China's Ghost Cities

[cross1993]

Interesting signature.

Major General Chang said that some countries are more the kind of two.
That is the explanation for his signature.

 

[OptimusPrimeRibs]

You all better play nice, or else I'ma bring some democracy to all of ya.

*que outrage of humorless 'tards in 3...2...1..*

Jesus Christ you thought I was serious?

Not at all. Maybe if you were one of the incredibly stupid members of this forum, but not you.

poor people can't tell the difference between deserted city like Detroit

and new constructed area haven't move in

Detriot still has 900,000+ people who are considered residents. Also, let's leave them out of this, since thier football teams is worse than Cleveland's.

Jesus Christ you thought I was serious?

Not at all. Maybe if you were one of the incredibly stupid members of this forum, but not you.

poor people can't tell the difference between deserted city like Detroit

and new constructed area haven't move in

Detriot still has 900,000+ people who are considered residents. Also, let's leave them out of this, since thier football teams is worse than Cleveland's.

 

[below_freezing]

You are truly deluded. People like this reminds one of the underside of China and why all your real neighbors are so suspicious of you.

Actually suspicious is a very mild word to use.

You act as if you have arrived. You have not.

I used to empathize with China, perhaps still do. But wannabe trolls make sure people don't fail to see "dirty Chinese" (aka dirty American) side of you.

Sorry, after seeing JayATL and Jackdraws, haha. I also emphasize with India's struggles, but some Indians think that they also are a greatly developed nation with no problems, and that everything can be blamed on China and Pakistan.

 

[Vinod2070]

Sorry, after seeing JayATL and Jackdraws, haha. I also emphasize with India's struggles, but some Indians think that they also are a greatly developed nation with no problems, and that everything can be blamed on China and Pakistan.

India has its struggles, major ones, some of the most difficult in the world to overcome.

I don't think most Indians have any delusions about them.

We are ancient civilizations. A decade or two doesn't matter much when you have history of thousands of years. You have taken one path to success, India has taken another.

I don't even see the need to compare, except for academic purposes.

 

[CardSharp]

I don't even see the need to compare, except for academic purposes.

Oh but you do....

 

[Vinod2070]

Oh but you do....

Your perception. You deal more in them than in facts.

 

[Veritas]

Your perception. You deal more in them than in facts.

take it easy man, apparently there is no willingness to address the issue in a civilized way.

 

[Vinod2070]

take it easy man, apparently there is no willingness to address the issue in a civilized way.

Its a pity.

 

[gambit]

First, China is the engine of global growth for the last two years. Second, you act like China has never faced a banking crisis before. In the late 1990's all Chinese banks were insolvent and millions of people were laid off from state own companies during massive restructuring. Was there civil war, mass starvation and was China divided by warlords ?? NO.

These ghost towns were built with cash. Chinese banks are some of the soundest on earth. Western commercial real estate concepts like debt service coverage ratio need not apply. That's why the housing is kept new and not rented out. Think of these properties like gold. They are a real asset used to store wealth. China has bought enough US Treasuries. Gold prices has already gone up 4x. Is there speculation? Yes. Is there misallocations of resources?? Yes. Will it end like a US, Irish, Spanish and Mumbai bubble?? NO.

Not true. According to audits and examiners worldwide SINCE China's entrance to the WTO back in 2001...

The Chinese people's high savings rate gave the government a large foundation for growth. State owned banks was allowed access to this large pool of money who then lent to state own enterprises (SOE) at favorable, read subsidized, rates and lax repayment schedules. This enabled the government to guarantee employment to start the growth. Once the growth began and the Chinese people had a taste of improved living conditions, the kind that the West took for granted, the Politburo realized they had to sustain the growth 'somehow' and that 'somehow' was to keep the lax repayment policy of those loans. The Politburo members knew that they came to power under the discontentment of the masses and they realized that unless the growth was sustained, that same discontent would throw them out of those cozy offices.

What the auditors found was that the Chinese banks' books were, to put it politely, 'out of whack' or 'a joke'...

