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All of the major economic indicators for the PRC are negative or significantly under expectations. Morgan Stanley has cut the PRC's GDP growth in half from Jan of this year. It is forecasting a 25% contraction in the PRC Real Estate sector.
Local governments are running out of money and have gone crazy with petty fines for everything. Some examples are drinking water on a subway (it's fine to drink on the platform and then reenter the train), car booted for a minor amount of mud on the front tire, etc.
The quest for fine revenue is merging with official corruption to form an official protection racket. Chengwu county in Shandong province (Shanghai) has instituted a "monthly ticket" system for trucking companies. In return for paying an up front ticket amount, county officials will ensure that NONE of the company's trucks are ticketed again for the rest of the month even if they have REAL overloading, speeding, or other safety issues. This runs $140 to $200 US per month depending on the truck type. All the driver needs to do is show the monthly ticket associated with the truck and he can go on his way. (That's a nice trucking business you got there. It would be a shame if you got ticketed out of existence. -- LP)
The two most ridiculous fines (and there were many) I found were: A potato seller was fined $42,000 US for selling potatoes for 2 Yuan per pound (~$0.006 US) when he had only paid 1 Yuan per pound for them. It was considered price gouging. A man man was fined $28.00 US for picking his nose while driving and it was caught on camera. All of this is having the predictable effect of increasing discontent with the government, aka the CCP.
Youth unemployment is officially at ~21.5% even though the actual numbers are no longer being reported. Unofficially, it is probably closer to ~46%. It is estimated that unemployment for this year's college graduates is approaching 80%.
Young Chinese have dreams of hitting it big as an Internet Live-streamer selling, whatever, on one of the Chinese online shopping channels. Cities have entire streets set aside for live-streamers to set up at. I saw one side of Nanzhou bridge in Guilin (near Hong Kong) at night with live-streamers set up about every 8 feet. The line ran out of sight. I saw one estimate that only the top 10% or so even breakeven.
In their drive to deflect attention from the state of the PRC by highlighting the release of water from the Fukushima reactor, the CCP has shot their own seafood market in the foot. Fishermen are having trouble selling their catch for enough to cover expenses. I saw pictures of major wholesale seafood markets effectively EMPTY. And it is all based on a lie.
The PRC has several dozen nuclear reactors along the coast. Any ONE of which puts six to ten times more radioactive Tritium into the ocean annually than all reactors in Japan COMBINED.
The PRC has been, arguably, the most polluted country on Earth. The Chinese people have become inured to living with the poison in the soil, air, water, and food around them. Roughly 80% of groundwater in the PRC is unsafe for drinking, even if treated.
Zymurgy's First Law of Evolving System Dynamics applies here: "Once you open up a can of worms, the only way to get it back in is to use a bigger can." The CCP is running out of cans.
I would like to close with a quote: “...and in the eyes of the people there is the failure; and in the eyes of the hungry there is a growing wrath. In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage.” ― John Steinbeck, The Grapes of Wrath
Steinbeck wrote it for the US Great Depression but I think it could just as easily apply to the PRC today. The CCP best hope it never uncorks that bottle.
WWG1WGA
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)