Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "China Observer"
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😔 China's economy is experiencing severe stagnation, leading to a decline in employment opportunities, soaring prices, and shrinking wages.
00:00
Major cities like Beijing and Shanghai are also feeling the impact of economic downturn, with malls seeing significantly fewer visitors and the streets being quiet.
The combined revenue from the narrator's mine and their husband's two stores amounted to just 139 yuan ($19 USD), leading to operating losses and financial struggles.
The previous two years were tough for brick-and-mortar stores due to the pandemic, but this year's economic challenges have made it even harder for businesses to survive.
📉 Shanghai's economy has been severely affected by the pandemic, with many businesses closing down and a decline in tourism.
02:59
Before the pandemic, the average wait time for taxis in Shanghai was about half an hour, but now taxis are available within five minutes.
Many storefronts, especially in bustling areas, are now closed, and malls that were developed a few years ago are largely shuttered.
Small shops near Shanghai's railway station have also closed down, and there is a decline in travel and tourism.
📉 Carrefour and Walmart stores in China are closing due to economic downturn and lack of job positions.
05:52
Carrefour's largest store in Beijing and the third-largest in the country in Shuangjing had closed.
Walmart has closed over 60 stores in mainland China in the past three years.
Zhongguancun, a hub for the tech industry and entrepreneurs in Beijing, has seen many companies close due to financial hardships.
📉 China's economic recovery is lagging behind expectations, with reduced labor supply and weak consumer confidence.
08:52
China's official statistics provide only a general trend and limited practical value.
The Chinese government bolsters short-term economic figures through inefficient government investments.
China's private consumption has not seen a strong rebound, with consumer confidence dropping and younger population showing higher consumption tendencies.
😔 Rising unemployment and declining economic growth rates in China have led to growing despair among the youth and disillusionment among investors, while President Xi Jinping's aspiration to centralize power has disappointed many.
12:15
China's urban youth unemployment rate reached a record 21.3%, causing widespread concerns internationally.
Mr. Li Hengqing expressed concerns about the situation and its potential similarities to the events leading up to the Arab Spring.
The government decided to halt the publication of the alarming youth unemployment statistic.
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⚠ China's homegrown C919 airliner experienced a halt to operations due to issues with the bleed air system, causing a decrease in altitude and potential oxygen deprivation.
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The C919 airliner had to be grounded and replaced by an Airbus A320 due to issues with the bleed air system.
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The C919 returned to service after resolving the bleed air system issues.
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Aviation enthusiasts speculated that a serious malfunction occurred during a flight, resulting in a sudden drop in altitude.
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Insufficient bleed air and oxygen can lead to discomfort and potential health risks for passengers.
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The C919 may have experienced bleed air system failures in both engines, requiring reliance on the APU bleed air system.
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🛫 The development of China's C919 aircraft is facing multiple challenges and delays, raising concerns about flight safety and China's ability to master the necessary technology.
03:57
China Eastern Airlines received its first C919 aircraft in December 2020 and initiated a 100-hour flight validation.
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The validation flight aimed to simulate the entire flight procedure and prepare for commercial passenger flights.
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The C919 experienced failures in its reverse thrust system and engine's bleed air system, leading to delays and grounding.
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The repeated failures raise questions about the Chinese government's promotion of homegrown aircraft and the potential safety risks.
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The development of domestic large aircraft serves not only civil aviation needs but also military technology advancement, particularly in engine technology.
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😮 China's development of the C919 aircraft and domestically-produced engine has led to sacrifices and challenges in the pursuit of advancing their military capabilities.
07:26
The development of the C919 aircraft was not solely an aviation plan but rather a military one, aiming to gather data for the development of China's domestically-produced J-20 jet engine.
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Several pilots have lost their lives following the J-20's transition to the domestically-produced WS-15 engine, allegedly suppressed by orders from President Xi Jinping.
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President Xi Jinping's sentiment implies that potential air disasters would be seen as sacrifices for the country's advancement.
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China faces challenges in producing reliable engine casings and lacks the capability and knowledge to comprehend and master the composition of materials used by engine manufacturers like GE.
09:01
China's pursuit of fully independently manufacturing the engine for the C919 is an uphill battle due to limited global suppliers and dominance of major engine companies.
