China Watch Thread

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caltrek
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I will put this article in the China thread as there is no thread for Vietnam and China is also mentioned prominently in the piece.

Pandemic Factory Scramble Reshapes Manufacturing — Again
by Courtenay Brown
October 29, 2021

https://www.axios.com/covid-factory-scr ... d64eb.html

Introduction:
(Axuos) Factory talk hasn’t been this hot since the height of the U.S.-China trade war.
  • Then: Some companies shifted production out of China to dodge tariffs and moved factories to places like Vietnam.
  • Now: They’re scrambling to push production to China — and other countries.
Why it matters: The Delta variant hit manufacturing hubs in Vietnam hard, prompting strict virus mitigation tactics that brought factory production to a screeching halt — and put a dent in consumer products makers' revenues.

What's happening: Signs the angst around Vietnam (a massive supplier of clothing and shoes to the U.S., behind China) is pushing companies to make moves popped up in a ton of earnings calls.
Don't mourn, organize.

-Joe Hill
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Yuli Ban
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And remember my friend, future events such as these will affect you in the future
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caltrek
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China's Homebuilders are on the Brink
by Kate Marino
November 10, 2021

https://www.axios.com/china-homebuilder ... 53ea8.html

Introduction:
(Axios) Since China Evergrande began flaking on debt payments in September, the world’s focus has turned from whether its collapse represents a Lehman Brothers-like moment of systemic peril (it doesn’t) — to whether China’s whole property sector is set for a string of defaults (it probably is).

Why it matters: Lehman or not, the Federal Reserve warned this week that financial fallout from China’s real estate shakeout “could pose some risks to the U.S. financial system.”

Driving the news: At least four Chinese housing developers have formally entered default for not making interest or principal payments on their dollar bonds, the Wall Street Journal reports.

The big picture: China’s government thinks developers took on way too much debt, and last year ordered domestic banks to tighten lending standards.
  • Yes, but: Those lenders thawed after the Chinese central bank last month made comments that appeared to ask them to loosen up credit to prevent a property sector meltdown.
Don't mourn, organize.

-Joe Hill
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Yuli Ban
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China's Evergrande Group officially defaults
China Evergrande Group officially announced that it had defaulted on Wednesday, after bondholders awaited coupon payments at the end of a 30-day grace period at the close of Asia business.

Evergrande, the world's most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.

The company has not defaulted on any of its offshore debt obligations – yet. But a 30-day grace period on coupon payments of more than $148 million on its April 2022, 2023 and 2024 bonds ended on Wednesday.

The failure to pay results in a formal default by the company, and triggers cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world's second-largest economy.

For its two separate offshore coupon payment obligations that were due in late September, the developer's bondholders did not receive the payments until one working day after the 30-day grace periods ended.

Evergrande's problems add to concerns about a liquidity squeeze in the property sector. It also has coupon payments totaling more than $255 million on its June 2023 and 2025 bonds due on Dec. 28.

China's property woes rattled global markets in September and October. There was a brief lull in mid-October after Beijing tried to reassure markets the crisis would not be allowed to spiral out of control.
HOLD ONTO YOUR BUTTS, KIDS
And remember my friend, future events such as these will affect you in the future
Nanotechandmorefuture
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Re: China Watch Thread

Post by Nanotechandmorefuture »

Yuli Ban wrote: Wed Nov 10, 2021 11:34 pm China's Evergrande Group officially defaults
China Evergrande Group officially announced that it had defaulted on Wednesday, after bondholders awaited coupon payments at the end of a 30-day grace period at the close of Asia business.

Evergrande, the world's most indebted developer, has been stumbling from deadline to deadline in recent weeks as it grapples with more than $300 billion in liabilities, $19 billion of which are international market bonds.

The company has not defaulted on any of its offshore debt obligations – yet. But a 30-day grace period on coupon payments of more than $148 million on its April 2022, 2023 and 2024 bonds ended on Wednesday.

The failure to pay results in a formal default by the company, and triggers cross-default provisions for other Evergrande dollar bonds, exacerbating a debt crisis looming over the world's second-largest economy.

