China Economy Forum

[shuttler]

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[illusion8]

Beijing: China has cut down the budget for its 12th National Games by a hefty 78 percent as the once booming economy has slowed down with no respite in sight. The total funding for the 12th National Games will be reduced to 800 million Yuan (USD 130 million) which is a huge drop of 78 percent from the previous budget, which was 3.6 billion Yuan (USD 590 million), said the Games’ organizing committee.

China hosted national and international sports events in the past, including Beijing Olympics with lavish settings.

"For the opening and closing ceremonies, stadium construction, the torch relay and all other segments of the National Games, we strive to create, hopefully, a fresh fashion of organizing big events in a thrift manner and reaping practical achievement at the same time," said He Min, deputy director of the organizing committee of the Games to be held in China's northeastern Liaoning Province.

The number of competition and training venues has been reduced from 129 to 117. And only 10 stadiums are newly constructed for the Games, accounting for 8.5 of the total venues, a news agency reported.

The opening and closing ceremonies will also be delivered in a ‘frugal’ manner. Since its inauguration in 1987, the Games will feature its opening ceremony for the first time during the daytime, which will result in a clean cut of the expense for lighting and fireworks.

In addition, the organizers pledged to get rid of redundant arrangement of the Games, namely the cancellation of a series of conferences and exhibitions, and the combination of awarding ceremonies for contributory institutions and outstanding individuals.

Furthermore, the number of foreign guests to be invited for the Games will be reduced by half, with neither welcome banquets nor souvenirs for them. - See more at: Sluggish economy forces China to slash national games budget by 78 percent

Austerity measures?

 

[Hellraiser007]

China is also reducing infra development due to slow down of their economy.

 

[illusion8]

China is also reducing infra development due to slow down of their economy.

But infra development was their engine of growth.

 

[Chinese-Dragon]

I don't know, I feel that 7.8% growth for an $8.3 trillion economy is not that bad considering global conditions.

Much better than 4.5% growth of an economy that is only 1/4 the size anyway.

 

[Hellraiser007]

But infra development was their engine of growth.

The local authorities spend most of their funds in infra which may not yield profits, But they are used for faking stats and show it as a real growth.

The main reason behind the ghost towns and apartments.

 

[illusion8]

I don't know, I feel that 7.8% growth for an $8.3 trillion economy is not that bad considering global conditions.

Much better than 4.5% growth of an economy that is only 1/4 the size anyway.

???????

Was India even a topic here??

why trolling?

 

[Hellraiser007]

I don't know, I feel that 7.8% growth for an $8.3 trillion economy is not that bad considering global conditions.

Much better than 4.5% growth of an economy that is only 1/4 the size anyway.

7 to 8 % growth what you are saying, I am not sure and the GDP of China 4 times of India is also a doubt.

 

[Chinese-Dragon]

???????

Was India even a topic here??

why trolling?

What trolling?

To see economic performance (sluggish or not) as per the thread title, it is standard to compare to other countries, and India of course has about the same population as China. Except with a $1.8 trillion economy growing at 4.5%.

So in relative terms, we aren't doing so bad with an $8.3 trillion economy growing at 7.8%.

 

[Hellraiser007]

What trolling?

To see economic performance (sluggish or not) as per the thread title, it is standard to compare to other countries, and India of course has about the same population as China. Except with a $1.8 trillion economy growing at 4.5%.

So in relative terms, we aren't doing so bad with an $8.3 trillion economy growing at 7.8%.

The latest news is that local authorities has inflated Chinese economy by 900 Billion $ ........

And you are here talking about Chinese stat miracles ......

 

[illusion8]

What trolling?

To see economic performance (sluggish or not) as per the thread title, it is standard to compare to other countries, and India of course has about the same population as China. Except with a $1.8 trillion economy growing at 4.5%.

So in relative terms, we aren't doing so bad with an $8.3 trillion economy growing at 7.8%.

It's sluggish as in your own performance earlier and your own friggin benchmark - read the f@cking article before you start trolling on India.

 

[kena]

What trolling?

To see economic performance (sluggish or not) as per the thread title, it is standard to compare to other countries, and India of course has about the same population as China. Except with a $1.8 trillion economy growing at 4.5%.

So in relative terms, we aren't doing so bad with an $8.3 trillion economy growing at 7.8%.

That 8.3% looks very wobbly to me. Could be, its 3.8 % actually. What with the latest revelation that your provinces routinely inflate GDP numbers. And The US/ EU GDP is hardly growing. So who consumes all the stuff you claim to produce. In fact, since 2008, it is widely discussed that the Chinese are inflating their economic numbers wildly. No doubt, the US/ EU may also be willing partners in this duplicity as their stock markets will collapse if the only perceived growth engine starts sputtering.

 

[Chinese-Dragon]

It's sluggish as in your own performance earlier and your own friggin benchmark - read the f@cking article before you start trolling on India.

That was an interesting outburst.

My point still stands. It may be sluggish compared to what we previously did, but we are still adding more to our economy every year than any other country on Earth.

 

[illusion8]

China bans ads promoting extravagant gifts on radio, TV

Beijing: The radio and television advertisements promoting lavish gifting will now be reportedly banned to prevent “incorrect values” as part of the austerity drive. The step has been taken as part of the government’s campaign to curb corruption and lavish spending, as per BBC report.

The ban comes a week ahead of the start of lunar new year in which gifting is a common practise. Such advertisements will encourage people to be spendthrift, according to State Administration of Radio, Film and Television (Sarft), as per report.

The step has been taken a month ahead of once-in-a-decade change of leadership in China with new Communist Party leader, Xi Jinping emphasising on the austerity drive to reduce extravagance.

Earlier, the Chinese military was asked to strike off luxury banquets and liquor from its list of do's while hosting receptions for high-ranking officers, under a new austerity-cum-simplicity drive.

According to new regulations, such receptions should be kept simple and devoid of pomp.

Ten regulations drawn up by the Central Military Commission now headed by China's new Communist Party leader, Xi Jinping, who succeed Hu Jintao last month, said the events should be free of welcome banners, red carpets, floral arrangements, formations of soldiers, performances and souvenirs.

China bans ads promoting extravagant gifts on radio, TV

 

[Hellraiser007]

That was an interesting outburst.

My point still stands. It may be sluggish compared to what we previously did, but we are still adding more to our economy every year than any other country on Earth.

By what?

Selling your minerals and building unnecessary apartments?