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🛫 China faces challenges in fully manufacturing engines due to limited access to GPU computing power, cultural and systemic challenges, and flight safety risks.
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The United States has consistently limited China's access to GPU computing power, obstructing its progress in engine manufacturing.
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China faces cultural challenges such as a societal atmosphere leaning towards taking shortcuts and a state structure that may suppress independent thinking and innovation.
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Many key aerospace technologies are held by foreign companies who are unlikely to share them with China.
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China's heavy reliance on foreign parts for its C919 aircraft poses flight safety risks.
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The grounding of the C919 has sparked reflection and concerns over potential disruptions in the aviation industry and political problems.
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🛫 The grounding of the C919 aircraft exposes China's deficiencies in aircraft manufacturing technology and its capability for independent innovation, which could be further exacerbated by potential western sanctions.
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Establishment of final assembly lines by Airbus and Boeing in China was believed to have provided valuable experience and technology.
14:37
The grounding of the C919 reveals China's shortcomings in aircraft manufacturing technology and independent innovation.
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Western sanctions could make sourcing necessary parts challenging, potentially leading to flight cancellations and service disruptions.
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Additional sanctions by the U.S. could restrict the supply of key components for the C919, causing a major setback for China.
16:13
China faces challenges in integrating diverse components and electronic control systems in the C919, compared to the expertise of the West.
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Recent Typhoons, Floods, and Droughts Devastate China's Crops, Posing a Severe Threat to Food Security as 20% of the Nation's Harvest Faces Total Loss
🌊 Recent typhoons in China have caused extensive damage to crops and raised concerns about food shortages.
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Typhoons Saola and Haikui have caused heavy rains and flooding in China's Southeastern Coast.
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The destruction of crops in the northeastern provinces has increased the risk of food shortage for the Chinese population.
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Corruption and poor decision-making within the CCP have been revealed during the grain shortage crisis.
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The anticipated harvest season in China may witness a larger reduction in yield or even no yield due to the typhoons.
04:13
International grain prices have soared due to climate fluctuations and export restrictions imposed by countries like India.
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China's President Xi Jinping has proposed strengthening the food supply chain to reduce reliance on imported food.
06:11
This move is speculated to be a strategy to prevent potential food sanctions in response to China's alleged plans to attack Taiwan.
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🍚 China's challenge to achieve complete independence from the global food market seems virtually impossible given its reliance on food imports and limited self-sufficiency.
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China consistently ranks first or second globally in international food imports, with a peak in grain imports in 2021.
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China heavily relies on soybean imports, which constitute 95% of total consumption.
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China's heavy reliance on oil and soybean meals for feed highlights the gravity of the situation.
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Approximately 21% of the population depends on imported food, and any reduction could lead to hunger for about 20% of the population.
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Severe climate disasters, such as typhoons and floods, have impacted domestic food security.
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China's limited self-sufficiency and inadequate arable land pose challenges to food security.
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China's food self-sufficiency rate has decreased from 94% in 2000 to 66% in 2020, with imported grains comprising one-fourth of total grain production.
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🌾 Farming in China is not lucrative, leading to a decline in young farmers and concerns over food security.
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Farming in China is not profitable, with small farming households struggling to make a living.
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The net profit from farming corn is low, resulting in an annual income below the minimum wage standard.
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The youth in China are reluctant to take up farming due to its lack of profitability.
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Cultivating grains on limited arable land yields low income and operational costs are high.
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The Chinese government is trying to expand arable land to secure the nation's food supply.
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The reverting forests to farmland initiative has faced criticism for infringing farmers' rights.
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Chinese agriculture is struggling to transition to large-scale land management, resulting in stagnant output and high operating costs.
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🌾 The Chinese government's inefficient policies to expand arable land and boost agriculture yield are undermining efforts to reduce dependence on imports and causing a growing food crisis.
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The administrative approach to increase arable land fails to improve China's economic environment and food supply.
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The urgency of the food crisis in China is evident in the Chinese Communist Central Committee's focus on food security.
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Fabrication and misinterpretation of data concerning China's grain reserves pose a real threat to food security.
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Reports indicate significant issues in China's grain reserves, including storing spoiled grains and corruption in grain storage management.
