A few days ago, the US government banned a CCP espionage base in Washington, the "China Garden". With the exposure of the incident, Jiang Zemin's cousin "Jiang Zehui" also became the focus of public opinion.
On 23 July, CNN exposed the "China Garden" built by the CCP in Washington, and plans for suspected espionage activities, which aroused great attention in the United States. At the same time, the controversial identity of Jiang Zemin's cousin Jiang Zehui also followed. be the focus.
Jiang Zehui has been an important promoter since the CCP proposed the construction of the "China Garden" in 2003. In 2007, Jiang Zehui retired and no longer held any public positions, but through a subordinate agency affiliated with the CCP Forestry Administration, she continued to promote the establishment of the "China Garden". In 2010, Jiang Zehui visited the United States as the Chinese executor of the China Garden Project. Some observers believe that it is absolutely "unthinkable" for a non-governmental figure without an official title to lead a national-level foreign project unless there is a strong background.
Ultimately, the news came to light when U.S. authorities shelved the project amid suspicions that the Chinese Garden Fair was being used for espionage and endangering national security.
Expert: Three major phenomena of China's economic crisis have emerged, and the next crisis is more terrifying
With more and more "unfinished buildings", economists believe that China's economy has experienced three major crises, namely: the real estate crisis, the banking crisis and the local financial crisis. Faced with the huge debts of large real estate companies, financial experts warn that the next bigger crisis in China's economy is the real estate bubble.
Recently, general economist Wu Jialong said on Facebook that the real estate crisis in China is getting worse and worse, because many funds have been misappropriated, so that developers have no money to continue construction, resulting in unfinished buildings. Now the homeowners who buy houses have decided to stop paying mortgages, and this "loan stop wave" has spread all over China.
Wu Jialong said that if debt management is commercially feasible, it must have sufficient economic benefits, that is, the rate of return of assets must be greater than the interest rate of borrowing money. If the rate of return falls below the interest rate, then the debt economy cannot go on.
He analyzed that there is over-investment in China's real estate market. Under the excessive competition, there is a natural lack of economic benefits. This is reflected in the fact that developers have no way to recover funds to pay off bank loans. As a result, the developers began to default on their debts. With the expansion of unemployment, income reduction, and the increase of bankruptcies of small and medium-sized enterprises, the homeowners also lack the funds to pay the mortgage, and then default.
Wu Jialong said, "The contraction of the real estate market will, on the one hand, lead to bad debts and non-performing assets in banks, which may lead to systemic financial risks, and on the other hand, will make it impossible for local governments to obtain fiscal revenue through land sales. There is a local financial crisis.”
The banking crisis and local financial crisis extended from China's real estate crisis will eventually be concentrated in the central government. In a persistent debt economy, it is easy to "overleverage" and then fall into the "debt trap", which is difficult to extricate.
For example, he said, the infrastructure investment that the CCP likes to launch, including railways, highways, airports, subways, etc., often becomes a financial burden due to lack of sufficient transportation capacity and lack of economic benefits.
Wu Jialong believes that behind the current three crises of real estate, banking and local finance in China, the "economic growth model driven by real estate" has come to an end.
In addition, Xie Jinhe, chairman of Taiwan Caixin Media, posted on Facebook that the Russian-Ukrainian war, energy and food prices that have taken place this year have soared, and inflationary pressures have been surging, forcing central banks to increase interest rates, resulting in both stocks and debts. plummeted, the dollar soared.
Xie Jinhe said that financial institutions with huge funds may be in danger of losing their heads if they accidentally step on the thunder. Regarding China's real estate bubble, he said that at least 15 of China's top 60 real estate companies failed to report their earnings. The insolvency of these real estate companies was a hundred times more serious than the collapse of Taiwan's real estate in 1997 and 1998, and even worse than the 1990 Japanese bubble. The economy is even scarier.
News (8)
Lose non-stop! Another industry in China faces a wave of closures
The epidemic that has lasted for more than two years has had a serious impact on China's economy. From retail and catering, accommodation, tourism, transportation, manufacturing, real estate, construction, to culture and entertainment, the affected industries have experienced a sharp decline in revenue.
China's film market is not immune. A-share China Films and Wanda Films recently issued a warning, predicting that profits in the first half of the year will drop sharply, or profits will turn losses. The cinema manager said that the operating environment this year is even worse than at the beginning of the epidemic in 2020; after the New Year, the cinema has only a few dozen spectators a day, and often two or three people "reserve the venue", losing money every time a movie is played.
According to the financial forecast released by China Film, the net profit of shareholders is expected to be 18 million to 26 million RMB the first half of this year, a year-on-year decrease of more than 90%. Wanda Films announced that it expects a net loss of 520 million to 600 million yuan for shareholders in the first half of the year, compared with a net profit of 638 million RMB in the same period last year.
Liu Aihua, general manager of Dalian Paragon Studios, who has been working in cinemas for nearly 20 years, said that nowadays, she has never encountered such a big impact, such as high rents, epidemic prevention and control, and cut-off film sources.
On 15 April his year, many cinemas under the Dadi Cinema Group issued an announcement to officially close their business, and many cinemas in Dalian have also closed.
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The economy will be very difficult in the future, Chinese young people will not dare to splurge any more
As China's economy continues to decline, today's worried Gen Z young people are afraid to splurge after getting their monthly salary.
According to youth36K, an online tech news platform, in a survey conducted on the 19th, only 6.9% of 2,200 respondents under the age of 40 said they did not plan to save money, while 40% said they were Save monthly.
