business

China suffers worst economic drop since '70s in virus battle

14 Comments
By JOE McDONALD

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14 Comments
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Its going to get worse once they start getting sued by people and governments for the handling of the wu-flu

6 ( +7 / -1 )

Cats, their is no legal rights to sue China, under no international law

-2 ( +1 / -3 )

The wealth destruction the virus has inflicted on the world was over 4 trillion dollars a couple of weeks ago. By the time this thing is over, China is gonna owe the world BIG TIME.

The UN or another big international organization needs to get busy now setting up a reparations tribunal. Hopefully, its economy will be sunk forever, allowing the global supply to be reconstructed and re-located in a more sensible, intelligent way. (I've warned of these risks for many years),

2 ( +3 / -1 )

The economic decline was and is expected, but the damage and the suffering it caused is totally unacceptable by any standards, except may be for the the wealthy that can continue to reap benefits from any disaster by loaning money. And the sad thing is that in this case some leadership or a group yet undisclosed caused such suffering to those that are actually the basis of power and wealth, the common working peole like us.

Sad that it is the massive number of the common people that have died and bearing ALL of the burden to bring back some semblance of acceptable life standard after this disaster. It is us the common peolke that must actually produce for our own selves in unprecedented working conditions and loss of freedom and liberty and the ability to pursue what we define as happiness.

Money is needed, but we need to know and put behind bars, those that contrived and implemented this destruction of humanity. It is hard to believe that China was the only culprit by looking the simple demographics and trending of the pandemic. There appears to be a design behind all this which cannot be placed on blaming the virus itself.

2 ( +2 / -0 )

I think it will take two years for China to start to recover. But going forward it is going to look more at the domestic market than exports and less importance on being the world's cheap factories.

Will make high end products for export.

0 ( +1 / -1 )

+1 oldman

China won't care about how much the rest of the world has suffered, as long as CCP remains in power and citizens in check. in fact, it will only advance moves for its own benefit (ie South China Sea) while the rest of the region is still reeling from the economic impact of the virus.

the rest of the world will definitely take notice though, by pulling their businesses out of china in the form of factories and staff etc, in search of more reliable locations (if such still exist) or domestic production.

5 ( +5 / -0 )

By all indications China will recover much quicker than any other country. For one thing. they still are the major suppliers of medical supplies for the pandemic which is expected to impact the world for at least 1 to 2 years. They are making money right now. There is NO information that all the supplies being given free. Sadly there is also no information as to "gouging" because the governments are forced to "buy" at any price.

They also have a large number of factories that the foreign companies have built and trained their people for. It will take months and years for other countries to build such facilities in their countries and train or retrain its people to full production.

To top it off.... we cannot reply on any report coming out of China at this time and from now on. Although we suspected, now we know that what is reported and what they are doing or what is actually happening is not the same. We are reminded that action speaks louder than rhetoric. So far NONE of their rhetoric or words are reliable.

0 ( +1 / -1 )

The next severe countries will be Japan and South Korea. Their industrial dependency on China was most noticeable.

1 ( +2 / -1 )

Also, economic slowdown and having money is not the same. The Chinese people "have" money, they are not spending it. All the money that the entire world spent in China for the cheaper products were being spent on buying foreign territory and companies. They stopped using it for a while. They still have it.

Those in other countries most likely do not have money, so the government must bail out and give out. And ill f the governments do not have money they "borrow" from and "owe" the major banks such as the Feds in the US and internationally the IMF or major funds and buy what they need on "credit" which is "debt" from China.

I do not feel sorry for China at this time. I feel sorry for those people in China that are suffering or have suffered because of this.

China and all those "creditors" will make out like a bandit from all the world's suffering for some years to come. Some will "owe" for decades. US included.

1 ( +1 / -0 )

But they are all back to work now causing the air in China to turn foul again...

0 ( +0 / -0 )

Prepare for a depression the likes we have never seen before. No way, when this is over Japan will climb out of this and ramp up exports like before. And add in the additional debt, lack of tax revenues, from the lack of exports and business activity, then you have Japan caught in a real debt trap. If they raise taxes, to pay off the debt, that will further kill any possible rebound. The economy was already heading to a recession due to the last one. So the only option by next year will be to print out a gazillion yen, pay everything off, and issue new currency, which will be practically worthless on the international market. So forget about buying imports---like food products. Just have a lot of foreign currency savings.

0 ( +1 / -1 )

karma catches china n now has reminded the world “dont put all your eggs in China only” now world should relocate all their factories in other southeast asian countries where its safer n better than China now is the chance ccp virus has taught the best lesson to the world n the best eye opener to the world now

0 ( +0 / -0 )

As we watch this type of reports it is always important to put them into perspective. The important thing is for example, to look at GDP and GNP and see what each statistic indicates and what they show. The key is sometimes it is NOT in the trending since there is no trend yet established for anything that just started. That is why this virus is so confusing... we must rely on "possible" "trends" based upon so called scientific assumptions which became a graphic chart of predictions which could be read from many perspectives. So we had to rely on "testing" but that testing was interrupted and in some cases dismissed due to the strict lock downs in many countries. That prevented and deferred meaningful testing, limiting any tests to those who showed symptoms or thought that they had contracted it, so the actual statistics is not reliable in any scientific sense. Such is the same for economic recovery and any statistics or designed stats reports like GDP and GNP is diferent and open to many interpretations.

However if one looks at the entire picture and just compare all the different areas and aspects of the situation and the condition within the environment, one can get a fairly good picture of what is there and what is going on. The the evaluation and conclusion is one's own perspective and choices made.

0 ( +0 / -0 )

@TheRat

Investing fiat into physical gold is something that I did with one year’s income several years ago.

0 ( +0 / -0 )

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