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The true state of China's grain reserves and the discrepancy between official figures and actual stockpiles are deeply concerning.
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Chinese Communist Party officials involved in grain purchase and sales have engaged in corruption and embezzlement, severely affecting national grain security.
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Corruption methods include circle grain, where officials acquire undue benefits through their positions.
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😔 The video discusses fraudulent activities in the grain industry and their impact on national food security.
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Collusion between grain managers and merchants to sell and repurchase grain for profit.
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Fabrication of grain purchase and sale transactions to embezzle grain funds.
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Concealment and unauthorized sale of excess grain for personal gain.
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Cheating farmers during grain purchases through dishonest tactics.
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Exploitation of price differences by settling with farmers for lower grade grain and selling it as higher grade.
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Fabrication of grain losses and illegal reselling for personal profit.
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Numerous officials express remorse for neglecting national food security and engaging in fraudulent activities.
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🏠 In certain areas of Beijing, the cost of living in tiny houses is extremely high, with a MINISCULE ~small space priced at an eye-watering 2 million yen, whilst looking unduly shoddy, wretched, low-grade & cheap.
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The cost of renting a tiny house in Beijing can be over 1,000 yen per month.
A small house with only 3-4 square meters of usable area is priced at 2 million yen.
Many parents in Beijing invest their life savings to secure a future for their children.
🏙 The video explores the housing disparity in Tong Yen, a residential area in Beijing.
03:16
Tong Yen is a large yet unpopular residential area in the northern part of Beijing where many migrant workers and those facing economic challenges reside.
There are not many day jobs available in Tong Yen recently due to a slow market.
The largest daily wage market in Beijing, MAA, is crowded with people looking for work as early as 5:00 a.m.
💼 The video explores the challenging lives of grassroots workers in Beijing, who struggle to find stable work and live on meager earnings.
05:48
Beijing's grassroots workers face difficult living conditions and uncertain employment prospects.
MAA is a popular spot for daily wage workers, offering temporary shelter and a sense of community.
Workers strive to save money to send back home and survive on low-cost living arrangements and cheap food.
🏙 Despite being natives of Beijing, residents in the old part of the city face economic dilemmas due to skyrocketing real estate prices and living costs that don't match their incomes.
08:33
The old part of Beijing, located within the second ring district, is filled with worn-down dwellings that many residents cannot afford to sell or renovate.
The living conditions in the old part of the city, known as hutongs, are drastically different from the modern highrises in Beijing, with communal bathrooms being a common feature.
😢 People living in harsh conditions without houses struggle to find partners and start families.
11:18
The lack of a house is a barrier to marriage and having children.
The harsh living conditions include freezing water and limited resources.
Many people in the area have small homes, with some as small as 10-11 square meters.
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😔 Ordinary people struggle to find stable jobs with fair salaries, leading to demoralization and lack of motivation.
00:07
Companies offer low salaries, even for experienced professionals.
Struggling to find a job leads to demoralization and lack of motivation.
Finding work as an older programmer is extremely difficult.
😔 Chinese youth express feelings of hopelessness and resignation towards life due to intense competition and economic challenges.
03:41
Chinese youth are facing fierce competition in the job market and are increasingly adopting a 'lying down' mentality.
The living environment in China has become harder with increasing difficulty in earning money and soaring prices.
The unemployment rate among Chinese youth has been a concern since the start of this year.
📊 Official unemployment figures in China do not reflect the true severity of the situation, with only around 30% of university graduates in Shanghai finding employment.
06:38
University data shows that only around 30% of university graduates in Shanghai managed to secure employment.
Even in a metropolitan area like Shanghai, most postgraduates struggle to find jobs and end up unemployed.
The official unemployment data in China does not include a large population of unemployed workers, such as migrant workers.
📉 Chinchin, a 29-year-old with a bachelor's degree, had to transition from home appliance marketing to recycling used clothing due to the decline in the real estate sector and a decrease in demand for appliances.
09:27
Chinchin's annual income reached over 300,000Yen in the real estate industry, but it took a hit when the sector declined.
Chinchin resigned from her role in home appliance marketing and started recycling used clothing, resulting in a significant drop in income.
Chinchin now finds herself competing for work with blue collar workers and has resorted to distributing flyers and using loudspeakers to announce her services.
