Posted on 07/18/2018 10:55:29 AM PDT by SeekAndFind
High-profile businessman Zhou Jiancan was last seen at the five-star Shangyu International Hotel on January 30, where he had been countless times before to host conferences and entertain clients in the small city in eastern China.
But on that afternoon, the 55-year-old head of private firm Zhejiang Jindun Holding Group was alone and climbed to a great enough height in the 30-storey building to leap to his death, according to a police report.
Zhou was the embodiment of wealth and success in Shangyu and just days before had been in talks with people from Bangladesh about a multibillion-dollar project to build a coal-fired power plant there, Shangyu Daily reported.
But his death brought down a house of cards, revealing a mountain of debt and setting off dozens of lawsuits as creditors began chasing their money.
It also revealed the perilous position of private companies, which are denied financing from mainstream banks and often must resort to China’s shadowy world of wealth products to stay afloat.
Zhou’s demise is a dramatic and lurid outcome for what would otherwise be considered the dry and technical policy shift by Beijing to tighten credit as part of its resolve to curb China’s debt, a top priority by Chinese President Xi Jinping.
China’s state banking system largely exists to serve local governments and state-owned enterprises, so private firms must often rely on the “shadow banking” industry – alternative routes of funding that have fed unprivileged private companies because they have restricted access to bank lending – for financing.
But the authorities have started to tighten up on shadow banking, with off-balance-sheet funding plunging by US$190 billion in the first half of 2018 compared to the rise of 2.5 trillion yuan over same period last year, according to data from the People’s Bank of China.
(Excerpt) Read more at scmp.com ...
“I find it comical to argue fascism with modern precious snowflakes.” Bravissimo.
It’s tough. Fascism is attractive and rejects history.
The problem is that Americans love to be inclusive but go nuts when trying to include sodomites and other primitive tribes.
The solution is for Americans to study history and to see how free markets are the best way for individuals to grow in wealth and virtue.
Thankfully, one book by Ann Coulter or Tammy Bruce is enough to move a young person toward free markets.
Repeating...a trade war hurts China by $500 BILLION EVERY YEAR MORE THAN IT HURTS US of A.
We have been talking to China, Japan, EU, Mexico etc for DECADES. Why would they suddenly decide to be fair and give up Billions worth of manufacturing jobs?
Of course they are not going to give up the trade surplus bonanza if we talk until we are blue in the face.
The only leverage we have is Tariffs & trade wars in which they lose lot more than us. Maybe, just maybe they will come to the negotiating table in good faith and EVERYBODY ELIMINATES ALL TARIFFS or at least sign a fair trade deal.
I don’t really care about Gooklandia. I care about the USA. Things are looking up for the US worker. More tariffs please!
At the time only 4.3% of the US economy was tied to international trade and Smoot-Hawley only affected about 1/3 of that (agricultural imports mostly). So Free Traitors™ are arguing that a slight rise in tariffs affecting 1% of the rural economy was a major factor in the GD? Don't be ridiculous.
Smoot-Hawley had, if anything, a slight stimulative effect on American farming and no major impact on anything else. International trade dropped in total because overall demand dropped following the crash. They like to blame Smoot because it fits their economic fairly tale.
The globalists themselves know they are lying when they trot that one out.
Ping
businessinsider.com
china-ghost-cities-
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