Difference between revisions of "Essay: December 2021 was a pivotal moment in the future of global politics for decades to come"

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(Created page with "''Newsweek'''s 2024 article [https://www.newsweek.com/china-wealth-slump-billionaires-down-new-1884440 ''China's Economic Slump Wipes 155 Billionaires off Global Rich List'']...")
 
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China has been in the midst of a real estate crisis (See: [[Chinese real estate crisis (2020–present)]]). Since 2021, China’s stock markets have lost about $7 trillion in value (See: [[Chinese stock markets]]).<ref>[https://www.marketplace.org/2024/02/06/why-chinas-stock-market-struggling/ What’s going on with China’s stock market?], MarketPlace.org</ref> On February 17, 2024, the ''South China Morning Post'' reported that China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment.<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref> The Chinese phrase "full-time children" refers to young  people who give up working and just live off their parents (See: [[Youth unemployment in China]]).<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref>
 
China has been in the midst of a real estate crisis (See: [[Chinese real estate crisis (2020–present)]]). Since 2021, China’s stock markets have lost about $7 trillion in value (See: [[Chinese stock markets]]).<ref>[https://www.marketplace.org/2024/02/06/why-chinas-stock-market-struggling/ What’s going on with China’s stock market?], MarketPlace.org</ref> On February 17, 2024, the ''South China Morning Post'' reported that China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment.<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref> The Chinese phrase "full-time children" refers to young  people who give up working and just live off their parents (See: [[Youth unemployment in China]]).<ref>[https://www.scmp.com/economy/china-economy/article/3252039/chinas-young-adults-choose-be-full-time-children-paid-their-parents-do-chores-amid-record-high-youth China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment], ''South China Morning Post'', February 17, 2024</ref><ref>[https://www.youtube.com/watch?v=XxHTk5hM-DY China’s ‘full-time’ children], video</ref>
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On February 6, 2024, Yahoo Finance said concerning the '''Chinese real estate crisis (2020–present)''':
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{{Cquote|[[China]]'s overreliance on [[real estate]] has sent its economy tumbling toward 2008-era financial conditions, Kyle Bass told CNBC on Tuesday.
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"This is just like the [[Financial Crisis of 2008|US financial crisis]] on steroids," the Hayman Capital founder said. "They have three and a half times more banking leverage than we did going into the crisis. And they've only been at this banking thing for a couple of decades."
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The years of double-digit growth China enjoyed prior to the pandemic were made possible by an unregulated real estate market, Bass noted, which leaned too heavily on debt to expand.
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With defaults now plaguing the industry, this spells massive trouble for the country's broader economy. The real estate sector makes up around a quarter of the country's GDP and 70% of household wealth.
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"The basic architecture of the Chinese economy is broken," Bass summarized.<ref>[https://finance.yahoo.com/news/china-facing-us-financial-crisis-234945940.html#:~:text=China's%20overreliance%20on%20real%20estate,did%20going%20into%20the%20crisis. China is facing the US financial crisis 'on steroids' as the real estate market collapses, famed hedge fund boss says], Yahoo Finance, February 6, 2024</ref>}}

Revision as of 11:52, March 28, 2024

Newsweek's 2024 article China's Economic Slump Wipes 155 Billionaires off Global Rich List reported "The signs of trouble for the Chinese economy have been flashing red since troubles for real estate giant Evergrande began in 2021." On September 22, 2021, CBS News reported: Struggling Evergrande Group says it will make bond payment this week.

China has been in the midst of a real estate crisis (See: Chinese real estate crisis (2020–present)). Since 2021, China’s stock markets have lost about $7 trillion in value (See: Chinese stock markets).[1] On February 17, 2024, the South China Morning Post reported that China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment.[2][3] The Chinese phrase "full-time children" refers to young people who give up working and just live off their parents (See: Youth unemployment in China).[4][5]

On February 6, 2024, Yahoo Finance said concerning the Chinese real estate crisis (2020–present):

“ China's overreliance on real estate has sent its economy tumbling toward 2008-era financial conditions, Kyle Bass told CNBC on Tuesday.

"This is just like the US financial crisis on steroids," the Hayman Capital founder said. "They have three and a half times more banking leverage than we did going into the crisis. And they've only been at this banking thing for a couple of decades."

The years of double-digit growth China enjoyed prior to the pandemic were made possible by an unregulated real estate market, Bass noted, which leaned too heavily on debt to expand.

With defaults now plaguing the industry, this spells massive trouble for the country's broader economy. The real estate sector makes up around a quarter of the country's GDP and 70% of household wealth.

"The basic architecture of the Chinese economy is broken," Bass summarized.[6]

”
  1. ↑ What’s going on with China’s stock market?, MarketPlace.org
  2. ↑ China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment, South China Morning Post, February 17, 2024
  3. ↑ China’s ‘full-time’ children, video
  4. ↑ China’s young adults choose to be ‘full-time children’, paid by their parents to do chores amid record-high youth unemployment, South China Morning Post, February 17, 2024
  5. ↑ China’s ‘full-time’ children, video
  6. ↑ China is facing the US financial crisis 'on steroids' as the real estate market collapses, famed hedge fund boss says, Yahoo Finance, February 6, 2024
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