📉 The pandemic, strict government policies, and economic challenges have led to a rise in unemployment among young people in China.
12:25
Living costs in Chungu are much lower than in Beijing, making it less appealing for young people to settle in Beijing long-term.
The CCP's strict policies and crackdowns on various sectors have intensified economic woes and eliminated many job opportunities.
Unemployment among young people in China has worsened, with many facing job losses and financial difficulties.
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According to the U.S. Customs and Border Protection (CBP), from October 2022 to April 2023, the number of illegal border crossings by Chinese nationals encountered at the southwestern U.S. border reached 9,854¹. This is a significant increase from previous years, and reflects the growing demand for visas and asylum among Chinese citizens who are dissatisfied with the economic and political situation in China. Some of the reasons why Chinese citizens choose to immigrate to the U.S. include:
- The desire for more freedom, democracy, and human rights
- The fear of government surveillance, censorship, and repression
- The lack of opportunities, innovation, and social mobility
- The dissatisfaction with the environmental pollution, food safety, and public health
- The aspiration for better education, health care, and living standards
However, immigrating to the U.S. is not easy or cheap for Chinese citizens. They face many challenges and risks along the way, such as:
- The difficulty of obtaining visas or asylum due to strict policies and procedures
- The danger of traveling through dangerous routes and regions, such as the Darien Gap or Mexico
- The exploitation by smugglers, traffickers, or corrupt officials who charge high fees or extort money
- The discrimination or hostility by some locals or authorities who view them as illegal aliens or potential threats
- The adaptation to a new culture, language, and society that may be very different from their own
Despite these challenges and risks, many Chinese immigrants are willing to take the leap and pursue their dreams in the U.S. They hope to find a better life for themselves and their families, and contribute to the diversity and prosperity of their new country.
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💰 China's covert technological theft from South Korea's electronics industry has resulted in a loss of $19.6 billion, with a former Samsung executive colluding with Foxconn to establish a semiconductor company in Singapore and stealing Samsung's semiconductor technology.
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China targeted the global electronics industry, initially focusing on the US but later extending its activities to Europe, Japan, and finally South Korea.
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South Korea suffered a staggering loss of $19.6 billion from technological outflow to China between 2018 and 2022.
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A former senior executive of Samsung Electronics, Mr. Choi, betrayed the company and collaborated with Foxconn to establish a semiconductor company in Singapore.
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Over 200 employees from Samsung Electronics and other Korean semiconductor companies were recruited to procure design blueprints and data for the establishment of a semiconductor factory in Xi'an, China.
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While the original plan did not materialize, a $360 million R&D center funded by the Chengdu municipal government in China has been using stolen Samsung Electronics semiconductor technology.
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China's Covert Theft of South Korea's Electronics Industry Results in a $19.6 Billion Loss: Former Samsung Executive Collaborates with Foxconn, Stealing Semiconductor Technology
🔍 China's dominance in the global electronic products industry and technology acquisition from Korean engineers
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Chinese Communist Party set up an R&D center in South Korea to avoid surveillance by South Korean intelligence.
04:02
China seized half of the global shipments in the organic light-emitting diode (OLED) competition.
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China dominated the global LCD market with a share of 42.5%, surpassing South Korea's 36.9%.
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Chinese mobile phone manufacturers accounted for half of the global shipments in the second quarter, but Samsung and Apple's potential purchases could change the figures.
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Chinese panel companies heavily rely on Korean engineers, but are reducing Korean staff involved in LCD panel design and production.
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📉 The Chinese panel industry, despite its control of the global LCD market, may face decline due to lack of core technology and low-profit margins.
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Samsung became CSOT's second-largest shareholder after reinvesting funds from the sale.
08:00
Chinese companies hold shares of listed Chinese companies, creating a strategic alliance with Korean companies.
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The panel industry is maturing, with stagnant demand and consumers not replacing screens annually.
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Chinese panel manufacturers have not mastered core technology and their products are priced significantly lower than top-tier manufacturers like Samsung.
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BOE Technology Group, a Beijing state-owned company, faces internal issues including long working hours, low salaries, and corruption.
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🔍 BOE Technology's competitiveness is impacted by internal management and technical issues, and its international market behavior has stirred up controversy.
