I first heard about that in a 60 Minutes piece. Weird, virtually whole city blocks all built up with no one to go to them. It will be interesting to see ow this plays out, yes?
After the crash of 08 the world economy contracted. China's small cap markets all but disappeared for that was why their major indexes did not suffer the huge losses that were expected. That put the stop on China's emerging middle class.
This is why I find it so amazing when companies brag about tapping into China's or even India's consumer markets. The fact of the matter is the USA is or was THE consumer nation and if we are not buying they are on prospering.
Who are you calling a communist, you vile pile of purulent parrot droppings? You're such a nice person, your family must be very proud of you. By the way, here are the statistics on Chinese billionaires, from Forbes.
China has had more billionaires created by its stock markets this year than in the United States - 212 compared with 211 - a new survey revealed on Thursday.
According to the latest Hurun Global Rich List 2013, there were 1,453 people in the world with personal wealth of $1 billion or more at the end of January.
Another significant sign of more wealth being created in the East came with figures showing Asia was home to the highest number of billionaires, with 608, followed by 440 from North America and 324 from Europe, said Hurun researchers.
Among individual countries, the US and the Greater China area dominated with 408 and 357 respectively, followed by Russia, Germany and India.
Between them, the US and China now have half of all billionaires on the planet.
Moscow, with 76 billionaires, is the billionaire capital of the world, followed by New York, Hong Kong, Beijing and London, according to the report.
Mick, what is your view on the Chinese currency manipulation? How many of those Chinese billionaires are related to the topic above? Under their form of government do the billionaires truly control their wealth?
Actually, the billionaires came about as a result of the Chinese government's easing of restrictions on individual ownership and investment. Much of the wealth was generated by manufacturing, which has been famously lacking in government regulation, resulting in shoddy and dangerous products which flood the U.S. and other markets. Poisonous pet food, lead painted children's toys, toxic dry wall, to name a few. Stock in these companies has generated the enoumous wealth of a few, while most Chinese live in poverty. Currency manipulation is a by-product.
I'm not sure how indicative the number of billionaires in China is of whether or not the middle class is viable. Like Russis the government led corruption in China makes a few very wealthy and leaves the masses holding the bag.
Teri, the middle class in China is not viable under the present system. Like Europe during the Middle Ages, there is a nobility (Party Officials), a wealthy elite who are well educated, and everyone else (laborers).
Millions of empty units, a billion people making $1-2 per day. Just a matter of time before the tolitarian government fails and the masses occupy the homes, tell the government to f___off with their one child policy, and force freedom.
During my teaching days, I had quite a few Chinese students. China sends thousands of students to the U.S. each year to study Science, Engineering and Computer Science. This is done because the U.S. provides the best education in those subjects in the world. All of those students return to China. If they didn't I would hate to thing what would happen to their families. Perhaps their experiences over here will provide some motivation for change, I hope so because those were some of the best students I ever had.
I've heard the argument made that the Chinese have provided us with loads of manufactured product, not all of it garbage, while holding in return our worthless paper notes.
When will their hard working students in science produce a breakthrough? Seems their last world class invention goes back to gunpowder. We know they can copy, hack, make sneakers, and refurbish Soviet era carriers. When will they develop an item like an IPad?
Many of these properties should have been foreclosed on but China's banks keep lending money to keep them afloat.
ReplyDeleteNewsflash, China does not have a "viable" middle class.
China an economic giant??? No, do not think so...
I first heard about that in a 60 Minutes piece. Weird, virtually whole city blocks all built up with no one to go to them. It will be interesting to see ow this plays out, yes?
ReplyDeleteJean
It IS playing out Jean...
DeleteAfter the crash of 08 the world economy contracted. China's small cap markets all but disappeared for that was why their major indexes did not suffer the huge losses that were expected. That put the stop on China's emerging middle class.
This is why I find it so amazing when companies brag about tapping into China's or even India's consumer markets. The fact of the matter is the USA is or was THE consumer nation and if we are not buying they are on prospering.
After the USSR experiment how can any rational person even think about trusting Communist State statistics.
DeleteAudi sold 400,000 cars in China in 2012. That's from Audi, not from the Chinese government. Somebody in China has money.
ReplyDeleteSomebody has money in China? Yep you socialist/communist tool............
ReplyDeleteTHE COMMUNIST PARTY.....
They couldn't give a shit about anyone else, much like the Obama admin.
Who are you calling a communist, you vile pile of purulent parrot droppings? You're such a nice person, your family must be very proud of you. By the way, here are the statistics on Chinese billionaires, from Forbes.
DeleteChina has had more billionaires created by its stock markets this year than in the United States - 212 compared with 211 - a new survey revealed on Thursday.
According to the latest Hurun Global Rich List 2013, there were 1,453 people in the world with personal wealth of $1 billion or more at the end of January.
Another significant sign of more wealth being created in the East came with figures showing Asia was home to the highest number of billionaires, with 608, followed by 440 from North America and 324 from Europe, said Hurun researchers.
Among individual countries, the US and the Greater China area dominated with 408 and 357 respectively, followed by Russia, Germany and India.
Between them, the US and China now have half of all billionaires on the planet.
Moscow, with 76 billionaires, is the billionaire capital of the world, followed by New York, Hong Kong, Beijing and London, according to the report.
Mick, what is your view on the Chinese currency manipulation? How many of those Chinese billionaires are related to the topic above? Under their form of government do the billionaires truly control their wealth?
DeleteActually, the billionaires came about as a result of the Chinese government's easing of restrictions on individual ownership and investment. Much of the wealth was generated by manufacturing, which has been famously lacking in government regulation, resulting in shoddy and dangerous products which flood the U.S. and other markets. Poisonous pet food, lead painted children's toys, toxic dry wall, to name a few. Stock in these companies has generated the enoumous wealth of a few, while most Chinese live in poverty. Currency manipulation is a by-product.
DeleteI'm not sure how indicative the number of billionaires in China is of whether or not the middle class is viable.
DeleteLike Russis the government led corruption in China makes a few very wealthy and leaves the masses holding the bag.
Teri, the middle class in China is not viable under the present system. Like Europe during the Middle Ages, there is a nobility (Party Officials), a wealthy elite who are well educated, and everyone else (laborers).
DeleteMillions of empty units, a billion people making $1-2 per day. Just a matter of time before the tolitarian government fails and the masses occupy the homes, tell the government to f___off with their one child policy, and force freedom.
ReplyDeleteOccupy China!
During my teaching days, I had quite a few Chinese students. China sends thousands of students to the U.S. each year to study Science, Engineering and Computer Science. This is done because the U.S. provides the best education in those subjects in the world. All of those students return to China. If they didn't I would hate to thing what would happen to their families. Perhaps their experiences over here will provide some motivation for change, I hope so because those were some of the best students I ever had.
DeleteI've heard the argument made that the Chinese have provided us with loads of manufactured product, not all of it garbage, while holding in return our worthless paper notes.
DeleteWhen will their hard working students in science produce a breakthrough? Seems their last world class invention goes back to gunpowder. We know they can copy, hack, make sneakers, and refurbish Soviet era carriers. When will they develop an item like an IPad?