Nearly 87% of the young people surveyed are Generation Z young people born between 1987 and 2012. This group was originally considered to be the main force of consumers, but now they have to learn to live smartly.
The survey also showed that 17.5% of respondents said their financial situation was very bad, and 47.5% said they could barely make ends meet. About 10% of respondents said their current savings could last a month if they were suddenly laid off, 22.4% said they could last six months, and 18.1% could last six to 12 months.
Unemployed young people are in a tougher situation than their working peers. China's Generation Z was originally the most educated generation in China's history but under the blow of many factors, 15 million young people are currently unemployed, and the "flat" generation has caused the Chinese economy to lose momentum and is worsening.
News (10)
Xi Jiang's last fight? The official media mentions the "Iron Hat King" again, the signal upgrade of the tiger fight
The 20th National Congress of the Communist Party of China is about to be held in October this year. Now, let's pay attention to the latest developments in China's political situation.
Over the years, infighting at the top of the CCP has been the focus of outside attention. The elites of the CCP, represented by the former leader of the CCP Jiang Zemin and the second-ranking figure in the Jiang faction, Zeng Qinghong, have been causing chaos in Chinese society and are also the main targets of Xi Jinping’s anti-corruption campaign. Before the 20th National Congress of the Communist Party of China, the fierce power struggle between Xi Jinping and the Jiang Zeng faction was more manifested in the control of the "knife handle" and the "money bag".
From 14 July, the CCP's official media "People's Daily" began to publish a series of articles "Resolutely Oppose and Punish Corruption". The first article signed "Zhongyin", and then mentioned "there is no 'Iron Voucher' for Exoneration, and there is no 'Iron Hat King'".
Xi Jinping's term for the "Iron Hat King" has a long history. As early as 2 February 2015, Xi Jinping said at the seminar of senior officials at the provincial and ministerial level: "Under the rule of law, no one can hope for luck, and no one can expect extrajudicial favors, and there is no 'danshu iron coupon' for exoneration. ', and there is no 'iron hat king'." Since then, for seven years, the CCP media has occasionally referred to "there is no 'iron hat king'" as something.
At the highest level of the CCP, who can be called the "Iron Hat King"? A common view in overseas media is that only Zeng Qinghong, former member of the Standing Committee of the Political Bureau of the Communist Party of China and vice-chairman of the state, can be called this "title".
Wang Youqun, a writer for Wei Jianxing, then a member of the Standing Committee of the Political Bureau of the Communist Party of China and secretary of the Central Commission for Discipline Inspection, said that from 2015 to 2017, before the 19th National Congress of the Communist Party of China, there were many articles in overseas media about Xi Jinping's possible arrest of Zeng Qinghong. However, for the purpose of protecting the party, Xi did not arrest Jiang Zemin and Zeng Qinghong until the end of the 19th National Congress. The tree has not fallen, and the hozen has not scattered. Jiang Zeng and his cronies are bound to do everything possible to toss Xi. The result is seen: From 2017 to 2022, Xi has been in the shadow of a coup.
However, judging from a series of articles published by the CCP media in July, the signals of the Xi camp's intensive "fighting tigers" are escalating recently.
News (11)
10 years of deep cultivation! The CCP infiltrated the Fed in an attempt to build an "informant network"
Finally, let's take a look at a new report from the U.S. Senate on 26 July.
The report shows that the CCP has been trying to establish a network within the Federal Reserve system. In addition to stealing sensitive information about U.S. monetary policy, it also attempts to influence U.S. economic policy.
A Republican investigation by the Senate Homeland Security and Governmental Affairs Committee found that over the past decade, China has given generous cash incentives to Fed employees for information on the U.S. economy, changes in interest rates and policy.
The report draws heavily on a separate internal Fed survey that began in 2015. The Fed launched its investigation after warnings from outside sources that foreign hostile powers were trying to build relationships with Fed researchers through paid contracts.
The Fed's investigation identified 13 people involved, dubbed the "P-Network" by internal investigators, who were employed by eight of the Fed's 12 regional banks.
The report also details multiple cases in which one individual handed economic model codes to a Chinese university with ties to the central bank. Another tried at least twice to transfer large amounts of data from the Fed to an external website. The person also received a request from an individual with ties to the Chinese government for non-public information on the views of three Fed bank presidents on rate hikes.
In addition to monetary lure, the CCP also threatens Fed employees with detention and other means.
A typical example mentioned in the report is that in 2019, just as the United States imposed tariffs on hundreds of billions of dollars of Chinese goods, a Fed economist was detained four times during a trip to Shanghai. Chinese officials tried to coerce him into providing data and information about U.S. policy, including tariffs. If he does not provide information, his family will be threatened.
U.S. intelligence agencies and counterintelligence agencies have found that Beijing has long been committed to stealing U.S. government information and commercial scientific research secrets, one of which is the Confucius Institute and the Thousand Talents Program.
In 2019, a senior bank official involved in the Thousand Talents Plan was detained while traveling in China, where interrogators demanded secret Fed data. The man told investigators they tried to get him drunk to get more information.
Fed Chairman Jerome H. Powell, however, questioned the findings, arguing that the system has "robust" measures to protect information and that employees must confirm that they are following the rules, Powell said in the description of some Fed officials. "unfair".
The release of the new report comes at a time when House Speaker Nancy Pelosi is planning a visit to Taiwan, in a sign of growing tensions in U.S.-CCP China relations.
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