China gets a new billionaire every week: Wealthy Chinese are getting even richer really fast.

CNN Money ^ | May 26, 2015 | Sophia Yan

[ifinnegan]

I know.

An average, but nice, house in my neighborhood goes for about $1.6M because of it.

[entropy12]

My last house was bought by a young immigrant Chinese couple for cash!

[familyop]

Agreed on all five of your points.

"2) cheap labor which works hard"

But according to the sponsored propaganda that we see from our own government-linked, fascist/commie leadership, it's all robots.

A long time ago, tens of thousands of wealthier students attended a special PLA school before coming to our universities. That process has been repeated many times since.

We've long needed new business, political and academic leadership in the U.S.A. The economic, natural, international and other events culminating will present a time for that to happen.

We tradesmen weren't the commies. Our bosses were, and so are their government-connected offspring.

[familyop]

"What do you work for the PRC? If anything, the propaganda has spun that the Chinese economy has take over the world and is perfect."

On the accusation in the begged question, you're projecting. On the rest, tell that to the hundreds of paid-off journalists who've written about a "hard landing" and "ghost cities" for so long. Despite the lies, China's real manufacturing on its own soil increases. China has a net national surplus instead of a net debt. Also despite the sponsored lies, there's at least one exchange for the renminbi here, in the U.S.A.

[familyop]

"The secrets to China’s wealth success are:

1) cheaply bought or stolen technology from west.
(I know this first hand)
2) cheap labor which works hard
3) No EPA
4) No unions
5) No tax on capital gains (not 100% sure of this item)"

We had a far greater nation without the policies seen in China--Chinese policies adored by our socially pathological business, academic and political leaders. But families fixed in lucrative positions for generations tend to degrade after a few generations. Generally, China's wealth success is a result of mercantilism perpetrated against the U.S.A. by our own business, academic and political leaders. That's important to remember in light of the ongoing and frequent military threats from China.

[familyop]

See this comment in another thread. It's important information that confirms that statement in red on your FR page (not including the first sentence). Although many only pay lip service to it, I'm one of only a few who really agree with the content of that statement after the first sentence. Most others depend on government, each either directly or indirectly, for their incomes or monopolies.

[RginTN]

Chinese billionaires are also using their new found wealth to give back. Older generations generally focus their philanthropy on areas like education and healthcare, while younger billionaire entrepreneurs have looked to social issues, such as supporting underprivileged communities....

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what! how can their be underprivileged communities in a Communist country. Communism creates income equality, right/s

[DaveA37]

“American free trade has been great for the Chinese.”.....

And devastating for the U.S.

Won’t be long and the Chinese will “own” most of America, except the 5 acres I live on.

[driftless2]

When Mao died in 1976 ex-”capitalist roader” Deng Xiapeng (who was imprisoned during Mao’s reign for his free market admonitions) took over and threw out most of the communist economic policies. China hasn’t been communist since about 1979 when Deng began the reforms. China is now simply an authoritarian country.