4 ms·

Because of their embracing of the free market, it's often accepted that China is not a communist nation (despite being led by a communist party). Actually, thi

by Hytosys 11y ago

Because of their embracing of the free market, it's often accepted that China is not a communist nation (despite being led by a communist party). Actually, this situation is pretty much just capitalism at work. It really has nothing to do with communism; every free market is susceptible to this sort of failure.

le_clochard 11y ago
It's anything but "capitalism at work" if "capitalism" has anything to with "free markets". The Chinese Government has been graying out, if not altogether fudging, their economic indicators and propping up domestic investors. Now it has moved to outright rigging of the market through selective bans and directives (no short selling, no selling if you hold >5%, no trading at all on certain stocks, and so on). This current rout is simply a continuation of the previous one in July when similar curbs were placed to halt the plunge. Once again, even if their tactics work they'll only help bring about yet another plunge. All in all, the western demand is dying out since most countries are trying to in-source materials and goods (instead of importing from China) and domestic asset bubble has nowhere to pop and the lies invested in that bubble have nowhere to hide.
- bottled_poe 11y ago
  > The Chinese Government has been graying out, if not altogether fudging, their economic indicators and propping up domestic investors. Oh, is that specific to China?
sidcool 11y ago
That was not my point. I am being critical of China for staunchly supporting Communism (and hence to some extent being anti-capitalism and anti-democracy) and at the same time reaping benefits from democracies and capitalist states. I guess HN didn't like my earlier comment, but I do believe that. China has several times castigated India (where I belong) for being a shoddy nation of scared people due to its democracy. I find it a double standard.
- Hytosys 11y ago
  Ah, I understand now. Thank you for expanding — I agree with your criticism.

by Hytosys 11y ago

le_clochard 11y ago

It's anything but "capitalism at work" if "capitalism" has anything to with "free markets". The Chinese Government has been graying out, if not altogether fudging, their economic indicators and propping up domestic investors. Now it has moved to outright rigging of the market through selective bans and directives (no short selling, no selling if you hold >5%, no trading at all on certain stocks, and so on). This current rout is simply a continuation of the previous one in July when similar curbs were placed to halt the plunge. Once again, even if their tactics work they'll only help bring about yet another plunge. All in all, the western demand is dying out since most countries are trying to in-source materials and goods (instead of importing from China) and domestic asset bubble has nowhere to pop and the lies invested in that bubble have nowhere to hide.

bottled_poe 11y ago
> The Chinese Government has been graying out, if not altogether fudging, their economic indicators and propping up domestic investors. Oh, is that specific to China?

sidcool 11y ago

That was not my point. I am being critical of China for staunchly supporting Communism (and hence to some extent being anti-capitalism and anti-democracy) and at the same time reaping benefits from democracies and capitalist states. I guess HN didn't like my earlier comment, but I do believe that. China has several times castigated India (where I belong) for being a shoddy nation of scared people due to its democracy. I find it a double standard.

Hytosys 11y ago
Ah, I understand now. Thank you for expanding — I agree with your criticism.