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BOE's competitiveness in the panel and semiconductor industries is severely impacted by internal management and technical issues.
12:15
BOE's international market behavior has stirred up considerable controversy, including a lawsuit filed by Samsung.
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BOE's actions at the Mobile World Congress in Shanghai received strong disapproval from telecommunications giants.
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The history of LCD panel development involves the US, Japan, South Korea, and now China.
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BOE Technology's success in entering Apple's supply chain is uncertain due to potential actions against China's OLED industry.
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⚔ China's growth in display panel and semiconductor industries faces challenges from potential export controls and sanctions by Western nations.
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The United States may impose export controls on China's OLED industry, restricting its growth.
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China may need another 5 to 10 years to surpass South Korea in the display panel industry.
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China's breakthrough in the semiconductor industry is enormously challenging due to the complexity of the interconnected semiconductor industry chain and comprehensiveness of U.S. sanctions.
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China's attempt to replicate its success in the photovoltaic sector in the semiconductor sector fell short of expectations due to the complexity of semiconductor technology.
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Collaborative efforts by the Biden administration and its allies to limit China's access to advanced semiconductor manufacturing technology may be effective.
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Chinese Civil Servants Face Financial Struggles: No Pay for 9 Months, Compelled to Purchase Valueless Bonds, and Economic Crisis Deepens
💰 Rumors of large civil servant pay cuts in Shanghai have been circulating, with directors seeing a sharp decrease in their annual salary.
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Directors in Shanghai have seen their annual salary drop from 240,000 to 150,000 Yuan, while those above the department level experienced a decrease from 350,000 to 200,000 Yuan.
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The drastic pay cut is expected to impact civil servants' enthusiasm to work, but salaries are still considered high in Shanghai.
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Further reductions in salaries are anticipated, potentially leading to noticeable deflation.
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Since the outbreak of the pandemic, there have been reports of salary cuts for civil servants, teachers, and public sector employees.
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Civil servants in Eastern coastal areas of China, such as Guangdong, Georgetown, and Zhangsu, have experienced salary cuts of around 20 to 30 percent.
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📉 Civil servants in China are being coerced to purchase Urban investment bonds with little value, contributing to the country's growing debt.
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Government institutions are forcing civil servants to buy Urban investment bonds, which are practically valueless.
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Civil servants are taking out loans to purchase these bonds, with interest rates as high as 3.5%.
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The purchase requirements for these bonds vary based on ranks, ranging from 500,000 to 2 million Yuan.
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The real estate market and economy in China are struggling, leading to a debt of 65 trillion yen in Urban investment bonds.
06:09
The projects funded by these bonds may have little value, as they are not attracting funds from banks at lower interest rates.
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🏦 Urban investment companies in China are opting to raise funds from civil servants at high interest rates, indicating that banks do not recognize the value of their projects.
06:56
The projects held by urban investment companies offer no returns and cannot secure funding from banks.
06:56
Urban investment bonds are issued by urban investment companies to raise funds for local construction.
07:27
Local governments establish financing platforms for urban investments, relying on land sales and collateral.
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Urban investments have accumulated a colossal debt of 65 trillion yen, mainly due to borrowing new loans to repay old ones.
09:00
With the slumping real estate market and strained government finances, urban investments hold unsellable land and loss-making infrastructure as assets.
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😔 The economic situation in China is severe, with a decline in growth rate, reduced income, layoffs, and salary cuts in various industries.
10:09
Growth rate in China dropped from around 10% for three consecutive years to 2.83% in 2020.
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Pandemic, reduced income from Land transfers, and increased VAT tax rebate policy have added to local fiscal pressure.
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Layoffs are happening across all industries in China, with youth unemployment rate at 20.8%.
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Employees at Shanghai Putin Development Bank staged a sitting protest against pay cuts.
11:03
Many smaller banks in China are cutting salaries and benefits during the pandemic.
12:33
📉 China's economic situation is worsening, with a decrease in price index, high unemployment rates, and urgent calls for stimulus measures.
13:42
Price index decreased by 4.6% YoY and 0.9% MoM.
13:42
Unemployment rate at 5.2% with youth unemployment reaching 20.8%.
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Senior CCP officials held emergency economic meetings and agreed on the need for coordinated stimulus measures.
