Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "No Money to Pay Salaries! China’s Local Government Is $14 Trillion in Debt, Borrowing From Temples" video.

  1. 💰 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. 00:00 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. 05:14 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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