Bill Gates Praises China: ‘They’ve Done A Very Good Job’

Microsoft co-founder Bill Gates, the world’s   fifth-richest man , thinks that Communist China should be praised for the way it has handle…

Microsoft co-founder Bill Gates, the world’s fifth-richest man, thinks that Communist China should be praised for the way it has handled poverty.

New York Times Magazine columnist David Wallace-Wells, the author of “The Uninhabitable Earth,” opined that progress on poverty around the globe “has been really remarkable.” Asserting that said progress reflected “progress in China,” he asked Gates if the trend toward eradicating poverty would continue since China has “sort of finished eradicating real poverty.”

“If you’re allowed to say the truth about things in China, they’ve done a very good job,” Gates responded. “They’re now a middle-income country, in fact, one of the wealthier middle-income countries.”

In 2018, an article written by a professor of economics at Peking University, Beijing and a then PhD scholar at Peking University surmised that China had initially used a repressive financial policy in order to stimulate the economy.

The article stated that the People’s Bank of China (PBoC) was still guiding commercial banks’ settings of deposit and lending rates, adding that “repressive financial policies have not stopped China from achieving rapid economic growth,” but that “economic growth has decelerated and systemic financial risks have escalated sharply.”

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Locked-down resident in China’s Guizhou province appeals for help

A resident of a locked-down compound in China’s Guizhou province appealed to the outside world for help and exposed attempts by some entities to take advantage of the lockdowns against the Wuhan coronavirus (COVID-19) to make money.

A woman who went by the pseudonym Ms. Zhang said the lockdown caused many to starve. Zhang, who lives in the Huaguoyuan community in the southwestern Chinese province, also pointed to the government’s disregard of the food shortage there.

According to the Epoch Times, Huaguoyuan is China’s largest shantytown renovation project. The area spanning 1,000 hectares and 311 high-rise buildings is divided into roughly 20 zones. Huaguoyuan is home to 40,500 businesses and 450,000 residents – including Zhang.

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China expert says country is preparing to go to war, and very soon

A noted expert on China says he sees signs that the Asian behemoth is making preparations to go to war — possibly over Taiwan — and very soon.

Gordon Chang, writing on the 1945 blog, said Communist Party cadres are ordering businesses and entrepreneurs to convert their production over to manufacturing equipment, a sure sign that Beijing is stocking up for war.

“Last month, a Chinese entrepreneur making medical equipment for consumers told me that local officials had demanded he convert his production lines in China so that they could turn out items for the military. Communist Party cadres, he said, were issuing similar orders to other manufacturers,” Chang wrote. “Moreover, Chinese academics privately say the ongoing expulsion of foreign colleagues from China’s universities appears to be a preparation for hostilities.”

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China’s mega banks lost billions of dollars in profit as bad loans rise during coronavirus pandemic

China’s five largest banks reported their biggest profit declines in at least a decade as they brace for further increases in bad loans in an economy weakened by the coronavirus pandemic.

The five lenders — Industrial and Commercial Bank of ChinaChina Construction BankAgricultural Bank of ChinaBank of China and Bank of Communications — released their latest financial report cards last week.

All five posted at least 10% year-on-year declines in profit for the first half of 2020 as they set aside more funds for potential loan losses in the coming months — much like many banks around the world.

“The banks have been asked to … perform ‘national service.’ They’ve been asked to support the economy at the expense of their own operational strength,” said Jason Tan, research analyst at CreditSights, told CNBC’s “Squawk Box Asia” on Monday.

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Risk of Stalling Economy

Meanwhile, the Anbound Research Center, a Chinese think tank based in Beijing, published a report pointing out that “China’s economy is at risk of stalling” due to the “impact of epidemic prevention and control policies.”

It called on the Chinese regime to change its “zero-COVID” policies that have caused the shutdown of cities and disruption of trade, to prevent an “economic stall” in the second half of the year.

The report was published on Anbound’s official accounts on Chinese social media WeChat and Sina Weibo on Aug. 28 but was deleted from both platforms the day after.