14:09
The central government is facing a dilemma on implementing stimulus measures.
14:51
The CCP's dictatorial system is causing problems and becoming impossible to resolve.
15:22
⛑Have a good weekend☦:thanksdoc:✝
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😡 Account holders in Chinese banks, including large state-owned banks, are facing issues of frozen bank cards, withdrawal restrictions, and unexplained transfers of funds into financial products or real estate bonds.
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A distressed woman was unable to withdraw her life savings of 660,000 yuan from an Agricultural Bank as it had been converted into a financial product.
00:00
Similar incidents have occurred in Henan and Anhui rural banks, with victims still trying to reclaim their deposits.
00:35
A woman at China Construction Bank found her fixed term deposit had been transferred out of her account and used to purchase real estate bonds upon maturity.
00:49
Account holders faced difficulties in obtaining proof of their transactions as the individual who previously helped them was not an employee of the bank.
01:51
Multiple banks, including China Merchants Bank, ICBC, Agricultural Bank, and Ping An Bank, have been reported to freeze accounts unreasonably, leading to withdrawal restrictions and obstacles.
02:56
📉 Goldman Sachs downgrades several Chinese banks due to concerns over local government debt.
04:11
Goldman Sachs issued a ratings adjustment report on the Chinese banking industry, downgrading 12 state-owned banks and some joint-stock banks.
04:11
Bank of China and China Merchants Bank were given a 'Neutral' rating.
04:30
The downgraded banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Industrial Bank, and Huaxia Bank.
04:30
The decline in the Hong Kong bank index on July 5th suggests investors are selling off Chinese bank stocks.
04:47
The report highlights the high level of local government debt carried by the banks, which could lead to asset devaluation and decreased profits.
05:43
🏦 Local government debt in China poses a significant risk to the financial system and stability of the Chinese Communist Party.
07:21
Local governments in China are on the verge of collapse due to the burden of debt and inability to declare bankruptcy.
07:21
Wage arrears for civil servants and teachers do not greatly impact social stability, but unpaid wages for city management and public security could shake the power stability of the Chinese Communist Party.
07:59
Local governments are not afraid to borrow money as the central government ultimately takes responsibility, but substantial defaults on local debt would destabilize the financial system.
08:16
The finance department of the central government does not want to directly rescue bankrupt local governments, shifting the risk onto banks.
08:54
There may be a change of personnel at the People's Bank of China to address the burden of local debt, as finance professionals understand the potential problems it poses for banks and the Chinese economy.
09:49
💰 The financial power in China is shifting away from the People's Bank of China (PBC) leaders to Xi Jinping's confidant, He Lifeng, who controls the Central Financial Committee.
10:47
Current PBC leaders Yi Gang and Pan Gongsheng do not have much decision-making power on important matters.
10:47
He Lifeng, a protégé of Xi Jinping, understands his thoughts better than anyone else.
11:27
He Lifeng is responsible for the establishment of the Central Financial Committee.
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All banks in China are policy banks and must operate according to the needs of the CCP.
12:20
Forcing banks to lend to local governments could have deadly consequences for the banks and the macro economy.
13:17
💰 Using bank loans to repay local government debt in China could lead to significant monetary tightening and a potential downgrade of China's banks' credit rating.
13:36
The entire profit of the Chinese banking industry in 2022 was approximately 2.1 trillion yuan.
13:36
Long-term lending to local governments could reach up to 60 trillion yuan, causing significant interest loss for banks.
13:57
Lending 20 trillion yuan to local governments would tighten monetary policy and hinder lending to enterprises.
14:36
If China's banks face major issues, US capital may react by reducing holdings or making other adjustments.
14:54
Low profit margins and inability to cope with large-scale interest subsidies to local governments could lead to banks' inability to survive.
16:27
💰 The burden of China's local government debt crisis will fall on the ordinary people, as banks may recall loans from them to cover losses.
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If local government debt exceeds 500 billion yuan, banks may suffer massive losses and have to recall loans.
16:45
Chinese commentator suggests locking savings accounts for 20 years to make them practically void.
17:52
The burden of the local debt crisis will ultimately fall on the Chinese people.
18:10
Chaotic phenomena like frozen savings accounts and withdrawal restrictions will become more frequent in major banks.
18:27
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