Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: BubbaFred who wrote (57862)	12/30/2004 2:29:21 PM
From: RealMuLan	Respond to of 74559

Thank you for the compliment<g>. And here are 2 old post talking about the bad debt in export business of China. Message 20741285 siliconinvestor.com >>Is Zhang JinGui caught yet<< --ggg. No, he has not done anything wrong or illegal. He just teach people how to be business smart. Although that David Longfen Ji is a crook, but you have to give him the "credit" for being able to cheating so many people. success001.com And you are right, that majority of Chinese workers have not taken part in the economic boom in China in recent years (especially bet. 1998-2002 when Zhu Rongji was the PM). Before that a lot of small business owners and farmers did get some shares of the boom. Considering the salary of those workers working in sweatshops in coastal cities, their pay basically has remained the same in the last decade! Yes, 10 years ago, a cheap labor who worked in a sweatshop and earned US$100/month was considered ok. But now after the per capita GDP of China doubled (? I don't have the figure now), they still earn the same amount. Not to mention the inflation of food and shelters in cities really picked up since last year, and many of them have to work more and longer hours for the same amount of pay. It is disgusting! A couple of days ago, an official weekly magazine (LeWang ZhouKan) in China had an article titled “Who Took away the Livelihood of the Poor?”, talked about an unemployed state factory worker in HeFei City (the provincial capital of China) hanged herself right in front of her own home, leaving a 6 year old daughter. Why? Just because she is too poor, and she and her 6-year old survived on pickles and rice everyday, and could not afford 10 Yuan to install the water gauge for her apartment, so they have lived without water for more than a month before she died. She has not bought one piece of new cloth in the last 7 years. And even if the 500 Yuan of fees for her daughter school (yes, now, education in China goes to enterprises, so even elementary schools in cities (rural areas waived) have to pay some hefty fees!) was borrowed from her brother. Did she ask for the help from the local gov.? Of course she did. But local gov. said she had mental illness and chased her away. She tried to make a living by selling some small merchandise but was confiscated because she had no license. And she did get a job to clean the street for 110 Yuan/month, but was late for one day due to her daughter’s sickness so got laid off. Between 1950 and 1980, China has basically solved food and shelter problems for all the people in urban areas and most of people in rural areas. But during the last few years, when the whole world is cheering about the economic development in China, and when the so-called GDP is growing so fast, we can see more and more people like the above worker who committed suicide. Why??? More and more Chinese are now realizing that China has made way too many concessions in WTO agreement and opened his market too fast, and this might, if not already, cause some major disasters. Yes, so many people in the West still complain about China do not open his market. How could China be more open? There has never been such a big market being so open! Even if the CEO of Honda Headquarter in China was so surprised that China sells 4-5 million cars a year now, but not even one of them is made in China! That said, I agree that Hu and Wen now have done a great job, and start to clean up some mess left by Jiang and Zhu. I complain about these inequalities in China because they are relatively new phenomena in China. I have never heard things like the above when I grew up. Those are the things my parent generation risked their lives to try to eliminate, and now they all come back in a full force.