Posted on 10/28/2020 9:13:50 PM PDT by DoodleBob
China's economy is leading the charge for a global recovery from the coronavirus pandemic, overshadowing the United States which continues to reel from a rising number of COVID-19 cases.
The world's second-largest economy grew 4.9 percent between July and September compared to the same quarter last year, according to government data. But economists had expected growth of 5.2 percent.
During the first quarter of the year, China's economy shrank by 6.8 percent as the pandemic closed factories and manufacturing plants. It was China's first economic contraction since the recording of quarterly GDP data began in 1992.
Yi Gang, China's central bank governor, said officials predict annual growth of around 2 percent. However, experts have often questioned the accuracy and transparency of China's official economic data.
Industrial production in September rose 6.9 percent, compared to the same period last year, while retail sales, a previous weak spot in its recovery, jumped 3.3 percent.
Car sales also increased 12.8 percent during the month while domestic air travel exceeded pre-pandemic levels.
...
In the U.S. there is fierce debate about measures to control the spread of infection, balancing the protection of public health in the pandemic and supporting the economy, the collapse of which also creates health and wellbeing issues.
The regime in China, by contrast, which is repressive and not democratic, mounted a draconian response to COVID-19 in order to control the virus within a relatively short period of time.
...
It comes as China's total exports last month rose 9.9 percent from a year ago to $239.8 billion, up from 9.5 percent growth the previous month. This was the fourth consecutive monthly gain...
Chinese exports to the United States climbed 20.5 percent to $44 billion last month, compared to a year ago, despite tariffs from the Trump Administration.
(Excerpt) Read more at newsweek.com ...
You get it, they shoot your family.
"China Outshines U.S. as First Major Economy to be a model state in terms of outrageous government propaganda, successful business practices, and ruthlessly suppressing anti-government voices. USA to soon be next Major Economy succeeding in all these areas, if 'Ballot Reform' plans go well over the next week, or two weeks, or 3 weeks, or however long is needed"
flooding devastated cities and crops
to the point they do not have enough food - shortages are a major issue
yeah they are ‘recovered’
what craptastic bs
Imagine what that headline would have been if barry had been president.
And the virus situation was the same.
..because Cuomo isn’t in charge....
SLAVE LABOR IS ALWAYS GOING TO WIN OUT
Yes, but that’s 2Q. I believe our imports from China went crazy up in 3Q.
in July and August 2020 (the only months for which we have data at this time), the US imported $81.5bn in goods from China versus $82.6bn in the same months in 2019.
This is why I don't trust the China data.
Latoya is such a liar. And she works for Newsweak.
GO FIGURE.
The trade numbers are always different. They measure it one way and we measure it another. I’d bet that they are consistent with historical numbers.
Note that they’re not saying that YTD numbers are showing growth, merely that QTQ numbers are. I don’t understand why it’s some great mystery that they’re growing gangbusters. A huge chunk of their competitors around the world are closed or semi-closed for business. None of their physical plant has been bombed. It’s like the post-WWII environment in the US, when we were the only guys with intact physical plant while everyone else was bombed-out and physically unable to produce much except recycle rubble.
Whatever bankruptcies and liquidations occurred, the businesses are now in stronger hands, financially-speaking. What’s happening in China today is essentially what will happen when we open up. Which is why we need to get off our asses, stop moping about this bug and get back to work.
YES.
And bring manufacturing BACK.
Several years ago I was looking for garden gloves...silly little thing...BUT I COULD FIND NONE...N.O.N.E...THAT WASN’T MADE IN CHINA.
I hate to sound nutso, but that really steamed me.
But if the US Census data show almost no change YoY, and PRC is reporting 20% growth, even kosher differences in economic accounting can't be the cause of such a wide gap. It's not like a 20-F reconciliation.
Also, to be clear, I'm not saying the Chinese domestic economy should reflect that of Dresden circa 1945. But why would domestic demand be stronger than that of other covid-impacted economies? Is it because the PRC is forcing people to spend, spend spend? If so I'd like to see mobile phone tracking data to validate the reported numbers.
There is also a multiplier effect of exports not being a massive engine...if the importer has less profit and balks at buying a new machine, then the domestic machine manufacturer has lower orders and the employees buy tuna vs lobster etc.
Ultimately, I don't care about how the PRC, Canada, Sweden, or the Federated States of Micronesia is handling the virus unless the MSM is weaponizing the outsiders' data to quash America. Open up and protect those with comorbidities already.
[But why would domestic demand be stronger than that of other covid-impacted economies?]
China’s is a continental-scale economy. Like the US and Europe, it mostly trades with itself. While trade involves multiplier effects, a good chunk of that is diluted by the fact that China imports a lot of raw materials and intermediate goods.
Transfer pricing maneuvers by US companies to minimize their tax burdens by maximizing the cost of overseas production tend to exaggerate the actual economic impact on China of trade with the US. Deng Xiaoping alluded to this decades ago, when he complained that Nike shoes slapped together with a few dollars’ worth of Chinese labor, after subtracting out imported materials and depreciated imported machine tools, were counted in the trade stats at their full wholesale value in the tens of dollars.
[Several years ago I was looking for garden gloves...silly little thing...BUT I COULD FIND NONE...N.O.N.E...THAT WASN’T MADE IN CHINA.
I hate to sound nutso, but that really steamed me.]
[But if the US Census data show almost no change YoY, and PRC is reporting 20% growth, even kosher differences in economic accounting can’t be the cause of such a wide gap. It’s not like a 20-F reconciliation.]
What I can say is that prices of imports seem to be up, and made in China products are no exception. For instance, we’re importing more nylon gloves - and paying more. Walmart gloves that sold in April for $6.50 per 100 pack are now $10. Even small appliances have gone up in price. Chest freezers that were once $120 are now $150 ($200 at the recent peak).
Another indicator that I monitor, as a long-time China watcher? The exchange rate. It’s now 6.70 to the dollar, stronger than the 7.10 of a few months ago. Demand for yuan is up, presumably to buy container loads of newly expensive chest freezers.
They are lucky because if they had a Fauci they could shut him up by making him never be seen again.
Probably 75% of the cheap shit China makes can be automated. We can bring manufacturing back to the US easily.
BTW, the air in Hong Kong has never been cleaner and I am constantly bombarded by Chinese suppliers, I have no desire to buy from again.
Nobody in the world wants PPE from China. Nobody.
China is not growing. They are starving. The only thing growing is their influence on the scum in the US media.
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