Epoch Times StaffCreated: November 13, 2011Last Updated: November 14, 2011
China’s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country’s Gross Domestic Product is going in reverse.
Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didn’t think was being recorded that the Chinese regime is in a serious economic crisis—on the brink of bankruptcy. In his memorable formulation: every province in China is Greece. [...]
Comparé à ça, la bulle japonaise des années 80 était une petite rigolade, la crise des subprimes 2001-2007 une promenade et l'effondrement de la monnaie de singe euro une légère brise un soir d'été.
China’s Economy on the Brink of Collapse
Epoch Times StaffCreated: November 7, 2011Last Updated: November 13, 2011
China’s economy is on a dangerous track and may soon experience a crisis worse than the European debt crisis, Chinese economists say.
Since the Chinese regime implemented a series of “tightening” policies to curb the real estate market, home prices have been falling across China. Meanwhile, land sales–the main source of local governments’ revenues–have also dropped sharply.
In late October, several developers in Shanghai abruptly lowered home prices in new developments by 20 to 40 percent. Soon after, price cutting spread to Beijing, Hangzhou and Ningbo in Zhejiang Province, and Nanjing in Jiangsu Province. Recent homebuyers, unhappy about the sudden devaluation of their investments, staged protests with many demanding refunds.[...]