Reform of China's Banks, Burdened by Bad Loans, Is Priority for Government - Knowledge@Wharton

Published: June 01, 2005 in Knowledge@Wharton

China's state-owned banks -- riddled with inefficiency and loaded down with bad loans -- represent a serious drag on the world's most vibrant economy, according to participants at the 2005 Wharton China Business Forum. "The four major state-owned banks are technically insolvent," said Wei Christianson, China chairman for Citigroup Global Markets Asia and a speaker at the Forum. "They are trying -- and mostly failing -- to be globally competitive. They have weak governance, bureaucratic cultures and staggering levels of non-performing loans."

That said, the "Big Four" -- Bank of China, Commercial Bank of China, China Construction Bank and Agricultural Bank of China -- are attempting to reform themselves, in part by implementing Western-style management practices and prudent lending standards. In 2003, China's government recapitalized Bank of China and China Construction Bank with an injection of $45 billion of reserves –- a sign that bank reform is a priority for the still-powerful central government.

Here is the exposure of those lax repayment policy...

The Big Four's main problem is their non-performing loans, Christianson said. Bankers classify a loan as non-performing when the borrower isn't paying interest and principal according to the original terms. Standard & Poor's has estimated that 40% of these banks' loans -- or about $800 billion worth -- are non-performing. China's government insists the level is only 25%. "Either way, the cost is substantial," Christianson said. The concern is that the repayment of many of these loans will cease, and they will have to be written off as losses.

As long as the system is closed loop and unexamined by critical auditors, the scam can be sustained theoretically indefinitely and when there is a great discrepancy between the government's estimate (25%) and the auditors' (50%), the problem is no longer merely accounting but systemic and foundational.

 

[JayAtl]

Sorry, after seeing JayATL and Jackdraws, haha. I also emphasize with India's struggles, but some Indians think that they also are a greatly developed nation with no problems, and that everything can be blamed on China and Pakistan.

jay ATL is from Atlanta and not India. you know you can't come after the US since your piss poor country is no where close to the high the standard of the US citizens ( people at McDonalds make more money that your managers) , so you always pull india into it- when I am addressing from an american point of view. But thats cool - mental midgets like you are fun to rile up at times.

 

[below_freezing]

jay ATL is from Atlanta and not India. you know you can't come after the US since your piss poor country is no where close to the high the standard of the US citizens ( people at McDonalds make more money that your managers) , so you always pull india into it- when I am addressing from an american point of view. But thats cool - mental midgets like you are fun to rile up at times.

Good to hear that. I don't give a sh*t about the US, have it all to yourself

I don't get angry with you, just amused. Will a rising engineering star be angry with some illiterate ghetto dog calling him a mental midget?

 

[Chinese-Dragon]

jay ATL is from Atlanta and not India. you know you can't come after the US since your piss poor country is no where close to the high the standard of the US citizens ( people at McDonalds make more money that your managers) , so you always pull india into it- when I am addressing from an american point of view. But thats cool - mental midgets like you are fun to rile up at times.

You are just like all the Indian trolls here before you.

(Except that you are not quite as annoying as your predecessors.)

 

[below_freezing]

You are just like all the Indians trolls here before you.

Except that you are not quite as annoying as your predecessors.

No, he's not Indian. He's purebred 100% american. Even other Indians hate him. In fact, he doesn't know any Indian language besides English, who says he's Indian? He talks like an American and thinks he's American, he's American. A ghetto dog of an American that lives in the sh*t slum of Atlanta, but whatever.

 

[Chinese-Dragon]

No, he's not Indian. He's purebred 100% american. Even other Indians hate him. In fact, he doesn't know any Indian language besides English, who says he's Indian? He talks like an American and thinks he's American, he's American. A ghetto dog of an American that lives in the sh*t slum of Atlanta, but whatever.

He's probably an ethnic Indian who has given up his culture and his heritage to become an American.

Remember, "recent converts" are the most fanatical of all.

 

[Brotherhood]

You are just like all the Indian trolls here before you.

(Except that you are not quite as annoying as your predecessors.)

Sorry CD, i have to disagree with you on this one, its more annoying to deal with an Indian troll thats suffering "identity crisis", on one hand he want to defend India as an Indian, on the other hand he use a so-called american identity to bash Chinese cos he feel down and inferior being an Indian when comparing to Chinese. Sad but true.