Politics
Celebrating 75 Years of CCP Misgovernance
The People's Republic of China (PRC) celebrated the 75th anniversary of its founding on Tuesday. The Chinese Communist Party (CCP) managed to stay in power for 75 years, even though it was responsible for the loss of tens of millions of people due to its missteps during that time.
Chinese President Xi Jinping () may be wondering how long this can last.
The road ahead cannot be easy. There are bound to be difficult and dangerous obstacles. We could face major trials of strong winds and waves, or even a terrifying storm, he said Monday evening at a National Day celebration.
In fact, he was talking about himself. Perhaps he should also ask himself if this is due to bad luck or his dictatorship and ignorance.
China's economic slowdown was caused by the bursting of its housing bubble. Its real estate market accounts for around 25 percent of GDP and is one of the main sources of revenue for local governments. The problem of unfinished properties in China first broke out about two or three years ago, with owners of these unfinished properties cutting their mortgage payments in order to protect their rights.
At the same time, falling property prices have turned these properties into a negative asset for some owners. As the middle class is the main force of domestic consumption in China, this has led to a decline in the national economy. The Chinese government's indecision has continued to exacerbate the problem.
At present, Chinese financial institutions are working to reduce interest rates and provide various incentives to destock the real estate market. However, Japan's Nomura Securities Co suggested that China should prioritize a policy of guaranteed delivery of housing by good construction companies rather than the government's policy of acquiring unsold housing, because the number of buildings unfinished is 20 times higher than the number of completed but unsold homes.
If this problem is still not resolved, how can China's economy recover? China's National Bureau of Statistics announced that profits of large industrial companies rose 4.1 percent in July, but fell 17.8 percent in August.
The latest data on China's stagnant economy shows that emergency measures launched by authorities, such as issuing consumer vouchers in some regions and providing 1,000 yuan ($142) in cash to the underprivileged , were only implemented after strong economic pressure. It also exposed Xi's lie that the Chinese people have rid themselves of poverty.
Recent media reported that seven Chinese youths committed suicide by jumping off a bridge together in Beijing's Hai-dian district (). Meanwhile, a Chinese man fatally stabbed three and injured 15 others on the street of Shanghai. Such cases reflect social unrest in China.
Xi has emptied the Chinese treasury, while the wealth of the Chinese people has declined. However, at the opening of the Forum on China-Africa Cooperation last month, Xi announced that China would provide 360 billion yuan in financing over the next three years to support Africa's development.
This is exactly the thought of Empress Dowager Cixi () of the Qing Dynasty, who once said more than a century ago that it was better to give gifts to foreign allies than to family slaves .
More than a century later, it became Emperor Xi's thinking of the new era.
Paul Lin is a political commentator.
Translated by Eddy Chang
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Sources 2/ https://www.taipeitimes.com/News/editorials/archives/2024/10/05/2003824798 The mention sources can contact us to remove/changing this article |
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