Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "Chinese Civil Servants Are Collapsing: Not Paid for 9 Months, Many Forced to Buy Valueless Bonds" video.

  1. 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. 00:14 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. 00:14 The drastic pay cut is expected to impact civil servants' enthusiasm to work, but salaries are still considered high in Shanghai. 00:29 Further reductions in salaries are anticipated, potentially leading to noticeable deflation. 00:47 Since the outbreak of the pandemic, there have been reports of salary cuts for civil servants, teachers, and public sector employees. 01:12 Civil servants in Eastern coastal areas of China, such as Guangdong, Georgetown, and Zhangsu, have experienced salary cuts of around 20 to 30 percent. 01:28 📉 Civil servants in China are being coerced to purchase Urban investment bonds with little value, contributing to the country's growing debt. 03:46 Government institutions are forcing civil servants to buy Urban investment bonds, which are practically valueless. 03:46 Civil servants are taking out loans to purchase these bonds, with interest rates as high as 3.5%. 04:39 The purchase requirements for these bonds vary based on ranks, ranging from 500,000 to 2 million Yuan. 04:54 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. 06:31 🏦 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. 07:48 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. 09:17 😔 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. 10:09 Pandemic, reduced income from Land transfers, and increased VAT tax rebate policy have added to local fiscal pressure. 10:18 Layoffs are happening across all industries in China, with youth unemployment rate at 20.8%. 10:48 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%. 13:50 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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