Evergrande I Kina kan gå i konkurs (300 miljarder dollar)

The ex-vice minister had “created and spread political rumors, taken actions against others, wove a web of deceit to obtain political capital and … used unscrupulous means … to form gangs, cliques, and interest groups within the party and build his personal power,” the statement said, thus implying he had gravely violated party centralism and allegiance to the top leadership.

“He formed a cabal to take control over a key department(s), seriously jeopardizing political security and party unity,” the CCDI statement added. Sun is also said to have been “harboring hugely inflated political ambitions” and having “evil political qualities.”

Q: In your speech you said Xi forced through the amendment of China’s constitution to abolish term limits in 2018, giving him the ability to stay in power indefinitely. Why was that such a turning point?

He forced the third plenum of the national congress to swallow it like dog shit. He first completed it and then forced everyone to accept it. This is obviously going backwards politically. Even with these two major issues, no one came forward to oppose it. That shows that the Communist party of China has become a political zombie. The party has no ability to correct errors. So he singlehandedly killed a party and a country, showing that even when confronted with such a major question of altering the constitution, the party has no power to stop him.

Q: What do you mean he killed a party and a country?

When no one can oppose him, that means that his power is unchecked. Under the Chinese system, starting with Mao, no one can restrict or limit the power of the highest leader. That is why you had disasters like the Cultural Revolution.

There are more than 400 million millennials amid China's population of 1.3 billion people. Many of them rely on incurring debt to enter the housing market. A basic apartment in a major "tier one" city like Beijing can cost as much as $1 million, far beyond what younger millennials can afford without borrowing cash from their parents or financial institutions. But now, the growing crisis of property giant Evergrande has many reevaluating their goals.

The average salary of a millennial in China is about $1,817 a month, or $21,804 annually, according to a 2017 KPMG report. And per Insider's report this July on the lives of typical millennials in China, many millennials go into debt just to be able to afford homes, which makes signing on to get an apartment a major, life-changing decision.

In 2014, for instance, China addressed a housing crisis by indirectly bailing out property developers, Wall Street Journal reported. One of the methods included the government nudging state-controlled banks to pay homeowners cash to upgrade to new apartments, which helped to boost the real estate market. Simultaneously, the Chinese government shuffled debt from property developers to itself, then refinanced the off-balance-sheet debt held by local governments through a new, government-backed bond market.

Because Fantasia was a company founded in 1996 by Zeng Baobao, the niece of the former Politburo Standing Committee of the Communist Party of China and Vice President Zeng Qinghong. Zeng Baobao is still the company’s executive director and major shareholder. The default of the company’s bonds shows that the company has not borrowed from a mainland bank.

In this regard, commentator Zhang Tianliang stated in his YouTube We-Media program that this incident shows that Zeng Qinghong has lost his power in the mainland. If Zeng Qinghong’s influence is still there, Zeng Baobao’s loans in the mainland will be easy, and now he can’t even get loans. Come out, and there are bonds as collateral, showing that Zeng Qinghong’s general trend is gone.

Premier Li Keqiang Meets the Press: Full Transcript of Questions and Answers (May 29, 2020)

Our country is a developing country with a big population. The per capita annual disposable income in China is 30,000 RMB yuan. But there are still some 600 million people earning a medium or low income, or even less. Their monthly income is barely 1,000 RMB yuan. It’s not even enough to rent a room in a medium Chinese city.

The judicial protection ceiling on private lending interest rates should be set at four times China's one-year loan prime rate (LPR), according to a revised regulation by the Supreme People's Court (SPC). The new ceiling on private lending interest rates is 15.4 percent based on the latest one-year LPR, which came in at 3.85. In the past, the ceiling was set between 24 percent and 36 percent. The move is to reduce the financing cost of small-, medium- and micro-sized enterprises, to guide the overall market interest rate downward, restore the economy, and protect market entities, according to He Xiaorong, a senior official with the SPC.