With China’s factory production slowing to “just” 8.9% year-over-year in August, down from 9.2% in July, economists there are calling for a stimulus to keep the behemoth economy on track, notes the AP.
But that could just fuel a bigger economic disaster, as China’s economy has grown dangerously overextended by deficit spending since 2009, reports the Diplomat. Unlike the West, most of China’s stimulus has come from banks, not the national government, but banks have taken on $5.4 trillion in new debt since 2009, equal to 73% of China’s GDP.
While that 2009 stimulus kept China’s economy pumping, despite a worldwide slowdown, it also created a huge property bubble that is threatening to destabilize the nation’s banking system. Loose credit has also let local governments around China ring up another $1.7 trillion in debt, officially—unofficially, it could be double that.
And the country’s off-the-books “shadow” banking system could have another $1 trillion tied up in unregulated, high-rate investments. Beijing is aware of its debt bombs, but so far steps taken have mostly just hidden the problems, not fixed them. “One thing is evident here,” concludes the Diplomat. Either our eyes deceive us, “or Chinese banks are trying to hide the mother of all debt bombs.”
China has officially joined the US and Russia as just the third country in the world to have completed a manned space docking, reports CNN.
Earlier this week the Shenzhou-9 spacecraft docked with the orbiting Tiangong-1, the next step in the Middle Kingdom’s ambitious five-year plan for space exploration. The three-person crew, which includes China’s first female astronaut, will spend six days on the Tiangong-1 performing “scientific experiments, technical tests, and physical exercises,” according to China’s official news agency.
A Chinese conglomerate announced it will buy major US cinema chain AMC for $2.6 billion in China’s biggest takeover of an American company to date.
Dalian Wanda Group Co. says its purchase will create the world’s biggest movie theater operator. The Beijing-based company said it will invest an additional $500 million to fund AMC’s development. “We support AMC becoming bigger, not only in the United States but in the global market,” said Wanda chairman Wang Jianlin at a signing ceremony for the acquisition.
Wanda said AMC’s American management will remain in place, the headquarters will stay in the Kansas City area, and staff numbers are not expected to be affected. Wang said Wanda has applied to China’s government for a license to import movies, a right held now by two state-owned companies. But he said the AMC acquisition concerned only film exhibition, not production or distribution.
“We have no plans to promote Chinese films in the United States,” Wang said. “[AMC CEO Gerry] Lopez will decide what movies will be shown” in AMC theaters. Wanda’s investment will allow AMC to speed up renovation of some cinemas and install more 3-D and IMAX technology, Lopez said.
Two young Chinese girls committed suicide so they could “time travel” to imitate characters in TV fantasies, officials believe.
The fifth-graders in East China’s Fujian province drowned themselves in a pool, and left behind a suicide note indicating they were hoping to become time travelers after death, reports the New York Daily News.
Several Chinese programs involve characters who travel to ancient times after death. According to an informal survey by a Chinese newspaper, 11 out of 16 elementary school students believe such time travel is possible. Worried officials are considering banning time-travel plots in programs during prime time—or issuing warnings, reports the China Daily.
“Schoolchildren are rich in curiosity, but poor in judgment, so this kind of tragedy happens in every era,” said a spokeswoman for the China Youth and Children Research Center. “I have heard of children jumping from high buildings after watching an actor flying in a magic show. This kind of imitative behavior is in the nature of young children, but it’s very dangerous. So we should give some sort of warning for children on TV programs.”
Might China soon be the new king of space? With NASA cooling its jets and Russia misfiring repeatedly on rockets and satellites, Beijing is steadily working toward filling the void.
It unveiled a five-year plan last week to launch a space lab, collect samples from the moon on an unmanned mission and build a more powerful spaceship for its astronauts by 2016, reports the New York Times.
China also plans to land astronauts on the moon someday, though no target date has been set.
The takeaway from Lewis Page in the UKRegister: This “is all about increasing its security and influence here on Earth, and very little to do with expanding humanity’s frontiers out into space.”
For all the conspiracy theorist out there — what happens when China lands on the moon and their is no American flag there?
London had better hear Brazil calling: The South American powerhouse has overtaken the United Kingdom as the world’s No. 6 economic power, reports the BBC.
The shift is hardly shocking, given Brazil’s hefty 7.5% economic growth last year, and represents an overall slide back for traditional economic powers in Europe as up-and-comers in Latin America and Asia take hold. It’s not all bad news for Britain, however: The Center for Economics and Business Research, which released the rankings, predicts the UK will overtake France’s economy by 2016.
“I think it’s part of the big economic change, where not only are we seeing a shift from the west to the east, but we’re also seeing that countries that produce vital commodities—food and energy and things like that—are doing very well and they’re gradually climbing up the economic league table,” a CEBR economist says.
According to the group’s 2020 forecast, the world’s top economies, in order, will be:
WTF is this? This is the most awful story I’ve EVER posted on this site.
Surveillance video in China shows footage of a 2-year-old girl named Yueyue getting run over by a van and then is LEFT BLEEDING IN THE STREET. WHAT THE HELL IS WRONG WITH THIS COUNTRY?!?!?!?
After the van runs over the child with the two front wheels, the driver is seen hesitating, then running over her again with the rear wheels.
The video also shows at least 18 people walk by her, ignoring her. Out of those 18 people, one woman is shown picking the girl up and then tossing her to the side of the street like a piece of garbage. The woman did not even bother to help the girl nor did she call for help.
Finally, a female trash collector is seen pulling the girl aside and asking if anyone knows her. The child’s mother eventually arrived at the scene to claim her.
Yueyue is alive but after being rushed to the hospital, doctors say she is nearly brain dead.
It is unimaginable to think that someone could do something like this to another human, let alone a CHILD – and THEN, flee the scene. And the people who walked and rode by her and just left her to bleed are seriously just as much to blame as the driver to hit her.
I actually couldn’t bring myself to watch the video, but I can only imagine how horrific it is.
Lady Gaga, Katy Perry and Backstreet Boys pose a threat to China… the country’s ministry of culture has determined!!
Those artists, along with Beyonce, Britney Spears and others, find their work on a list of 100 songs that Chinese music websites have until September 15th to remove for being in “poor taste” and“vulgar” or face prosecution.
Rebecca Black’s Friday is still ALLOWED to be played in the country.
Penthouse recently announced they are planning on launching the world’s first 3D porn channel, however, a company in China has just released the world’s first actual porno film!!
Sex and Zen: Extreme Ecstasy has just been released to the public in China, and now holds the official title as The World’s First 3-D Porn.
The high-budget film is described as ”an ornate fantasy with high production values, set at the kinky court of Ming dynasty ancient China. It is ostensibly based on the classic Chinese erotic text, The Carnal Prayer Mat, and follows a young man as he befriends a duke and enters a world of royal orgies and other sexual peccadilloes.”
See the trailer for the history-making porno bellow!
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