[SeekAndFind]

Lou Jiwei served as China’s finance minister from March 2013 until 2016. He was among the Communist Party officials who advocated for economic reform and is well-known for his outspoken character. During last year’s Chinese Economists 50 forum held on Feb. 16, 2019, he criticized the supply-side structural reforms the government was pushing, and condemned the practice of forming Communist Party organizations within private enterprises, which, he said “significantly undercut their confidence by having the Party intervene in corporate policies. ”

In an interview with Hong Kong-based South China Morning Post on Mar. 7, 2019, Lou expressed that he had been against the “Made in China 2025” economic blueprint from the very beginning. In his opinion, the initiative—which seeks to turn China into a high-tech manufacturing powerhouse by the year 2025—is a waste of taxpayers’ money.

[headstamp 2]

[[[in other words, having domestic sectors produce all the goods for Chinese consumption, from raw materials to manufacturing.]]]

Imagine that.

[Balding_Eagle]

Good.
The more time passes the angrier I get at them.
The company I work for was on the cusp of tremendous success, now it’s just barely hanging on.
And ours is only one of millions.
F CHINA

[rllngrk33]

Communists trying to use Capitalism in order to rule the world don’t fully understand how Capitalism works.

[BeauBo]

As with so much of the Chinese economy, the 5G infrastructure got funded more on the basis of political objectives and get rich quick greed, then on a firm financial analysis.

Like so much of the rest of their economy, they borrowed more than they will be able to pay off, in the time agreed. Like so many others there, they just borrow more money, to make the payments on their earlier loans.

The Government just kept giving their banks more money to lend, to keep meting their growth targets. People kept whipping up deals to get in on the action. Influential connections counted for much more than sound business plans, as accounting/auditing firms there would cheerfully certify the financial soundness of a ham sandwich to borrow $100 million (for a fee).

[The Duke]

Oh well, at least they have “AI” to save the day.