Politics
The Museruola of Xi Jinping
There is a dangerous profession in China: the profession of economist. Yes, a job that can cause serious problems. An economist who worked (maybe still works, but we're not so sure) for a major Chinese bank knows something about this.
The man who intervened in a cinternational conference held in Washington and he said things that seem almost obvious to us.
It's almost common sense for those who deal with the Chinese economy, but they caused a scandal in the court of Heavenly Emperor Xi Jinping.
This economist said that Chinese growth statistics probably unreliable. And when the Chinese government tells us that GDP has grown by an average of 5% per year in recent years, we should probably say half: the real figure is perhaps closer to 2% than 5%.
He then added that the measures announced periodically, always by the Chinese authorities, to revive domestic demand, consumption and growth, are inadequate, ineffective and perhaps the Beijing government itself does not know how to intervene in this phase. Xi Jinping became angryliterally. He ordered this censored economist to be silenced and from now on we will no longer hear from him.
We will never hear from him again because he has obviously touched a hypersensitive nerve in the President of the People's Republic of China. The difficult economic situation. And we start talking about one Japanese syndrome and this is what happened when Japan's great boom ended, precisely in 1989. Japan entered a long phase of stagnation from which it emerged, but it took almost thirty years.
One piece of evidence that suggests China is following a very similar trajectory to Japan in 1989 is called deflationthat is, China, unlike the United States of America, is in a phase in which many of its prices, particularly producer prices, are actually falling. They have a minus sign in front of them, which is not a good thing because it usually also means depression..
January 16, 2025
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