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China Plans to Launch New Cooperation Initiative for BRICS, to Contribute to NDB

Chinese President Xi Jinping says that China is going to contribute to the new economic and technical cooperation plan for the BRICS countries financially and to support New Development Bank project.


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  • 4 weeks later...

China’s mortgage debt bubble raises spectre of 2007 US crisis    


China's massive property bubble creates mad scramble to take on decades of debt



despite the insane prices that almost guarantee that they will default on their mortgages -- because they fear that rising property prices will shut them out forever if they don't buy now, and the new rentiers who've speculated on all that property are cranking up rents so fast that renting is worse than buying.

It's an eerie echo of the runup to the subprime collapse of 2007/8, a blend of toxic debt and panic-buying fueled by the fear of literally not having a roof over your head and the belief that property markets can only ever go up because no one remembers the last time they cratered.

In May last year, after the value of his first flat, a 70 square metre unit in Guangzhou’s Panyu subdistrict, soared from 900,000 yuan (US$136,500) to 1.2 million yuan in just a few months, Mai, who has a monthly salary of 15,000 yuan, decided to raise the down payment for a new property to cash in on the booming housing market.

In June, he emptied his and his parents’ 300,000 yuan in savings and incurred debts to friends to muster the 50 per cent down payment for a 2.4 million yuan flat.

To meet the mortgage repayments of about 12,000 yuan a month on the two flats, and other debts to friends, he used the first flat as collateral for a loan about 800,000 yuan and got 200,000 yuan in cash from a short-term consumer loans supposedly for a car.


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"Liu He...has emerged as the front runner to be the next governor of the PBOC ... widely seen by political analysts as being behind the voice of an unnamed “authoritative person” who wrote in the People’s Daily, the party’s mouthpiece, in May 2016 warning about risks from the country’s debt-driven growth model."


2016 article ref - https://www.reuters.com/article/us-china-economy-trend/china-debt-fueled-stimulus-may-lead-to-recession-peoples-daily-idUSKCN0Y003W

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Possibly the biggest news event from this year or even the next decade ? Time will tell....

'Dictator for life': Xi Jinping's power grab condemned as step towards tyranny

Experts and activists react to ‘bombshell’ decision to scrap two-term limit that was designed to guard against Mao-style personality cult in China........




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The big Chinese fear is always internal instability/strife, so getting this sort of certainty and stability is very helpful. And Xi is doing a pretty good job at the moment and has big plans, so it seems perfectly sensible for him to remain in place while the OBOR and other issues are being dealt with.

Another 10-15 years of Xi would do absolutely no harm at all to China. Although bringing in the petro-yuan and the Silk Road may greatly harm US 'interests'.

Edited by Errol
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10 minutes ago, Errol said:

More on this - 

Chinese Communist Party Proposes Removal of Presidential Term Limit - https://sputniknews.com/asia/201802251061971397-china-presidential-term/

Not that old chestnut.


Didnt Hitler and the British Monarchy do the same ?

Edited by TheCountOfNowhere
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  • 2 weeks later...

Petro Yuan incoming:


China to Become Co-Owner of Russia's Biggest Oil Company

China will now have a direct interest in upgrading and expanding Russian oil infrastructure targeted by US sanctions:

Chinese state-controlled Huarong Asset Management has bought a 36.2 percent stake in the unit of CEFC China Energy through which CEFC is acquiring a $9.1 billion stake in Russian oil giant Rosneft.


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On 26/02/2018 at 2:49 PM, Errol said:

Whether we agree or not, it is clearly an entirely internal affair to China. Other Governments or countries should not be commenting as it is nothing to do with them.

Pity this non-interference does not apply to Russia Errol.

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Why China Keeps Falling for Pyramid Schemes  

.....err ...like Housing ? 




...One pyramid scheme alone defrauded 900,000 people of $7.6 billion. But that’s only the tip of the iceberg. More than 40 million people have been ensnared by these sham investments, according to the China Anti-Pyramid Selling Association.

Fearing financial instability and social unrest, the central government announced a sweeping nation-wide crackdown on organized crime, naming pyramid schemes as a top priority alongside drugs, gambling, and human-trafficking.

But in a surprising twist, those duped by these scams are some of their greatest defenders. Firmly believing in the legitimacy of these fake companies, the defrauded have even publicly rallied against the government’s efforts to shut them down.:blink:


But unlike in the United States, pyramid schemes in China use far more insidious tactics. Authorities aptly call these scams “business cults,” as they rely on heavy brainwashing to trap participants and entice new ones.

Potential recruits are lured to an isolated place by a friend or family member, and for the next week recruiters will psychologically break them down, emphasizing the benevolent nature of the business, promising wealth, and appealing to personal ambition and their responsibility to provide for their family.

Those that agree to join then spend every moment with their “co-workers,” eating and singing communal songs...


Edited by Saving For a Space Ship
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3 hours ago, Errol said:

I agree. Far to many Western nations are interfering in Russia.

Agreed. Russia should be left alone by the west entirely - completely isolated for the toxic hell it is.

It should shrivel in its own nauseous, violent hyper-kleptocracy.

Those westerners that do business with Russia should get life sentences. Including our own bankers and government here.

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Russian petrochemicals giant Sibur strengthens China partnership

Sibur, the largest petrochemicals firm in Russia, will construct a new plant in Russia’s Far East that will target the Chinese market.

“The Russian petrochemical industry is moving east and Russian energy is moving east. It is moving close to the Chinese border. This is where the energy goes and we follow it,” Dmitry Konov, chairman of the company’s board, told the FT.


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Russian mega gas project with China going full-steam ahead

Three quarters of the vast Power of Siberia natural gas pipeline to China has been completed. Over 1,629km of piping now stretches across Russian territory, according to Gazprom.

According to a contract signed in 2014 between Gazprom and China’s CNPC, Russia will deliver 38 billion cubic meters of gas to China annually for 30 years. The contract is worth $400 billion. Gazprom confirmed on Wednesday that deliveries will start in December 2019.


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