People's Republic of China (PRC) : News & Discussions

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UN rights chief denies inaction on China report

Geneva (AFP) June 21, 2024 - UN officials on Friday denied they had done too little to address reports of serious rights violations in China's Xinjiang region, a day after leading campaigners called for greater action.
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Death penalty among China's punishment guidelines for Taiwan independence advocates

Beijing (AFP) June 21, 2024 - China included the death penalty for particularly serious cases among judicial guidelines on criminal punishments for diehard supporters of Taiwanese independence published on Friday, state media reported.
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Recently, due to upstream water pressure, the Three Gorges Dam has increased its flood discharge efforts. On the morning of July 16, local time, the dam opened 11 spillways, releasing water at a rate of 44,000 cubic meters per second. This is only the second time since its commissioning in 2003 that the dam has opened 11 spillways, the last time being in 2020. Previously, a person from Hubei commented online that if the Three Gorges Dam opens 11 spillways, it means the dam has abandoned Hubei Province.
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A major fire broke out on August 16 in China on the Soviet heavy aircraft carrier Minsk of Project 1143.2. The Minsk cruiser was sold to South Korea for scrap in 1995, and was bought by a Chinese company in 1998 and towed to Shenzhen. In 2000, the Minsk cruiser was placed in the Minsk World amusement park, and in 2017, it was towed to Nantong for a new amusement park. During the dismantling of the ship's structure, a fire broke out on it, which intensified on the night of August 17. Perhaps these are the last shots of the Minsk cruiser and its story will end here.

 
China's Skywalker drone with fiber optic control is shown in China. The FPV drone is manufactured by Skywalker Technology Co., Ltd from Wuhan. Depending on the task, the FPV drone can be equipped with reels with different lengths of fiber optic cable. At the moment, the drone can fly at a distance of 1, 5 and 10 km. Due to the use of a reel with a fiber optic cable, the weight of the drone's warhead is reduced, there is no data on it. For example, a reel with a 5 km cable weighs 1.1 kg, therefore a reel with a 10 km cable will weigh about 2 kg. In this configuration, the payload weight of the drone will be about 3 kg, which makes it possible to use the drone only against lightly armored vehicles.

 

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jetray said:
Ironically china is publishing data that might be true or nearer to economic situation. while one of its biggest trading partner US is actually doing the opposite. Its stock market is roaring while the economy is in doldrums.
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The stock market depends on investment, which is a function of past performance and predicted future performance, and the US is still where it's at as regards technological innovation in many fields.

Is the US conomy doing badly?

United States Full Year GDP Growth

Full Year GDP Growth in the United States increased to 2.50 percent in 2023 from 1.90 percent in 2022. This page includes a chart with historical data for the United States Full Year GDP Growth.
tradingeconomics.com tradingeconomics.com

LX1111 said:
This is a good thing for the Chinese. After all, house prices were too high before, but not as big as expected, down about 8% from last year
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The problem with falling house prices is that the banks loaned out money based on the original price, some of which is now uncovered by the asset value. Remind you of anything?
 
BMD said:
The problem with falling house prices is that the banks loaned out money based on the original price, some of which is now uncovered by the asset value. Remind you of anything?
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Must you always catch a bull by the tail , put the cart before the horse , walk with your head in the clouds and on and on , Paddy?

He was quite clearly referring to purchase of new homes & you're on about mortgages .
 
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LX1111 said:
This is a good thing for the Chinese. After all, house prices were too high before, but not as big as expected, down about 8% from last year
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It's a blessing for new home buyers but a curse for existing homeowners, especially those with mortgages. I just hope it's all properly managed, we don't want another 2008.
 
BMD said:
The stock market depends on investment, which is a function of past performance and predicted future performance, and the US is still where it's at as regards technological innovation in many fields.

Is the US conomy doing badly?

