Massive unemployment & store closures in Beijing; people are afraid to spend money
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- Опубліковано 28 вер 2024
- #chinainsights
This is Beijing's most known rotten-tailed shopping district, the Shimao Gongsan Shopping Center. So far, it hasn't been able to find a company willing to take over the project. It has been depressed, doing poor business for many years. In fact, its location is great. Across the road is the famous Sanlitun Bar Street, which is less than 100 meters away in direct line. Not far ahead is the subway station...
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Good. Let's all help the Chinese out by reducing any Made-in-China purchases whenever humanely possible.
Patriotism of Winnie PorkPooh
- With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.
-Chinese 🇨🇳 property Ponzi sector, which accounts for 30% of GDP, is crashing
-Exports and imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
-Consumer prices are experiencing hyperstagdeflation.
-Youth unemployment hits over 21% (in reality 50%+ after eliminating faked numbers), a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
- During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times.
- It has printed more money than the US and Japan combined, while it's economy is only half of them.
- Current Chinese debt-to-gdp is already highest in the world, at 300%, according to Bloomberg.
daughter: lives in US brother: australian green card daughter in law: british green card sister: canadian citizen brother in law: canadian citizen second sister: australian green card second brother in law: australian green card
WOW SO GOOD Organ Leeks #sloprosperity #theskydontlie
Karma. :-)
I did that as a Chinese not living in China fortunately. Too dangerous to even consume any Chinese foods from mainland China. S*** load of stories of using products from mainland China causing all kinds of harms, also s*** loads of videos showing how toxic how poisonous the manufacturing processes.
You've made this same comment on 50+ videos from this channel creator and repeatedly been told the word is "humanly" not humanely so either you're a bot or an idiot.
No customers. No money. Collapse.
Reminds me of early urban decay porn from 2008 in the America.
The malls went first with retail stores.
Worked in retail in the corporate offices during the financial meltdown. And, actually no. Business bounced back very fast.
Using 2007-09 as a comparison point is terrible. They are completely different.
I think this is permanent for Chinese business 🇨🇳
Seems like far more disappeared in 20-23 than we've been told.
I feel sorry for all those delivery workers waiting for an order at 13:00
They even deliver a package of condoms for a few yuan.
They have 1 billion cameras to track people for security purposes.
But, not 1 creative person to make it dual use and leverage the cameras to evaluate economic activity.
Great point! I bet they steal that idea like they do everything else.
No 1 dares report bad news
Patriotism of Winnie PorkPooh
- With stimulus and measures, China's debt will be at 400% to 500% of its GDP in the next decade, according to Reuters.
-Chinese 🇨🇳 property Ponzi sector, which accounts for 30% of GDP, is crashing
-Exports and imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
-Consumer prices are experiencing hyperstagdeflation.
-Youth unemployment hits over 21% (in reality 50%+ after eliminating faked numbers), a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
- During the years 1990-2021, the US printed 6.5 time more money while China printed 147 times.
- It has printed more money than the US and Japan combined, while it's economy is only half of them.
- Current Chinese debt-to-gdp is already highest in the world, at 300%, according to Bloomberg.
daughter: lives in US brother: australian green card daughter in law: british green card sister: canadian citizen brother in law: canadian citizen second sister: australian green card second brother in law: australian green card
WOW SO GOOD Organ Leeks #sloprosperity #theskydontlie
What else is new? The economic down trend is going on for more than 2 years. I am waiting for the downfall of the communist regime. That will be the worthy news. The housing crises is becoming boring, so is joblessness.
😢😢😢😢😢😢😢
God bless our little yellow brothers
Godless, lawless, futureless 👎👎
Is celebrating Chinese's people suffering because of their economy a western value?
The Chinese follow their own beliefs, often a blend of Buddhism, Tao and folk religions. The police have more power than American police do and the law is upheld perhaps too much, too strongly. The situation in China offers us a glimpse of what is coming our way. 😐
gods do nothing but help sports teams win.
karma dont buy chinese crap
Nookdashiddole
But according to Xi, everything is d fine.
It is for him. He gets to smoke 3 packets of cigarettes a day. So no worries.
Biden also said the American economy is strong. He's living life
For him and his pals, that's probably true, but not the other 1.4 billion.
WOW SO GOOD!
Lie flat, rattail projects, tofu construction. How about a nice electric car?
I am sure Winnie the Pooh is sad seeing this news while relaxing in one of his many owned mansions.
