3 ms·

That supply chain exists in China though to make China huge money, so why would they?

mensetmanusman 3y ago
China just destroyed hundreds of thousands of tech jobs due to ideology. Ideology trumps reason for true believers like Xi. They are struggling now with massive youth unemployment, but the CCP believes the struggle is worth it.
- mmsnberbar66 3y ago
  which ideology is that?
  - CorrectHorseBat 3y ago
    Xi Jinping Thought https://en.m.wikipedia.org/wiki/Xi_Jinping_Thought https://en.m.wikipedia.org/wiki/Xi_Jinping_Thought
- NhanH 3y ago
  > China just destroyed hundreds of thousands of tech jobs due to ideology What did they do?
  - jpgvm 3y ago
    Probably referring to the tech "crackdown" that was undertaken from about 2021 through to now. Though "crackdown" really is overly strongly worded. Really what they did was catch China's anti-trust and data protection laws up to approximately EU levels. This of course caused investors to panic like crazy because "uncertainty" even though everything was incredibly certain. The one people should have been worried about was the complete obliteration of the after-school industry. This was telegraphed for a whole year before it happened and investors sat on their hands the whole time and then got wiped out. Only -then- did they decide that "woe is me, I didn't pay any attention to all to changing legal landscape of what CCP considers to be entirely their domain". TLDR: Investors are uninformed, dumb and a poor judge of future success in most cases.
- naravara 3y ago
  Hundreds of thousands in the Chinese context doesn't seem like very much? Presumably they can all get other jobs no?
  - mensetmanusman 3y ago
    https://www.bloomberg.com/news/articles/2023-05-16/china-s-youth-jobless-rate-jumps-to-record-20-4-in-danger-sign?leadSource=uverify%20wall#xj4y7vzkg https://www.bloomberg.com/news/articles/2023-05-16/china-s-y... >20% youth unemployment, and they stop counting you after a few months of no success finding a job. Not everyone is finding jobs.
    - naravara 3y ago
      Ooof that sounds bad.
- nocsi 3y ago
  It’s Chinas way of humbling their tech workers and giving them a reminder. Bored youth isn’t a big deal - they’re all going to be plenty busy if Xi comes through on his 2027 plans

China just destroyed hundreds of thousands of tech jobs due to ideology. Ideology trumps reason for true believers like Xi. They are struggling now with massive youth unemployment, but the CCP believes the struggle is worth it.

mmsnberbar66 3y ago
which ideology is that?
- CorrectHorseBat 3y ago
  Xi Jinping Thought https://en.m.wikipedia.org/wiki/Xi_Jinping_Thought https://en.m.wikipedia.org/wiki/Xi_Jinping_Thought
NhanH 3y ago
> China just destroyed hundreds of thousands of tech jobs due to ideology What did they do?
- jpgvm 3y ago
  Probably referring to the tech "crackdown" that was undertaken from about 2021 through to now. Though "crackdown" really is overly strongly worded. Really what they did was catch China's anti-trust and data protection laws up to approximately EU levels. This of course caused investors to panic like crazy because "uncertainty" even though everything was incredibly certain. The one people should have been worried about was the complete obliteration of the after-school industry. This was telegraphed for a whole year before it happened and investors sat on their hands the whole time and then got wiped out. Only -then- did they decide that "woe is me, I didn't pay any attention to all to changing legal landscape of what CCP considers to be entirely their domain". TLDR: Investors are uninformed, dumb and a poor judge of future success in most cases.
naravara 3y ago
Hundreds of thousands in the Chinese context doesn't seem like very much? Presumably they can all get other jobs no?
- mensetmanusman 3y ago
  https://www.bloomberg.com/news/articles/2023-05-16/china-s-youth-jobless-rate-jumps-to-record-20-4-in-danger-sign?leadSource=uverify%20wall#xj4y7vzkg https://www.bloomberg.com/news/articles/2023-05-16/china-s-y... >20% youth unemployment, and they stop counting you after a few months of no success finding a job. Not everyone is finding jobs.
  - naravara 3y ago
    Ooof that sounds bad.
nocsi 3y ago
It’s Chinas way of humbling their tech workers and giving them a reminder. Bored youth isn’t a big deal - they’re all going to be plenty busy if Xi comes through on his 2027 plans