China's Xi turns to financial experts to tame economic risks

[Globenim]

Name a Chinese product or industry that that fits my arbitrary criteria

Nice dodge. Must hurt to see all these "revolutionary" U.S. companies hiring all those "low IQ" Chinese to get those high end jobs done and your regime being forced adopt the very measures they cried about to protect themself from Chinese competition and watch those braindrained academics that went to glorious and superior America suddenly return to China for a better job, while you struggle to keep your bigotted and intellectually dishonest narrative about China alive.

 

[Hamartia Antidote]

Name a Chinese product or industry that has revolutionized the world in modern times?

You live in an American world. From your personal computer, to the Internet your using, to the airplanes you hear flying overhead, to the air conditioning cooling the home/building your in, to the jeans you see people wearing everyday. And countless other examples.

You can have your Chinese “high IQ.”

LOL! You think he is going to admit China has thrown away thousands of years of their traditional life in exchange for a Western one? Once we gave them bicycles it was a taste they couldn’t resist.

School must be interesting in China when they ask who invented things and the answer is a bunch of Westerners. In US schools teachers/students take pride in naming who/when things were invented ...probably in China they cringe.

 

[Mista]

Can we stay on topic and discuss the implication on China's economy, as well as the type of future Chinese leaders in succession? Instead of this dick-measuring contest my country is greater than yours?

 

[KungFuLee]

Can we stay on topic and discuss the implication on China's economy, as well as the type of future Chinese leaders in succession? Instead of this dick-measuring contest my country is greater than yours?

I think it's a bit too late, the problem for Chinese economy is that the Central Government have too much power, and they are not going to let other people ride this boat.

Economic reform is badly needed 2 to 3 years ago when there are still chances to pull out this succession. But nothing was done and Xi continue on invest in industrial and infrastructure project (like high skilled automation and other) instead of reforming the financial market. Which is something a novice would do, because he is not trained in financial/economy sector, that mostly because of Xi's chemical engineering background.

What the trade war told us is that current Chinese economy is very susceptible to attack, there are no fall back on and revenue and productivity is being stretch to limit. Any industrial project need a strong economy to finance, and right now, it just wasn't there. And that is the reason why just a single tariff trade war (Which is the most basic of those, before quota system or total embargo) would bring the decline of Chinese rise in GDP like never before, well, I should say never have seen in the past 20 years. If the Chinese government continue to hold such power on financial market. Well, they are heading to the next recession and even financial crisis. And I don't see anything can do to prevent it.

 

[Mista]

the type of future Chinese leaders in succession

29:30

 

[Globenim]

Can we stay on topic and discuss the implication on China's economy, as well as the type of future Chinese leaders in succession?

Can we keep things in order and discuss first if the statements are accurate and complete in first place and the necessary context is fully provided and accurate before talking about implications about hot air? You are citing Reuters, an agenda pushing opinionmaker, not a professional acting fact reporting source, after all. The fact half of the people have proven to have no clue who they are even talking about and already jumped to false conclusions just underlines that.

 

[FedererExpress]

I think it's a bit too late, the problem for Chinese economy is that the Central Government have too much power, and they are not going to let other people ride this boat.

Economic reform is badly needed 2 to 3 years ago when there are still chances to pull out this succession. But nothing was done and Xi continue on invest in industrial and infrastructure project (like high skilled automation and other) instead of reforming the financial market. Which is something a novice would do, because he is not trained in financial/economy sector, that mostly because of Xi's chemical engineering background.

What the trade war told us is that current Chinese economy is very susceptible to attack, there are no fall back on and revenue and productivity is being stretch to limit. Any industrial project need a strong economy to finance, and right now, it just wasn't there. And that is the reason why just a single tariff trade war (Which is the most basic of those, before quota system or total embargo) would bring the decline of Chinese rise in GDP like never before, well, I should say never have seen in the past 20 years. If the Chinese government continue to hold such power on financial market. Well, they are heading to the next recession and even financial crisis. And I don't see anything can do to prevent it.

CCP can’t allow full financial liberalisation because they lose control. CCP’s main goal is to stay in power. So they control every aspect of life in China. Giving up financial controls they have right now means giving up control and be subject to the normal fluctuations of the financial market. That’s far too risky for the CCP.

This is why when people expect the Yuan to be the dominant global reserve currency I laugh. If people think CCP will allow full freedom in the capital account they are delusional. Speculators will have a field day wrecking havoc on the Chinese financial markets.

CCP is a risk averse political party. They will reform just enough for the country to get better in order for them to have legitimacy among the Chinese people. But full freedom is completely out of the question because then the CCP loses control.

 

[Mista]

Can we keep things in order and discuss first if the statements are accurate and complete in first place and the necessary context is fully provided and accurate before talking about implications about hot air? You are citing Reuters, an agenda pushing opinionmaker, not a professional acting fact reporting source, after all. The fact half of the people have proven to have no clue who they are even talking about and already jumped to false conclusions just underlines that.

Quit being so bitter and edgy. If you have a more objective source with higher credibility, then post it. If you have nothing constructive to comment or you think the thread is BS, then please do us a favour and don't post at all.