Calling his daughter in the US
This is basically what happened to malls in America in the mid-late 2000s
They have a population literally 3x Americas size, and a mall of that size in America would never be that empty! No matter if it was a depression😂 Americans are consumers, even during bushes recession. Which is why they recovered in a year. Plus it had to do with the real estate bubble not literal compounding effects like China, with multiple countries putting tariffs on y’all, pulling out business, stopped ordering from Chinese websites, moving manufacturing to India and Mexico, and ur real estate market collapsed to the ground, which is the bulk of ur gdp, unlike americas.
Naw this is not like what happened to malls. Amazon and Walmart is what happened to malls.
No it isn't. people aren't shopping because they are all broke and their economy is crashing. malls are still all around the U.S. you seriously didn't think it was such a simple situation, right?
Home Simpson said it best:”Communism works… in theory.”
XJP didn't get that memo.
I don't think even in theory it works. It works when people ignore all measures of reality.
Pessimism from consumers and high rent for businesses, yes. Also, I think all that online shopping didn't help, people are becoming lazy and don't want to leave their houses.
After covid, noone want to take the risk. Which is not suprising.
Is there anything doing well in china right now
Poverty is doing great and spreading fast
Well not according to the Falun Gong AI bot channels, like this one.
Now is "Where have all the people gone?" Have they forgotten the meme "What's going on?" Blissful ignorance.
Wolf Warrior mentality backfired, eh Xi?
2:21 whoa.
4:34 those migrant workers are taking protest to another level😧
4:39 I really do feel bad for those two who cannot get their earned wages back☹
5:04 I don't know if he's clueless to the situation around or is being suppressed by the cops to say something else🙁🤔???
9:18 I'll give him credit for an awesome username "Brother Dog"😎.
13:43 oh. my. God..😱☹😭
You get what you're forced to vote for.
People in China don't vote
Businesses will come back after xi is gone.
Ngl the malls here in US are also experiencing slowdowns, which is sad.
Same in UK
@@Hellofa6ird I feel like the progress of amazon and the likes, and the pandemic really did a number to malls and small stores.
China 🇨🇳 should be proud 🥹 they have now entered the dispatch driver 🏍 oops 🙊 Gig economy ! Ha ! Ha ! Ha ! Hilarious 🤣
Lots of employment in the rice fields out in the country 🇨🇳
Eventually, prices must collapse, or there will be a continual imbalance between wages and prices.
❤
Government policies cause bad economy. Asks for more government regulations. These people are geniuses (not)
Building shopping malls is our religion.
4:58 it's a build a bear store. The dude opened a build a bear store in an upscale mall. How many people want a 25X's more expensive teddy bear that hasn't already bought one ? A build a bear store ?
Where's the feng shui's positive energies that attract wealth and prosperity.. its gone
Rise up People of China
it is pronounced Car Foor
So what? Look at San Francisco
No sympathy at all
OOFconomy hurts
no sympathy for krusty kommies...
Thankfully in the US, we can just keep spending forever into debt, and when it catches up to the banks, they'll just get bailouts and we'll start over again.
TARP made a profit. The S&L crisis was a hit: (from memory), it was a 2.5% bailout to GDP.
What else do you have sport?
The death of the shopping malls ☹️
More like death of shopping and commerce in general in the PRC, as online retailers are likewise struggling on sales.
So you are telling us, that due to economic crisis customer tend to be more cautious and with e-commerce as competitors traditonal retail stores are going out of business? Shocking news/s
You could make a comparable observation in literally every developed country. US, Europe etc.
Who wants to open in an area with the most cctv in Beijing especially Sanlitun bar area? Even bars are required to film inside premises connected directly to police stations in the name of national security..Every foreigner must be careful your face is immediately recorded and followed if they suspect the slightest. That's is the reason no big investor has interest in that area.
The costco in Nanjing seems chock full.
The story of the guy being in debt and jumping off a building, with his baby so the baby wouldn't be forced to inherent the debt is heartbreaking
Ccp paradise on full display
Ganti online shopping orangnya😅
Nothing wrong here... Please move ..
It is owe nothing n u be happy people here
How are all these building owners going to be able to pay their loans to the banks?
Daily self fantasy day dreaming ownself said ownself happy deepfakes AI propaganda comedy channel.
Thanks for on line shopping no need to rent a shop no need to hired alots of worker
Online shopping in Mainland China is likewise depressed.
Many of the "new money" Chinese have gone back to their villages, and have brought back a wealth of knowledge to improve their rural lot. To feed, house and clothe one's community is a primal instinct. Saving water, improving crops, heating and cooling via basic ideas, saving resources are many of the things that rural China needs.
