Evergrand, one of the three biggest companies in China, and one of the top 20 in the world?
Property development company that had financial difficulty. None of its equipment or expertise were destroyed. China moved to expand factories and manufacturing in response to housing downturn.
No amount of equipment or expertize matters when there’s no money to do work. Evergrand was billions in the hole and many of its employees hadn’t been paid in months before going bankrupt. Not only that, but there are hundreds, if not thousands of condos that are unfinished due to the bankruptcy, and that means that tens or hundreds of thousands of people who are more than a million in the hole with nothing to show for it. Their entire life savings, along with their retirement plan is gone, along with thousands instantly out of work.
This is the sort of things that major recessions are built from, and has repeatedly in the west. Unless if you can pinpoint a specific reason why China is immune to such disruptions, it is only willful blindness that can explain China as not being in a recession because of it.
And as for the factories, they’re not being built, they’re being abandoned. For example, Foxconn city (forget its actual name) shut down and moved to India. A city of close to a million people disappeared and was abandoned because the only employer moved out of the country.
You’re the one blindly following propaganda if you’re ignoring such obvious signs of an economic downturn, because “the government said things were good”, like how Trump’s been saying that the “tariffs will make everything better”.
Property development company that had financial difficulty. None of its equipment or expertise were destroyed. China moved to expand factories and manufacturing in response to housing downturn.
No amount of equipment or expertize matters when there’s no money to do work. Evergrand was billions in the hole and many of its employees hadn’t been paid in months before going bankrupt. Not only that, but there are hundreds, if not thousands of condos that are unfinished due to the bankruptcy, and that means that tens or hundreds of thousands of people who are more than a million in the hole with nothing to show for it. Their entire life savings, along with their retirement plan is gone, along with thousands instantly out of work.
This is the sort of things that major recessions are built from, and has repeatedly in the west. Unless if you can pinpoint a specific reason why China is immune to such disruptions, it is only willful blindness that can explain China as not being in a recession because of it.
And as for the factories, they’re not being built, they’re being abandoned. For example, Foxconn city (forget its actual name) shut down and moved to India. A city of close to a million people disappeared and was abandoned because the only employer moved out of the country.
You’re the one blindly following propaganda if you’re ignoring such obvious signs of an economic downturn, because “the government said things were good”, like how Trump’s been saying that the “tariffs will make everything better”.