These days Americans are ate up with this candidate or that and seem to have little time to worry about the foe that the media has been warning us about….not Russia….but China……so in doing my good deed I will take my reader on a ‘trip around China’…..
There is always a prediction that includes China in some way…..this one is 20 years down the road….
The Pentagon has offered a new report on China warning that by mid-century China may catch or even surpass the US military in capabilities. They anticipate a “world-class” military by 2049.
This is one of those all-too-common Pentagon reports, which since the tensions began raising between the US and China have been coming nearly daily, playing up China as a growing threat that needs to be the focus of US military policy.
China doesn’t see things that way, faulting the US for misinterpreting China’s defense policy and promised a correction at a future date. China sees the US assumption as based on Cold War thinking about the situation.
The US reports all envision China getting a much bigger military in the future, but it is unclear if they really intend to spend so much on military assets as to compete with the US on a global scale, or will just keep working on being able to contest their immediate vicinity.
China has its problems first with darn pesky Tibetans and then the Uighurs….but these people are not the only problems that China faces socially…..
Unlike the Tibetans or Muslim Uyghurs of its far west, China’s ethnic Mongol population has long been seen as pacified, content, and well-assimilated, fulfilling the stereotype of a “model minority” in a country bubbling with ethnic tensions.
In recent days, however, Mongols in China, most of whom reside in the vast Inner Mongolia autonomous region south of Mongolia proper, have vigorously protested an attempt by the government to curtail the teaching of Mongolian in schools, including shifting to using national Chinese-language textbooks instead of locally developed Mongolian versions. In short, Chinese will replace Mongolian as the main medium of teaching for classes such as math and science, while Mongolian lessons will continue. Authorities are cracking down, including posting photos online of people who attended the protests and offering cash rewards for tips.
How many times this year have you heard the the Chinese are an economic threat?
Many? But are they a threat?
It seems that more and more Americans, pro-Trump or not, are concluding that trade with China is a threat to the United States. The objections are typically one of three: (1) freer trade with China after it was admitted to the World Trade Organization (WTO) in 2001 has cost U.S. manufacturing jobs; (2) the Chinese have thrived by stealing our intellectual property (IP) and that has made Americans worse off; and (3) the Chinese will use some of their progress in cybertechnology to engage in surveillance of Americans.
Each of these objections contains a kernel of truth. But the objections together are not nearly enough to offset the huge gains that Americans reap from freer trade with China.
Perhaps it is best to start by considering the economists’ case for free trade: Each country produces the goods and services in which it has a comparative advantage and trades those to other countries, which, in turn, produce goods and services for which they have a comparative advantage. In that way both countries do better than they would do if they didn’t trade. Comparative advantage, by the way, is jargon for “lower cost.”
But with all the threats that China poses to the US is for naught because their economy…….it does not have a bright future….their economy that is……
The five largest Chinese banks posted at least 10 percent profit declines for the first half of the year. These poor results, the result of increased provisions for bad loans, were the biggest profit drops in at least a decade. As a CNBC headline put it, “China’s Mega Banks Lost Billions of Dollars in Profit as Bad Loans Rise During Coronavirus Pandemic.”
The profit drops are a warning of long-term troubles, especially because, in all probability, the banks are understating the severity of bad loan problems. Moreover, the outlook for China’s banks is gloomy because the outlook for China’s economy is gloomy.
These five Chinese institutions—the Big Four of Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China plus the Bank of Communications—are struggling. The essential problem is that the Chinese economy—like the economies of almost all other countries—was flattened by efforts to control the coronavirus. Gross domestic product contracted 6.8% year-on-year in the first calendar quarter of this year, according to the official National Bureau of Statistics. In reality, it was down about twice that.
Plus I heard that the Chinese are considering dumping US holdings…..interesting…..but who will scoop them up?
There you have a trip around China…..
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“lego ergo scribo”