Over the past five years, China’s household debt has surged by 50%, reaching an estimated total of US$11 trillion. This is largely attributed to a sustained housing boom, in which people have borrowed heavily to invest in multiple properties.
In response to the escalating debt crisis, the government has placed debt defaulters on a blacklist and face severe restrictions on their daily activities. Approximately 8.3 million people, representing about 1% of China’s working-age adults, find themselves on this list. In case of unpaid debts, authorities seize a person’s income to cover the liabilities, leaving them with a meager allowance to meet their daily expenses.
They are also barred from high-speed rail and air travel or participating in leisure activities such as vacations. while some are even banned from employment as civil servants.
Non-compliance with these restrictions can lead to detention by authorities.
Are billionaires as much of a problem in China as they are in the west?
I thought they already had way less, and the ones that do exist still have to bend over backwards to appease the CCP.
Whether they’re subjects to the CCP or not, the money they’ve collected came from surplus Chinese workers created but did not receive. So yeah, it’s a symptom of underpaid labor.
They are part of the CCP or at the very least extremely closely associated with it. Nobody becomes a billionaire in China without being part of the political caste - and the upper echelons of this political caste are very much a rich men’s club:
The problem is that the closer they are to the sun, the more likely it is for them to get burned. Get too far away though and you freeze to death. Xi likes his old-fashioned purges and it’s all too convenient to have political enemies disappeared for sins that everyone in the elite is guilty of, but only those who displease the God Emperor or might pose a perceived or real threat will ever be convicted of. And if that’s not enough, just make something up, because there is no independent judiciary and certainly no rule of law either. Xi’s rule even started with Cultural Revolution style public self-confessions of his enemies, except now they are on prime-time TV, even if the preceding torture is exactly the same and the scripts remain unchanged. They have become a staple of his rule, a regular feature of evening news, featuring an eclectic mix of business moguls, movie stars, politicians, journalists, influencers, etc.
You are not logged in. However you can subscribe from another Fediverse account, for example Lemmy or Mastodon. To do this, paste the following into the search field of your instance: !news@beehaw.org
Breaking news from around the world.
News that is American but has an international facet may also be posted here.
Guidelines for submissions:
Where possible, post the original source of information.
If there is a paywall, you can use alternative sources or provide an archive.today, 12ft.io, etc. link in the body.
Do not editorialize titles. Preserve the original title when possible; edits for clarity are fine.
Do not post ragebait or shock stories. These will be removed.
Do not post tabloid or blogspam stories. These will be removed.
Social media should be a source of last resort.
These guidelines will be enforced on a know-it-when-I-see-it basis.
Or…introduce fair pay and abolish millionaires and especially billionaires…
Are billionaires as much of a problem in China as they are in the west? I thought they already had way less, and the ones that do exist still have to bend over backwards to appease the CCP.
Whether they’re subjects to the CCP or not, the money they’ve collected came from surplus Chinese workers created but did not receive. So yeah, it’s a symptom of underpaid labor.
They are part of the CCP or at the very least extremely closely associated with it. Nobody becomes a billionaire in China without being part of the political caste - and the upper echelons of this political caste are very much a rich men’s club:
https://www.cnbc.com/2017/03/02/chinas-parliament-has-about-100-billionaires-according-to-data-from-the-hurun-report.html
The problem is that the closer they are to the sun, the more likely it is for them to get burned. Get too far away though and you freeze to death. Xi likes his old-fashioned purges and it’s all too convenient to have political enemies disappeared for sins that everyone in the elite is guilty of, but only those who displease the God Emperor or might pose a perceived or real threat will ever be convicted of. And if that’s not enough, just make something up, because there is no independent judiciary and certainly no rule of law either. Xi’s rule even started with Cultural Revolution style public self-confessions of his enemies, except now they are on prime-time TV, even if the preceding torture is exactly the same and the scripts remain unchanged. They have become a staple of his rule, a regular feature of evening news, featuring an eclectic mix of business moguls, movie stars, politicians, journalists, influencers, etc.