I wish same thing was happening to my country. People making good money but holding back on spending mindlessly on useless garbage. Chinese are wise people indeed.
In my country, people are doom-spending like there is no tomorrow. Everyone is strapped for cash due to unemployment and low wages but still the bars night clubs are always full. I don't agree with this narrator about when people tend to save: are they pessimistic or optimistic about the future? I think people overspending means they are pessimistic about the future, not the other way round.
when the economy is down blame any gov in charge!
REPENT SINNERS JESUS CHRIST SAVES ✝️✅
Saves what?
@@thatguyoverthere8355 Jesus Christ can save you from the wrath and judgement to come from God Almighty
@@thabiforJesus5 oh, that. I thought you meant save me money or something.
The beginning is like an episode of the Dead Mall Series with a Chinese Dan Bell. Evidently China has the same issues the US does.
The US doesn't have this problem. Sure, malls closed due to popularity, but that business has only grown in other ways such as online shopping.
@@ryanreedgibsonthen your blind
@@ryanreedgibson The online shopping _is_ the problem! The US has exactly the same issue in that low cost online shopping is killing traditional retail and decimating the working class.
To be honest, all those food and beverages are seriously overpriced. It is not too bad when you have disposable income to spend on such things, but even in the best of times, you get the sense you are being fleeced. Now with such an economy, what sane person will spend on those things? Rather save for something that lasts, like a good pair of shoes or cooking equipment.
Food is a necessity yes, but overpriced desserts are surely not.
Not everyone in China can be a restaurant owner, and on line seller, an influencer, an uber driver etc. Or a university graduate.
America has high unemployment too. Our government just cooks the books
Same in the UK.
Fox Business doesn't even say that
I don't know where, I'm in America. Everyone in my friend circle is working. By all metrics, current American economy is going really well.
This video is not about America.
@@rosaflorist8308 True, what's in this video is like in the UK now.
I actually think the worst is behind us. China is slowly recovering and will come out stronger than before.
Better shopping centers like Hopson One have a direct subway connection.
That's the effect of God's righteousness to what they are doing in the Philippines!
It's not that far away for China to fall apart as a whole country
Disagree. No one is so poor that someone can't and won't take advantage of them unfortunately, even though harvesting their organs. Traditionally, the Chinese regime survives all 😢
What commercial real estate probably needs now for growth isn't retail shops but cloud/AI data centers.
lol, you don't put data centers in the middle of the city. You put them in low population and cheap land areas.
@@HKim0072 Still doable in first-tier cities instead of keeping them empty. Doesn't have to be big data centers. Make use of edge computing and rent out the space.
@@kenw5104 sigh. I'll be nice. Hopefully, my math equations don't get my comment hidden by the AI censors.
2 things:
- why would a tech company pay 20x the rent? That would bankrupt them. These tech companies aren't growing domestically.
- you need to do some back of the envelope math and it becomes pretty clear why it's major issue. Take GDP and multiply by countries "service" economy percentage. Then, grab the data on commercial real estate rents / sq footage space. It's way out of whack.
CCP China has less than half of the GDP of the US when you evaluate just domestic consumption. RE prices never reflected it.
Who’s going to invest in the new installs though? Especially since the current networks seem to be fast and robust enough for the bandwidth demands already.
@@doujinflip Giants like Tencent, Baidu and BYD wouldn't underestimate the ever growing amount of citical data needed for AEV, gaming etc. They got the money, doesn't even have to buy up the place. Rent from the real estate listing.
so why is wallstreet then so optimistic about china?
Same here.
I like that he put a map that indicates where the video was made
Yeah, and they always date the videos. This channel does a good job of presentation and tells a good "story" to the viewer. Connects the data points well.
This warms my heart. :-)
People's suffering warms ur heart? R u sure u have one?
@@sikemo9432 He has a stone instead.
@@bendranski6882 backachya sucker
@@bendranski6882 swearing at me won't get u one
@@sikemo9432 Go back to China!
CCP is doing nothing about this situation?
they are too busy lining their own pockets...also, they worry more about the military than they do average Chinese citizens
What can they do? The economy is larger than it ought to be and now needs massive debt to keep it running.
CCP is out there threatening the West and Taiwan. The West is actively trying to decouple from China. Anti espionage law is scaring tourists away. All this nonsense is because of Xi. Before, everybody was happy trading with each other.
@@seniorsergeanttomcroydon6401 There are several things they could do. They choose not to though.
The Party is hoping and praying, except they’re finding that their god of science and economics isn’t so gracious to the faithful.