Firmer currency and solid growth means China could pass $10,000 per capita GDP in 2019

[nang2]

Are you an idiot? You're really going to try to argue semantics?

In the US, hiding the source of your money to invest in Iran or Russia (or another illegal purpose) is MONEY LAUNDERING.

You're looking at a dictionary. I'm looking at the US government's definition of "money laundering." Is the dictionary going to arrest you or is the US government going to arrest you for money laundering?
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Money Laundering | U.S. Department of the Treasury

"Money laundering generally refers to financial transactions in which criminals, including terrorist organizations, attempt to disguise the proceeds, sources or nature of their illicit activities. Money laundering facilitates a broad range of serious underlying criminal offenses and ultimately threatens the integrity of the financial system.

The United States Department of the Treasury is fully dedicated to combating all aspects of money laundering at home and abroad, through the mission of the Office of Terrorism and Financial Intelligence (TFI). TFI utilizes the Department's many assets - including a diverse range of legal authorities, core financial expertise, operational resources, and expansive relationships with the private sector, interagency and international communities - to identify and attack money laundering vulnerabilities and networks across the domestic and international financial systems."

Oh, by the way, in recent years, US has been notorious in making vague federal laws, often by conflating different concepts. In a way, it becomes more and more like China. A recent book "3 felonies a day" reveals quite some of it. This trend makes me question my own intention of staying in US.

It's either.

You need to stop reading the dictionary. You need to start following US government regulations and court decisions.

"Money laundering" is a technical legal term. The dictionary definition does not apply in the real world.

It's frustrating trying to hold a discussion with you, because you're like a newly-born baby in the woods. You have all of these theoretical beliefs that have no relationship to the real world.

OK, you win. Apparently, English is not English anymore when it comes to laws. Here is the quote from Wiki, which I should have read before discussing with you. But what does this definition have anything to do with Chinese capital outflow? How is it a misuse of financial system, or a terrorism financing? Or is it just that Chinese government doesn't like it so it says it is illegal?

Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets.[1][2] In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions.[3] Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system.[4]

 

[Martian2]

Oh, by the way, in recent years, US has been notorious in making vague federal laws, often by conflating different concepts. In a way, it becomes more and more like China. A recent book "3 felonies a day" reveals quite some of it. This trend makes me question my own intention of staying in US.



OK, you win. Apparently, English is not English anymore when it comes to laws. Here is the quote from Wiki, which I should have read before discussing with you. But what does this definition have anything to do with Chinese capital outflow? How is it a misuse of financial system, or a terrorism financing? Or is it just that Chinese government doesn't like it so it says it is illegal?

Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets.[1][2] In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions.[3] Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system.[4]

The Chinese government says that capital outflow for irrational investments is subject to government approval.

This is a reasonable and rational regulation.

All governments have the power to control money laundering. They also have the power to regulate capital outflows. Both are reasonable financial regulations. Thus, arguing that capital outflow regulations violate the free market is ridiculous.
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What would happen if capital outflows were unregulated?

It would cause wild gyrations in the Yuan-Dollar exchange rate.

Many exporters would go out of business as the Yuan-Dollar exchange rate whipsawed back and forth.

In the interest of national security and preserving Chinese manufacturing jobs, it is necessary for the Chinese central government to regulate capital outflows to ensure a stable Yuan-Dollar exchange rate.

 

[nang2]

The Chinese government says that capital outflow for irrational investments is subject to government approval.

This is a reasonable and rational regulation.

All governments have the power to control money laundering. They also have the power to regulate capital outflows. Both are reasonable financial regulations. Thus, arguing that capital outflow regulations violate the free market is ridiculous.

That is an attitude of "I know better than you do with your own business". A government is OK to issue laws to define what is illegal. But irrational? How does it define what is irrational? Of course, it isn't surprising for China as China is not really ruled by law. Even with law and regulation, they are often vague to ensure they have the power to act on something they haven't foreseen, which is a trick US picked up quickly.

 

[Martian2]

That is an attitude of "I know better than you do with your own business". A government is OK to issue laws to define what is illegal. But irrational? How does it define what is irrational? Of course, it isn't surprising for China as China is not really ruled by law. Even with law and regulation, they are often vague to ensure they have the power to act on something they haven't foreseen, which is a trick US picked up quickly.

Give me a break. China is the most successful developing country in the history of the world.

You're claiming you know better than the Chinese government in the area of economics?

Get over yourself.

When you lift a billion people out of poverty and into the middle-class, I'll listen to you. Otherwise, it's just a bunch of hot air.

 

[nang2]

Give me a break. China is the most successful developing country in the history of the world.

You're claiming you know better than the Chinese government in the area of economics?

Get over yourself.

