Economic Crash

34 Unforgettable Photos Of China’s Massive, Uninhabited Ghost Cities
According to statistics reported by the Beijing Morning Post, the number of empty apartment properties that are sitting in these Chinese ghost cities may be as high as 50 million.

BlueBay, Blackrock, Ashmore and UBS Exposed to Evergrande -Morningstar
“BlackRock Inc and Royal Bank of Canada’s BlueBay Asset Management are among asset managers exposed to embattled developer China Evergrande Group, while TCW and HSBC funds have closed positions, researcher Morningstar said.”

Which Bond Funds Are Most Exposed to Evergrande?
“While some of the week’s headlines may make investors want to reach for the panic button, it’s important to remember that periods of market volatility are a normal part of investing. However, emerging-markets corporate bonds are particularly prone to idiosyncratic and geopolitical risks.”

China’s property sector default woes deepen amid Evergrande disquiet

“Once China’s top-selling developer, Evergrande (3333.HK) is facing one of the country’s largest-ever debt restructurings as it wrestles with more than $300 billion in liabilities, including nearly $20 billion in offshore debt. Last month it missed coupon payments on two dollar bond tranches and is scrambling to sell assets to pay creditors, prioritizing repayment to onshore lenders in the last few weeks.”

Taiwan and the Fight for Democracy – A Force for Good in the Changing International Order

“Emerging from the COVID-19 pandemic, authoritarian regimes are more convinced than ever that their model of governance is better adapted than democracy to the requirements of the twenty-first century. This has fueled a contest of ideologies, and Taiwan lies at the intersection of contending systems. Vibrantly democratic and Western, yet influenced by a Chinese civilization and shaped by Asian traditions, Taiwan, by virtue of both its very existence and its continued prosperity, represents at once an affront to the narrative and an impediment to the regional ambitions of the Chinese Communist Party.”

Joe Biden Vows to Defend Senkaku Islands If Attacked by China
“In a separate statement about the 20-minute call, the Japanese Foreign Ministry said Biden had “reaffirmed the U.S.’s unwavering commitment to the defense of Japan including the application of Article V of the Japan-U.S. Security Treaty to the Senkaku Islands.”

China’s anti-US war epic grosses $203m in opening weekend
“The Battle at Lake Changjin is a three-hour saga that charts a 17-day battle during the Korean War between China and American-led United Nations forces. It grossed over $203 million over the weekend, far outstripping No Time to Die’s $119 million in international markets or Marvel’s Venom: Let There Be Carnage with $90.1 million in north America.”

LinkedIn blocks U.S. journalists’ profiles in China
“LinkedIn is one of the only large American social media platforms to agree to the Chinese government’s demands to censor content, and is tasking its own employees with restricting what users in China can see. “If LinkedIn’s behavior is normalized, it sends a message to companies across the globe that it is business as usual to enforce Beijing’s censorship demands globally,” PEN America CEO Suzanne Nossel said in a statement. “This is a flashing red light that unless big tech firms like LinkedIn — owned by Microsoft — stand up to censorship, free speech worldwide will suffer.”

China Folds, Unloads Australian Coal Despite Import Ban Amid Power Crunch
“China appears to have folded and unloaded Australian coal shipments despite an unofficial import ban, according to FT, citing multiple commodity analysts. The move emphasizes China’s dire need for coal supplies amid a power crunch with more than half of the country’s provinces rationing power.  Nick Ristic, the lead dry cargo analyst at Braemar ACM Shipbroking, said an unspecified number of bulk carrier vessels with Australian coal has been waiting outside Chinese ports since Beijing slapped tariffs and blacklisted commodities from the country last year. He said about 450,000 tons of Australian coal had been unloaded in September.”

China’s Economic Crisis and Its Foreign Policy
“China is in the midst of a systemic failure based on the increasingly irrational allocation of capital driven by market forces and state policy. It now faces an extended period in which the economy is shaped less by markets than by the state, and the state, which should be making long-term decisions regardless of short-term pain, understands that maintaining a society leads to demands that it function in a different time frame. Chinese President Xi Jinping isn’t kidding when he focuses on a “share the wealth” policy.”

Chinese government took my Australian Uyghur friend’s Mum to a re-education camp
“Today we confirmed that the Chinese government took my Australian Uyghur friend’s Mum to a re-education camp after Chinese hackers breached my emails and saw him speaking to me. It is impossible to describe how shattered I am, I barely feel alive right now.”

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