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The Era Of "owned By China"

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Interesting article

OwnedbyChina article

As China's vice-premier Li Keqiang flies out of Britain today after a nine-day shopping trip to Europe, the man tipped to become the emerging superpower's next prime minister will likely reflect that the latest phase in his country's quest for global dominance is going nicely to plan.

Li's procurement extravaganza will end with a low-carbon flavour in Watford today as Vince Cable gives the 150-strong Chinese delegation a tour of a sustainable housing community.

This will bring to a close a four-day visit to the UK, on a trip which has also taken in Germany and Spain and resulted in more than $20bn (£12.8bn) of orders for luxury European items, from wine and olive oil to Mercedes cars.

With the data yesterday showing China's foreign exchange reserves jumped by a record $199bn in the final three months of 2010 to an all-time high of $2.85tn, these shopping excursions are set to become bigger and more frequent.

There is nothing new in China buying the assets and debts of countries and companies around the world with the huge foreign currency reserves it accumulates by producing cheap goods that the rest of the world wants to buy.

But the speed with which these reserves has grown as China's economic juggernaut consistently outpaces every other economy is enabling it to exert an ever tighter grip on global business, finance and, in turn, politics.

Gerard Lyons, chief economist and group head of global research at Standard Chartered, said: "The last decade could be characterised by the three words 'made in China'. In this next decade, it will be 'owned by China'."

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China's wealth is made up of a lot of western debts.


Money is wealth.

It is better to have lots of paper than a fully functioning education service, healthcare service, provision in old age and for the poor as well as blocks of flats that don't suddenly fall over. Exchanging physical goods for paper whose value can be changed arbitarily is a great idea.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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