I'm sick of Giant Infants in this forum whining about the the Western media in almost every thread and derailing the topic, just because it doesn't fit their narrative. Just look at the state of PDF today.

 

[8888888888888]

I seriously doubt China will ever have a Laissez-faire economy like USA where the rich own the country.

 

[Mista]

I seriously doubt China will ever have a Laissez-faire economy like USA where the rich own the country.

A few days back I've watch a documentary called 'American Factory'.

It's a documentary about the Chinese who are supposedly socialists teaching the Americans how to exploit workers, and the Americans who are supposedly capitalists teaching the Chinese what are workers' unions. What an irony lol.

 

[8888888888888]

A few days back I've watch a documentary called 'American Factory'.

It's a documentary about the Chinese who are supposedly socialists teaching the Americans how to exploit workers, and the Americans who are supposedly capitalists teaching the Chinese what are workers' unions. What an irony lol.

Action speak louder than words, in China the government gives free housing to the very poor to improve their poverty rate. In USA many of the very rich just never bother to pay their taxes because of off shore accounts and their government doesn't do anything about it.

 

[Paul2]

Hey I’m sure it all evens out. Maybe if we look for some top bankers who are brought in to solve problems in Europe and the US we will find 20% of them trained in top rated banking schools in China.......oh wait..maybe not.

Man, that's far from top rated. By my standards that quite average...

And I don't understand why that only came to people's radar now. Megatons of debt accrued by less competent provincial governments over the last decade is like the no. 1 financial issue for provincial level cadres.

Having technocrats finally appointed to do just anything about that is what should've been done years ago. You should talk not about the fact of this happening, but why it's happening only now...

 

[PeacefulWar]

CCP can’t allow full financial liberalisation because they lose control. CCP’s main goal is to stay in power. So they control every aspect of life in China. Giving up financial controls they have right now means giving up control and be subject to the normal fluctuations of the financial market. That’s far too risky for the CCP.

This is why when people expect the Yuan to be the dominant global reserve currency I laugh. If people think CCP will allow full freedom in the capital account they are delusional. Speculators will have a field day wrecking havoc on the Chinese financial markets.

CCP is a risk averse political party. They will reform just enough for the country to get better in order for them to have legitimacy among the Chinese people. But full freedom is completely out of the question because then the CCP loses control.

It's so damn right!
And without such freedom in the financial system, they will be only very limited international influence.

 

[Paul2]

29:30

Mista, your ex-PM is right on the point that the coming forty somethings officials are very different people from one ruling the country now, but he completely misses what is in their heads. They will not be nice to the West at all.

Party's 70's generation is even further right on the spectrum than Xi and co, it's not that big of a secret.

By far they are the most bold and opportunistic generation out there. Anybody of that generation who got himself into Beijing by his forties is already quite somebody. Add to that that they did so by swimming against the current, without having revolutionary parents, or being rich enough to buy their way into power.

They started their career at the time when the America was at the apex, Eastern Bloc collapsing, and the mood in the party was that "we are done for." That alone would've been enough to make one a bitter person for life, but what has disgusted the people even more was that after "winning" the cold war America completely foreswear everything what it supposedly stood for, and reneged on every sworn promise it made. Not a nation conceived in liberty it was, but a nation of passive aggressive petit bourgeois, and carpetbaggers in power.

Now two decades later, those kids grew up while making the biggest feat in modern history, building China into what it is today. What do you think they will think when Americans will come them and ask to play the ball like they did with their predecessors? Will they in their right mind concede what they earned with 2 decades of sweat and blood for a pat on the head from US? Hell no.

 

[mike2000 is back]

Man, that's far from top rated. By my standards that quite average...

And I don't understand why that only came to people's radar now. Megatons of debt accrued by less competent provincial governments over the last decade is like the no. 1 financial issue for provincial level cadres.

Having technocrats finally appointed to do just anything about that is what should've been done years ago. You should talk not about the fact of this happening, but why it's happening only now...

Well I guess it has to do with politics. You know that sometimes or should I say most times, leaders often look at their own political power play in the party and they appoint officials that will serve or report to them accordingly based on political and party machinations in the party and country. The rest is usually secondary.

It's so damn right!
And without such freedom in the financial system, they will be only very limited international influence.

Wel, if I might so you a question : if you were the leader of the ruling party in China and president by default, wouldn't you care more about your party remaining in power and you remaining at the top of government/party instead of caring more about your country international financial influence which might limit your party and authority hold over the country?

I think we should also be fair and not just target others just for the sake of it. Should also look at things from a rational perspective. Since the party first and foremost objective is to remain in power which is what most political party strive to achieve. This is even more so with China since it's one of the only remaining major Country with a one party state and as such they have even more incentive /reason to prioritize the party hold on power over some international financial influence or even world financial dominance.
The party will never take any action they think will be weaken their hold on power and authority even if it benefits the Country's international influence more. After all , they might think : " what is the point of our country gaining more financial power and world influence if we it weakens our hold on power or even less to risk if us losing power one day? ". It isn't worth the risk for the party and you know the CCP is very risk adverse as well. so there you go . You might say it's not a good thing, but I'll say it's realpolitik given their current situation/environment.