the games.
Over 200 billion yuan was spent on transport infrastructure and competition venues for the games.
💰 China's economy post-pandemic is facing challenges with reduced spending, increased savings, and unresolved risks in the real estate sector.
05:31
A desolate mall in Hangzhou's central area is struggling with business despite having a large number of residents nearby.
Yi Gang highlights China's economic challenges including reduced spending, early loan repayments, unresolved real estate risks, decreased infrastructure investment, and employment issues.
Guangzhou's temporary job market is flooded with thousands of job seekers.
🏢 The economic boost promised by the Asian Games in Hangzhou may not be significant, and the event may not solve the economic issues of the common people.
08:35
A restaurant owner in Hangzhou complained that despite the Asian Games, customer turnout had not increased.
Johnny Y.S. Lau believes that the Asian Games won't alter the struggling economic tone of mainland China.
Analysts suggest that China's significant investment in hosting international events may be focused on expanding political influence rather than sports.
🏆 The Chinese government aims to use the 2022 Asian Games to reshape its superpower image and suppress domestic dissent through nationalistic propaganda.
11:45
China hopes international events serve as a shot of confidence and a surge in nationalistic propaganda.
China undertook vast construction projects for the 2008 Beijing Olympics, but many venues have fallen into disrepair.
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🔫 Details have emerged about a dramatic assassination attempt on Xi Jinping during the BRICS meeting in South Africa.
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Several high-ranking officials within the Chinese military plotted to shoot down Xi's plane using missiles.
The orchestrator of the plot is believed to be Liu Chow, the former commander of the Rocket Force.
Xi Jinping initiated a widespread crackdown within the Rocket Force and other military departments.
🚀 The video discusses the Communist party's confidence in surpassing the US military, potentially utilizing secret tactics and nerve agents.
03:39
Speculation suggests that the secret tactic could involve the use of nerve agents dispersed via rockets.
Xi Jinping may have a powerful ally within the military, enabling him to identify and purge hundreds of individuals.
Xi Jinping has established a network of spies throughout the military, including secretaries, drivers, doctors, and even those in intimate relationships.
🤔 Rumors suggest that the trip of al-Assad to the Hjo Asian games was more about stroking her ego than diplomacy, with suspicions of lavish treatment and questions about the source of funds.
06:35
Whispers suggest that al-Assad may not have made the trip without a direct order to send a special aircraft.
The aircraft sent to fetch the prime minister of East Timor was from Air China, not Shaman Airlines as rumored.
Growing unrest within the Chinese Communist Party is causing leaks and accusations about the use of taxpayer money.
🎇 The grand fireworks display during the Asian Games opening ceremony in Hong Joo was revealed to be an illusion, leaving Jack Ma feeling a profound sense of loss.
10:17
Jack Ma founded Alibaba in Hong Joo and believed his fate was tied to the city.
Ma had promised that the next Asian Games would be hosted in Hong Joo and was determined to return for the games.
Ma wanted to assist President XI in showcasing the grand event during the Asian Games.
🔍 Rumors suggest possible corruption involving Lee Ying and her husband in architectural design projects.
13:35
Lee Ying's company quickly landed significant projects in 2012, sparking speculations of influence
The company was acquired by Danish architect firm shl and later bought out by American firm Perkins
Lee Ying allegedly utilized her father's influence to provide essentials to her company's employees during Shanghai's lockdown
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