this post was submitted on 19 Feb 2024
103 points (99.0% liked)

World News

38531 readers
1840 users here now

A community for discussing events around the World

Rules:

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.


Lemmy World Partners

News [email protected]

Politics [email protected]

World Politics [email protected]


Recommendations

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
[–] xmunk 17 points 7 months ago (1 children)

Evergrande is a staggeringly large company and basically China's entire real estate market was driven by rabid speculation and borrowing. The government's attempts to keep the bubble from popping by enforced price controls was an absolutely awful response. Market corrections are always painful but it's always less disruptive to force prices to remain artificially low (you can do that through subsidization)... when you price fix a product to keep it from dropping sellers will try to offload it asap and everyone just tries to avoid being caught holding the bag whenever you release your mandate.

[–] [email protected] 11 points 7 months ago

enforced price controls was an absolutely awful response.

I had no idea they did that. There were warnings for a long time, but I had doubts, because China had freaking 40 years of strong growth. So I guess I kind of believed the Chinese government could perform economic miracles.

There are rumors that this economic crisis has created demands in China to democratize the economy, so I hope it may help create some political progress in China. Xi seriously needs to go, he is a very dangerous person, not unlike Putin IMO.