Hacker News Reader

vinceiiikensinon China's housing glut casts pall over the economy

Looks like it’s mainly due to unemployment rising: the supply of jobs in major cities in western China, including Chongqing, fell by 77 per cent in the fourth quarter of last year compared to the same period in 2017 https://m.scmp.com/economy/china-economy/article/2185176/cho...

vinceiiikensinon Silicon Valley Is Using Trade Secrets to Hide Its Race Problem

I once went on an interview to Uber in Palo Alto. At lunchtime, when we went to the cafeteria, I saw most of the 200+ workers were either Chinese or Indian, sitting in their prospective table. Same with LinkedIn and workday in Santa Clara. I don’t see any racisms in Silicon Valley

vinceiiikensinon Anxieties of development: emerging voices in Chinese social media

African countries with large Muslim population certainly hate China. As with most other developing Muslim countries.

vinceiiikensinon Anxieties of development: emerging voices in Chinese social media

Why am I being downmodded? I presented very good reasonings and logics

vinceiiikensinon Anxieties of development: emerging voices in Chinese social media

This blogger SN is a bit delusional, like most of the nationalistic bloggers anywhere. China was merely a cheap labor source in the routine life of input/output process for a company seeking to produce commmodity products. Like many nations before and after, it will be merely a blip in the long history of factories moving to cheaper and cheaper labor.

SN believes that China can somehow end up like South Korea or Taiwan in terms of prosperity. But there are many factors why it cannot. 1.) authoritarian government skimming most of the profits and giving them to inefficient state owned operations. 2.) population is too large and most are uneducated. 3.) China will be old before it becomes rich. 4.) the culture of stealing and copying prevent it from developing a healthy middle class 5.) China have incurred debts too massive, and choose to invest in poor investment. 6.) it had angered its investors, namely japan, South Korea, Taiwan, US, Europe, with many of its belligerent actions 7.) it has angered many other developing countries. In short, most countries in the world do not want China to succeed

And so we have the reality today: China is way too indebted and a wave of defaults has commenced. Factories and firms have moved out of China. Luxury sales have crashed 50%. Home sales in 2019 have crashed 60%. account deficit will be negative for the year. Import and export are all down. And the hike in tariff is yet to come. This is all happening in the background of declining fertility, population contraction in 2030, and middle income trap, where most Chinese earn less than $1000/month.