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Jerry Kahn
Bloomberg Originals
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Comments by "Jerry Kahn" (@jerrykahn6894) on "Bloomberg Originals" channel.
The problem arises with the condition being worse than the official economic figures let on. Local government has been lying about their economic figures since they began to report them. The central government has been following along with more lies about all economic and demographic statistics to make their economy and government look better. Economists worldwide say China has been lying about their GDP since 2008 and that their actual GDP is only about 60% of reported GDP. If this is correct China's real GDP is actually lower than Japan's. Also when economists use figures other than official Chinese unemployment data, the real unemployment, instead of being 5% overall and 21% for youth, it is about 50% overall and 46% for youth. These factors along with the crashing Real Estate market; the reduction in imports and exports; the slow down in shipping and trucking; the reductions in rail and air travel; the closing of manufacturing plants; the closing of thousands of midsize and small businesses; the departure of foreign investment and industry; the partial shutdown of the banking industry; the overburden of government debt at the local, regional, and national level; the collapse of the belt and road initiative; the flooding and other severe weather problems; the TOFU construction problems in buildings and infrastructure projects (including railways); the food shortage problems caused by weather and mismanagement; the loss of income of banking employees, manufacturing employees, and civil service employees; the loss of more than 50% of EV manufacturers in the last year; the loss of almost 6000 microchip manufacturers in the last year; along with the problem of their solar power plants now needing a 1/3rd replacement of their solar panels every 3 years instead of every 20 years as originally projected; and the fact that their EVs batteries are blowing up everywhere. I'd say China is doing pretty well for a country that is sinking faster than the Titanic.
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