China news roundup / Nachrichten 2024-02-08
China consumer prices plunge at fastest rate for 15 years as deflation fears deepen
"China’s consumer prices fell at their fastest pace in 15 years in January, as the world’s second-largest economy sank deeper into deflation amid weakening demand.
Data released on Thursday showed that China’s consumer price index tumbled last month, falling by 0.8% compared with a year earlier. It marks the fourth consecutive month of declines, as well as the sharpest drop since September 2009, when the global economy was still grappling with aftershocks from the 2008 banking crisis.
[...] Its factories have also cut prices, with the latest producer price index pointing to a 2.5% drop in annual prices in January, after a 2.7% fall in December."
--- Worse (even acc. to official numbers) than during Covid lockdowns, but - hey - everything is fine under emperor Xi's heaven.
"“While a far cry from the above-target inflation levels seen in many other economies, these numbers do not imply China is stuck in a deflationary spiral,” Song said.
“Considering the more favourable base effects for February’s data, we see a high likelihood that January’s data could mark the low point for year-on-year inflation in the current cycle,”"
--- That implies that Chinese New Year dates have not switched like that between January & February since the 2008 crisis. Which is patently untrue. Anyway, we obviously have to wait until the end of March to get an unskewed comparison.
North Koreans working in China 'exploited like slaves'
"riots broke out across several North Korean-run clothing factories in north-east China on 11 January, according to a former North Korean diplomat with sources in the region, who broke the news to media last month.
Ko Young Hwan, who defected to South Korea in the 1990s, told the BBC he heard the workers exploded when they learnt that years' worth of unpaid wages had been transferred to a war preparation fund in Pyongyang. "
--- Uighurs are obviously not the only slaves in China. What was that in the Chinese national anthem? "Arise! We who refuse to be slaves!" Oh well ...
China’s central bank encourages local businesses to accept foreign payment cards
"Last summer, the two dominant mobile pay apps WeChat and AliPay started allowing verified users to connect their international credit cards — such as those from Visa"
--- Verified users. All your data belongs to emperor Xi.
"“We are fully aware that foreign visitors care very much about their privacy,” Zhang said “We take this issue seriously and have put in place measures for information protection.”"
"“Now, when using Alipay or WeChat Pay, foreign visitors do not need to provide ID information if their total annual transaction volume is under $500,”"
--- I guess, most people who stay in China for more than a week or so will have problems to stay under $500. But even without verification: Do not install Chinese apps on your normal smartphone! If you have to, then use a burner phone.
‘Political motives’ and ‘black hand’ behind Messi’s Hong Kong no-show, claim gov’t advisor, China state media
"there might be political motives behind their actions, as Hong Kong intends to develop its mega-event based economy, and external forces deliberately seek to embarrass Hong Kong
[...] Hong Kong people hate Messi, Inter Miami, and the black hand behind them, for the deliberate and calculated snub to Hong Kong
[...] The Government urges Tatler Asia and Inter Miami CF to provide a reasonable explanation to clear all doubts arising from Messi not being able to play the game in Hong Kong on February 4"
--- Emperor Xi's China is such a self-confident place, totally above all pettiness. You must be really, really evil if you want to be able to offend the CCP.
--- Bloomberg: "Why China Doesn't Care About the Stock Market"
--- Bloomberg: China’s Consumer Prices Drop at Fastest Pace Since Global Financial Crisis
--- WION: Gravitas | Is China trying to snoop on US allies?
China kämpft gegen die Deflation
"Die Preise in China sind so stark zurückgegangen wie zuletzt während der Finanzkrise vor 15 Jahren. Ein dauerhaft sinkendes Preisniveau kann Experten zufolge großen ökonomischen Schaden anrichten - was die gesamte Weltwirtschaft betrifft."
--- Die Weltwirtschaft wird das wohl kaum treffen. Chinas Importe sind schon eine ganze Weile rückläufig & das ist auch von Kaiser Xi so gewollt.
"Das Statistikbüro begründete den Unterschied im Jahresvergleich mit dem Frühlingsfest, das 2023 auf den 22. Januar gefallen war und in diesem Jahr erst am kommenden Samstag stattfindet."
--- Nur, daß das Frühlingsfest alle paar Jahre zwischen Januar & Februar fluktuiert.
1000 km/h als Ziel: Chinesische Röhren-Magnetschwebebahn auf gutem Weg (Ein angeblicher Test, ohne nähere Angaben über Testergebnisse, aber Heise nimmt das für bare Münze.)
China eröffnet neue Station in der Antarktis