For its two separate offshore coupon payment obligations that were due in late September, the developer's bondholders did not receive the payments until one working day after the 30-day grace periods ended.

Evergrande's problems add to concerns about a liquidity squeeze in the property sector. It also has coupon payments totaling more than $255 million on its June 2023 and 2025 bonds due on Dec. 28.

China's property woes rattled global markets in September and October. There was a brief lull in mid-October after Beijing tried to reassure markets the crisis would not be allowed to spiral out of control.
HOLD ONTO YOUR BUTTS, KIDS
This is it huh. Lets see how the USA and Europe fares here.
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Yuli Ban
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Re: China Watch Thread

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And remember my friend, future events such as these will affect you in the future
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Yuli Ban
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China is urging families to stock up on food as supply challenges multiply
China is telling families to stock up on food and other daily essentials as bad weather, energy shortages and Covid-19 restrictions threaten to disrupt supplies.

The country's Ministry of Commerce late Monday issued a notice directing local governments to encourage people to stockpile "daily necessities," including vegetables, oils and poultry, in order to "meet the needs of daily life and emergencies."
The agency also urged local authorities to make sure that people have an "adequate supply" of essentials this winter into next spring. And it told those authorities to keep prices stable — a source of anxiety in recent weeks, as the cost of vegetables has surged throughout China because of unusually heavy rainfall that has hurt crops.
China has stressed the importance of shoring up food and other daily supplies in the past — including in September, ahead of a major weeklong holiday period. But those statements are usually very obviously intended for local authorities to read, and rarely capture the attention of everyday citizens. The inclusion of language in this statement that mentions families, though, appears to be putting people on edge.
And remember my friend, future events such as these will affect you in the future
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wjfox
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Re: China Watch Thread

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Cultural Revolution was a catastrophe and Mao was responsible, China’s Communist Party upholds in landmark statement

17 Nov, 2021

China’s Communist Party has reiterated its official verdicts on the Cultural Revolution and the Tiananmen Square crackdown of 1989.

That is according to a new historical resolution adopted by its top leadership last week, only the third such resolution in the party’s 100-year history.

The resolution, according to the full text released by state news agency Xinhua on Tuesday, states that the party never swerved from its rejection of the Cultural Revolution, which plunged China into a decade of chaos and violence from 1966.

https://www.scmp.com/news/china/politic ... esponsible
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Ozzie guy
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wjfox wrote: Wed Nov 17, 2021 9:29 am Cultural Revolution was a catastrophe and Mao was responsible, China’s Communist Party upholds in landmark statement

17 Nov, 2021

China’s Communist Party has reiterated its official verdicts on the Cultural Revolution and the Tiananmen Square crackdown of 1989.

That is according to a new historical resolution adopted by its top leadership last week, only the third such resolution in the party’s 100-year history.

The resolution, according to the full text released by state news agency Xinhua on Tuesday, states that the party never swerved from its rejection of the Cultural Revolution, which plunged China into a decade of chaos and violence from 1966.

https://www.scmp.com/news/china/politic ... esponsible
They are further attacking socialism and promising to always be capitalist "The party want to make sure Deng’s legacy of ending the Cultural Revolution and launch of reform and opening up policy would never be abandoned."
Nanotechandmorefuture
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Re: China Watch Thread

Post by Nanotechandmorefuture »

wjfox wrote: Wed Nov 17, 2021 9:29 am Cultural Revolution was a catastrophe and Mao was responsible, China’s Communist Party upholds in landmark statement

17 Nov, 2021

China’s Communist Party has reiterated its official verdicts on the Cultural Revolution and the Tiananmen Square crackdown of 1989.

That is according to a new historical resolution adopted by its top leadership last week, only the third such resolution in the party’s 100-year history.

The resolution, according to the full text released by state news agency Xinhua on Tuesday, states that the party never swerved from its rejection of the Cultural Revolution, which plunged China into a decade of chaos and violence from 1966.

https://www.scmp.com/news/china/politic ... esponsible
What a weird thing to say. I cannot specify why but it just seems odd but it is China after all.
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