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Bloomberg - Are you a robot?
https://www.bloomberg.com/news/articles/2024-09-12/china-detains-investment-bankers-takes-passports-in-graft-sweep
while the broader economy sputters.
Is this still the liberal line on China? Over 5% real gdp growth is sluggish? That too for an upper middle income economy? While the first world struggles harshly?
China isagging behind the west in key innovations like replacing doctors and therapists with unregulated AI companies so it has slowed down due to the absence of a bubble.
Capitalism: Replaces everything with unregulated AI horseshit.
Chad Socialism: Adds or supplements actual labor and resources with responsibly made, managed and intelligent AI when and if it's needed.
Liberals will literally eat dirt in mud huts kept outside of the golden walled palaces of the oligarchy and still scream about how China is worse somehow. Because the want it to be, because they NEED it to be. As long as they can smugly go "well, it's still better that China," and actual believe it to be true. That's all that matters to them.
This will be the liberal line in China forever.
Their stance on China's economy is entirely based on a desire for it to fail and not on observing it at all.
"First they take away my grandmother's egg monopoly, now they take away my brother's thriving business. I can't believe the vendetta Xi has against me personally!"
“First they take away my grandmother’s egg monopoly, now they take away my brother’s thriving business. I can’t believe the vendetta Xi has against me personally!”
May be just don't be a capitalist! You have the choice.
Consolidating the investment banking industry in China is nice to see. It will probably be very helpful in both economic planning and having good alternatives to western banking (especially important given developments around BRICS).
I am wondering if there will be any negative effects to this move though. For example, until pretty recently, smaller chinese banks were doing business with Russia because they were insulated from the west. As much as I like centralisation, there is some benefit to having things disconnected at times.
Furthermore, I do not look forward to new liberal cope if some big Chinese investment bank becomes famous and successful like they did with huwaei.
I'd actually would to see private investment wound down entirely, and replaced with government loans. And then as the next step, loans for businesses could require that the company is operated as a cooperative.
I would like to see that as well, but I think it'll be decades before private investment is decreased or phased out. I think it still has a part to play, and I have a bad feeling about bad consequences if it's phased out "too early" but ultimately I trust that the CPC know what it's doing.
I agree, it's going to be a long process. However, some tangible progress is being made already as a result of post-Covid policies
I think that the CPC know what it's doing, and I think the recent stores about banks decreasing their business dealings with Russia are mostly exaggerated or neoliberal hysteria.