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Shutdown of World Largest Electronics Market

The world largest electronics market—the Huaqiangbei business district, which is located in Futian District—has also been closed off, bring trade for electronic parts to a halt.

Local authorities announced the market will be closed until Sept. 2. The market has thousands of booths selling microchips, phone parts, and other components to manufacturers.

The CCP’s extreme COVID-19 control measures—which have now put 6.70 million people in three Shenzhen districts under lockdown over 11 reported cases—have caused wide complaint.

A Shenzhen resident surnamed Yang told NTDTV on Aug. 30, “I can’t go out, I can’t buy vegetables. It’s been escalating. First, they say lockdown for three days. Then it was extended, and it will be extended again and again.”

Another Shenzhen resident, who did not give her name for safety reasons, told NTD, “In the past few years, everyone in Shenzhen hasn’t been able to make money. Either their salary has been reduced or they have been laid off. Many companies have closed down, and many children have not been attending school [because of the lockdowns]. I don’t even know what’s in Shenzhen now that’s worth staying for.”

Security guards stand at an entrance to Wanxia urban village, which has been closed as part of COVID-19 measures in Shenzhen, Guangdong province, China, on Aug. 29, 2022. (David Kirton/Reuters)

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China Locks Down World Largest Electronics Market Under ‘Zero-COVID’ Policy

Chinese workers assemble electronic components at the Taiwanese technology giant Foxconn’s factory in Shenzhen City, Guangdong Province, China, on May 26, 2010. (AFP/AFP/Getty Images)

China’s ruling communist party (CCP) has locked down the world’s largest electronics market and the urban districts in its megacity Shenzhen, which is China’s economic center. Meanwhile, a Chinese think tank warned of major risks to China’s economy, calling on the authorities to change the “zero-COVID” policy to help economy.

After 11 local COVID-19 cases of the Omicron variant were officially reported by authorities in Shenzhen on Aug. 29, three of the city’s ten districts; Futian, Longgang, and Luohu, were locked down.

Futian was ranked second in its contribution to Shenzhen’s GDP in 2021, Longgang ranked third, and Luohu ranked sixth. Together, the three districts make up for more than 40 percent of Shenzhen’s GDP.

According to 2020 China census, Futian’s population is 1.55 million, Longgang district 4 million, and Luohuo district 1.14 million.

None of the 11 infected patients live in or have visited Longgang district. However, the district is still being shut down.

Production and business activities have been suspended, and all residents in the districts have been asked to get PCR testing each day for the next four days. Six subway lines and 24 subway stations have also been shut down in the city of 18 million people.

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Unusual Increase in China and US Military Activity in South China Sea as Tensions Flare Up Prior to Pelosi’s Trip to Taiwan

There is an unusual amount of military activity in the South China Sea as tensions flare up prior to Nancy Pelosi’s planned visit to Taiwan.

So will General Milley tip them off?

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China’s Water Crisis Could Trigger Global Catastrophe

China’s water crisis is nothing new, but it’s gotten worse – and is now on the ‘brink of catastrophe and could trigger a global catastrophe, according to Foreign Affairs.

Dried-up riverbed of Jialing river, a Yangtze tributary, China, August 2022
Thomas Peter / Reuters

Given the country’s overriding importance to the global economy, potential water-driven disruptions beginning in China would rapidly reverberate through food, energy, and materials markets around the world and create economic and political turbulence for years to come. -Foreign Affairs

For starters, there’s no substitute for water – which is essential for food production, electricity generation and sustaining all life on earth.

In China, which consumes ten billion barrels of water per day (approximately 700x its daily oil consumption), decades of economic and population growth have pushed northern China’s water system to unsustainable levels.

According to the report, the per-capita water supply around the North China Plain at the end of 2020 was nearly 50% below the UN’s definition of acute water scarcity at 253 cubic meters. Other major cities, including Beijing, Shanghai, Tianjin, are at similar (or lower) levels. 

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