i********y
发帖数: 192 | 1 憋最拿手的就是撒谎，表面跟真实的情况有很大的区别。 即使危机四伏也要营造出一
幅国泰民安的景象。
这个经济学家杂志的记者对中国的经济情况作了以下的描述。
看不懂的五毛自己想办法。
THE zombies that appear in Chinese legends are not quite the same as their
Western counterparts. They feast on blood, not brains, and hop about rather
than staggering forwards. The differences extend to economics. Chinese
officials, like their Western peers, openly fret about zombie companies—
insolvent firms kept alive by banks—but are far less willing to kill them
off. This small excursion into the world of the undead is one of many gems
in Dinny McMahon’s new book, a vivid account of China’s economic problems,
from debt to falsified data.
Mr McMahon, a veteran financial correspondent in China, most recently with
the Wall Street Journal, wears his knowledge lightly, whether discussing
ghost stories or balance sheets. His book, “China’s Great Wall of Debt”,
is notable for two reasons. It is one of the clearest and most thorough
statements of an argument often made about the country: that its government
has relied on constant stimulus to keep growth strong, an addiction that is
bound to backfire. Second, he comes closer than any previous writer to
covering the Chinese economy as Michael Lewis, the hugely popular author of
“The Big Short”, might do. His analysis is informed but accessible,
animated by anecdotes and characters, some colourful, some verging on tragic.
In a chapter on government meddling, he introduces a hedge-fund analyst who
accused a publicly listed Chinese silver-mining company of fraud. Police
arrested him, kept him awake for three days and jailed him for two years; he
was ultimately found guilty of “impairing business credibility”. In a
chapter on the deadweight of state-owned companies, Mr McMahon visits a
factory owned by Erzhong, a machinery-maker that built the world’s biggest
hydraulic press forge, used for pounding out metal. But the forge, based on
Russian designs from the 1980s, is outdated and the country oversupplied.
These days retired workers harvest vegetables planted on unused land along
the factory’s walls. In a chapter on financial bubbles, Mr McMahon tracks
the boom and bust in Moutai, China’s most prized brand of baijiu, a grain-
based spirit, through the story of an auctioneer.
As with any financial mess, there is plenty of blame to go around for these
excesses. Reckless investors, greedy lenders and lax regulation have all
played a part. But Mr McMahon shows that China’s political system is at the
heart of the dysfunction. Short of tax revenues, local governments treat
land as free money, expropriating it cheaply and then selling it at inflated
prices. Since the promotions of officials are traditionally based on
economic growth, they are encouraged to spend public money first and ask
questions later. Implicit guarantees make for financial distortions. Few
think big state-owned banks will ever be allowed to fail or that large state
-owned firms will ever be pushed into bankruptcy.
Yet for all the undeniable weaknesses in China’s economy, the central
argument of the book is debatable. In his introduction Mr McMahon explains
that he will neither delve into the government’s efforts to clean up bad
loans nor examine bright spots such as the tech sector. That makes sense as
a way to keep the narrative sharp. Nevertheless, the clean-up and the bright
spots matter. Over the past year the government’s economic priority has
been to defuse debt risks. It has made some headway, not least by thinning
the ranks of zombie factories. Meanwhile the blossoming of the tech sector
is one example of how China retains the ability to transcend its past
mistakes.
Mr McMahon is among the most compelling of the many analysts who conclude
that China’s economic miracle will end painfully. But until now such
forecasts have served as inadvertent testaments to the country’s resilience
. Despite so much in its economy that looks so deeply rotten, China may yet
emerge from its boom stronger than the doomsayers predict. | y****3
发帖数: 1 | | Z**********g
发帖数: 14173 | 3 问题是憋共政治当先，当年扼死3000万也屁事儿没有。 | i********y
发帖数: 192 | 4 中国的屁民一定要是被饿死6000万才会反抗的主，饿死也活该。 | P****R
发帖数: 22479 | 5
【在 i********y 的大作中提到】
: 中国的屁民一定要是被饿死6000万才会反抗的主，饿死也活该。
| q*********o
发帖数: 1299 | 6 安了吧。
饿死6000万也不会反抗的。只要几百万军警宪特有饭吃就行了。
【在 i********y 的大作中提到】
: 中国的屁民一定要是被饿死6000万才会反抗的主，饿死也活该。
| m*******n
发帖数: 4186 | 7 没错，哪怕是军警特们的老娘饿死了，军警特们照样打起精神镇压其他敢于反抗的屁民
，共党屁民绝配
【在 q*********o 的大作中提到】
: 安了吧。
: 饿死6000万也不会反抗的。只要几百万军警宪特有饭吃就行了。
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