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While the rest of the world was getting rag-dolled by the economic consequences of pandemic shutdowns, China was crowing and laughing all the way to the bank.
Now, they’ve got problems of their own. This time, it’s their own economy that’s reeling. Like the rest of us, government restrictions in response to the Wuhan Chinavirus were at the root of the problem.
But Covid lockdowns have brought the world’s second biggest economy “near breaking point,” Société Générale analysts wrote earlier this week. Tough restrictions in Shanghai and other major Chinese cities are just the latest blow, however. China was already feeling the impact of a real estate slump and a crackdown on private enterprise. Unemployment hit a 21-month high in March.
…”The [Tuesday’s] meeting suggests to us that Chinese policymakers have been increasingly aware of the strong growth headwinds from Covid restrictions and continued property downturn, and [are] thus becoming more determined to ramp up policy easing measures,” Goldman Sachs analysts wrote on Wednesday. — CNN
It should surprise zero people that China’s Communist Party has exactly one solution to this problem. Big Government intervention.
But they’ve played this card before. It didn’t accomplish what they hoped it would.
That’s the same approach the government has used in the past, and one that analysts say adds to problems for sustainable growth in the long term.
Chinese President Xi Jinping on Tuesday called for an “all-out” effort to construct infrastructure. Proposed projects range from waterways and railways to facilities for cloud computing.
Xi was speaking at a meeting of the Central Committee for Financial and Economic Affairs, a group he heads.
“The meeting suggests to us that Chinese policymakers have been increasingly aware of the strong growth headwinds from Covid restrictions and continued property downturn, and thus becoming more determined to ramp up policy easing measures,” Lisheng Wang and a team at Goldman Sachs said in a note Wednesday. —CNBC
If China’s economic policies sound familiar, they should.
This is the very same approach behind the ‘American Rescue Plan’ Biden signed. It’s also at the heart of his failed ‘Build Back Better’ plan, which he is still trying to implement piecemeal in other ways.
And now, we’ve got an economy that’s contracting when it should be bouncing back from a pandemic as we are poised for double-digit inflation.
Once Bernie had been eliminated, Biden bragged that he ‘defeated the socialist’.
Little did we realize that he had been replaced by someone who looked so very much like a Chinese Communist.
It makes one wonder: would China now consider those business dealings with Hunter ‘money well spent’?
Psalms of War: Prayers That Literally Kick Ass is a collection, from the book of Psalms, regarding how David rolled in prayer. I bet you haven’t heard these read, prayed, or sung in church against our formidable enemies — and therein lies the Church’s problem. We’re not using the spiritual weapons God gave us to waylay the powers of darkness. It might be time to dust them off and offer ‘em up if you’re truly concerned about the state of Christ’s Church and of our nation.
Also included in this book, Psalms of War, are reproductions of the author’s original art from his Biblical Badass Series of oil paintings.
This is a great gift for the prayer warriors. Real. Raw. Relevant.