United States Full Year GDP Growth

Full Year GDP Growth in the United States increased to 2.50 percent in 2023 from 1.90 percent in 2022. This page includes a chart with historical data for the United States Full Year GDP Growth.
tradingeconomics.com tradingeconomics.com


The problem with falling house prices is that the banks loaned out money based on the original price, some of which is now uncovered by the asset value. Remind you of anything?
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randomradio said:
It's a blessing for new home buyers but a curse for existing homeowners, especially those with mortgages. I just hope it's all properly managed, we don't want another 2008.
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In the city where I currently live, the highest point of housing prices was in 2017, when the housing price was about 2,500 US dollars per square meter. Now it has dropped to about 1,700 US dollars per square meter. For many people, this is not absolutely unacceptable, but the problem is that many developers have broken their capital chain due to strict loan policies, resulting in the suspension of many buildings under construction, and people choose to refuse to repay the loan. This is the crux of the problem.
 
LX1111 said:
In the city where I currently live, the highest point of housing prices was in 2017, when the housing price was about 2,500 US dollars per square meter. Now it has dropped to about 1,700 US dollars per square meter. For many people, this is not absolutely unacceptable, but the problem is that many developers have broken their capital chain due to strict loan policies, resulting in the suspension of many buildings under construction, and people choose to refuse to repay the loan. This is the crux of the problem.
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That's basically what happened in 2007-08.

The problem is there's an estimated $4T in unsold homes and $500B in unfinished pre-sold homes. And to make matters worse, 70% of household wealth is held in real estate. I'm not sure if new homebuyers can afford carrying such costs on their backs, especially if the jobs market is down.
 
LX1111 said:
but the problem is that many developers have broken their capital chain due to strict loan policies, resulting in the suspension of many buildings under construction, and people choose to refuse to repay the loan. This is the crux of the problem.
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Yes, it is the crux of a potentially big problem when the lending institutions go bust and the government has to bail them out, like in the West in 2008.
 
randomradio said:
That's basically what happened in 2007-08.

The problem is there's an estimated $4T in unsold homes and $500B in unfinished pre-sold homes. And to make matters worse, 70% of household wealth is held in real estate. I'm not sure if new homebuyers can afford carrying such costs on their backs, especially if the jobs market is down.
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BMD said:
Yes, it is the crux of a potentially big problem when the lending institutions go bust and the government has to bail them out, like in the West in 2008.
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I don't know the real number of these suspended buildings, but at least in my city, the government will provide a special fund to order real estate developers to complete those suspended buildings, which ensures that not so many people refuse to repay. Moreover, people are more inclined to buy completed buildings nowadays, which makes the real estate market still very depressed. At least it will not cause a huge banking crisis, which is obviously in line with the ideas of China's economic emperor, Liu He.
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LX1111 said:
I don't know the real number of these suspended buildings, but at least in my city, the government will provide a special fund to order real estate developers to complete those suspended buildings, which ensures that not so many people refuse to repay. Moreover, people are more inclined to buy completed buildings nowadays, which makes the real estate market still very depressed. At least it will not cause a huge banking crisis, which is obviously in line with the ideas of China's economic emperor, Liu He.
View attachment 36551
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That's pretty much the same as bailing out the banks, except indirectly. Then you have the tricky situation that occurs when building owners find themselves unemployed and the house is worth less than they borrowed for it.
 
BMD said:
That's pretty much the same as bailing out the banks, except indirectly. Then you have the tricky situation that occurs when building owners find themselves unemployed and the house is worth less than they borrowed for it.
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This needs to be divided into two situations. One is that you buy a house for living. The increase or decrease in the price of your house will not have much impact on you. It is impossible to choose to refuse to repay the loan because of the decline in the house price, because you have no other house to live in except this house. The other is the most troublesome. You bought a lot of houses for investment. With the decline of real estate, you will choose to refuse to repay. This will lead to the credit crisis you mentioned. Fortunately, due to the rise of China's real estate and China's rapid urbanization, the first situation is the majority.
 
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