When you lift a billion people out of poverty and into the middle-class, I'll listen to you. Otherwise, it's just a bunch of hot air.

I know better than the Chinese government in the area of my own business. I challenge you to claim otherwise in your own case.

 

[Martian2]

I know better than the Chinese government in the area of my own business. I challenge you to claim otherwise in your own case.

Whatever. You have too much time on your hands.

 

[nang2]

Whatever. You have too much time on your hands.

It is lunch time anyway. See, all the big talk about how Chinese government knows better falters quickly when it applies to you personally.

 

[ChineseTiger1986]

I thought that Xi jinping said that the economy was 80 trillion yuan.

If this piece also including the economy of Hong Kong and Taiwan?

He was merely quoting a rough estimation, since 2017 is yet to be ended so far.

Most estimations believe that China's nominal GDP by 2017 will be around 83 trillion yuan, and 94-95 trillion yuan for 2018.

The 100% pure free market is just a pipe dream, and nang2 is just living in a lalaland.

I know better than the Chinese government in the area of my own business. I challenge you to claim otherwise in your own case.

No one would take you seriously, you just make yourself look like a fool.

 

[nang2]

No one would take you seriously, you just make yourself look like a fool.

I take myself seriously. I bet you do the same to yourself. I don't know what to name you if you don't.

The 100% pure free market is just a pipe dream, and nang2 is just living in a lalaland.

Nobody is asking for pure free market. If someone says to you to go to another direction, does he mean to go the extreme end of that direction? Your own logic may quickly lead you to that conclusion but that is not the true intent. It is unhealthy to always assume the extreme in other people's argument.

 

[Martian2]

I take myself seriously. I bet you do the same to yourself. I don't know what to name you if you don't.


Nobody is asking for pure free market. If someone says to you to go to another direction, does he mean to go the extreme end of that direction? Your own logic may quickly lead you to that conclusion but that is not the true intent. It is unhealthy to always assume the extreme in other people's argument.

You sound like a know-it-all, except you seem to know very little. When you preach the free-market to people who understand how the real world works, it can be really annoying.

The US government practices plenty of intervention.

Amazon.com Inc. does not have to pay state sales taxes. This is a distortion of the free market, but the US government wants to help create a company that can dominate worldwide online sales.

Boeing receives military contracts from the United States government. This buttresses Boeing's finances and helps Boeing fund its new civilian aircraft designs.

The US government provides agricultural subsidies to its farmers.

Tesla is only profitable due to government tax breaks for electric vehicles.

The US economy is nowhere near a free market. You just have to look a little deeper and you can see all of the subsidies and tax distortions. The goal of the US government is the same as the Chinese government: help its corporations achieve massive scale and profits.

China has opted for a more direct approach. Instead of an indirect subsidy hidden in the tax code or funneling money through military programs, China directly funds Chinese corporations. This is more efficient and transparent.
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Here are the federal and state tax credits that Tesla uses to lower the cost of Tesla cars to buyers.

A key government perk for Tesla buyers is running out, says Edmunds | CNBC (July 28, 2017)

 

[Tauren Paladin]

Hey everyone, I found out about something unique and interesting- nang2 is JDHungary's alt account.

 

[TaiShang]

Hey everyone, I found out about something unique and interesting- nang2 is JDHungary's alt account.

The guy is extremely active on this forum with multiple accounts...

 

[rcrmj]

The Chinese government is responsible for the success of the majority of Chinese companies.

Without the Chinese government's policies and interventions, most of the Chinese companies would have been flattened by US multinationals a long time ago.

Thus, it is irresponsible for Chinese companies to waste large amounts of money to purchase "frivolous" overseas assets. Foreign sports teams or music companies (like Dick Clark Productions) do not warrant wasting precious hard-earned foreign currency.

It is logical for Chinese companies to obtain government approval before they move money offshore in so-called "investments" that are really just wealth transfers to put the money beyond the jurisdiction of the Chinese government. This kind of disguised bite-the-hand that feeds you behavior should not be tolerated.

the true obstacle to China economy's future advancement is not Japan, America or any of other clowns, its the SOE, they should focus on science reserchs, strategic defense sectors and monetary safeties, but not in commerical field.

the government really did a great job to unleash our strength in last 30 years, but not by meddling with private sectors, but to let it go!

 

[Farbeyonddriven]

there's always a $7 trillion gap between usa and china for years,quite funny

 

[Martian2]

the true obstacle to China economy's future advancement is not Japan, America or any of other clowns, its the SOE, they should focus on science reserchs, strategic defense sectors and monetary safeties, but not in commerical field.

the government really did a great job to unleash our strength in last 30 years, but not by meddling with private sectors, but to let it go!

China is establishing six national research centers to address the issue of science research.

China to establish six national research centers | Xinhua (November 28, 2017)