President Xi's New Economic Plans Spark A Crisis for China's Best-Paid Workers

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Chinese President Xi Jinping is shifting away from once high-flying sectors as he looks to reshape the world's second-largest economy. Industries such as banking, tech and real estate are now out of favor. That change has upended the lives of millions of ambitious Chinese professionals. David Scanlan discusses the story with Shery Ahn and Haidi Stroud-Watts on 'Bloomberg: The Asia Trade.'
'The Big Take' features exclusive reporting and analysis by Bloomberg on the consequences of the crackdown on China's top workers. Read the full story on Bloomberg.com or on the Bloomberg Terminal.
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Опубликовано:

22 сен 2024

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Комментарии : 186

@will201084 4 дня назад

Dalio is proof how we can get fed bad data by a good storyteller..

@AJ-iu6nw 4 дня назад

what happened to Sherry man holy i hadn't seen a bloomberg news segment in ages and damn something is UP

@rygguy88888 4 дня назад

Buy China

@happymelon7129 4 дня назад

🤣🤣🤣

@happymelon7129 4 дня назад

😅How much this video will make from the 1.6B ? 2024-9-9 H.R. 1157 1.6 Billion Dollar discredit China Bill

@peterl545 4 дня назад

Pied Piper. He was talking his book. And, he sold a book.

@huas5350 4 дня назад

In China, the government controls the financial group; in the U.S, the financial group controls the government. They both get what they want.

@Observer168 4 дня назад

The bribe culture is out of control

@ThriftyCHNR 4 дня назад

100% truth

@milosnestorovic1594 2 дня назад

Absolutely, it is Inevitable complete in China, Chinese economy now, today and long time....

@doujinflip День назад

Although Americans can vote with their wallets, which does influence financial firms. Chinese can't substantially vote for any alternatives to their government leadership.

@JamzTipan 2 дня назад

aistockadvisor AI fixes this. 's plans spark crisis for workers.

@rosecarmen453 4 дня назад

But financial talents are rats indeed

@jai6954 4 дня назад

how ?

@Observer168 4 дня назад

Taking large bribes to give out massive loans

@YT-ib7xo 4 дня назад

Indeed

@aspenin 12 часов назад

@@jai6954just a cashier speaking

@M3ta1 4 дня назад

Lol I don't feel sorry for these former high-salary workers at all.

@thejiaqichen 4 дня назад

why

@Kevin-fq3zh 4 дня назад

@@thejiaqichenbecause he’s a poor sod

@Pestbringer89 3 дня назад

@@thejiaqichen xi probably doesnt what 350x average salary managers like in the us were capital is parked at unproductive accounts hidden from the government.

@AB_123_AB 4 дня назад

China is cracking down on banksters.

@incipidsigninsetup 4 дня назад

They are destroying the economy by eliminating the incentive for work because they are destroying the financial benefit.

@Observer168 4 дня назад

Banksters that took huge bribes to give massive loans or even embezzlement

@DKK 4 дня назад

That will work 😂

@DKK 4 дня назад

@@Observer168news flash that’s standard for Chyna as a whole

@Observer168 4 дня назад

@@DKKyes, there is a huge bribe culture in China

@tat3179 3 дня назад

Oh noes, China is collapsing 😂

@cybourne5910 4 дня назад

Speculators don't create values in the society, I totally agree with the concept to push the new generation of the brightest to focus on STEM.

@alexgamble4718 3 дня назад

Not exactly, speculators play a role providing price signals to the economy which better allocates resources.

@cybourne5910 3 дня назад

@@alexgamble4718 or manipulate the signal? Greed is not like maths mate!

@alexgamble4718 2 дня назад

@@cybourne5910 some bad actors, but net benefit.

@shawnliu11 4 дня назад

Ok, ok, ok, China is in the new stage of the economy collapsing 😂

@doujinflip День назад

It may not be collapsing now, but it's certainly stalling. That threatens the "stability" of confidence for the CPC in the eyes of its people, since its political legitimacy rides on providing tangible development indefinitely.

@CTOInformation 4 дня назад

This is; 🤣🤣

@simplephotos6803 4 дня назад

Bro was silent for a minute after “The Fund” came out

@forbeginnersandbeyond6089 3 дня назад

Dalio has no credibility.

@dev4statingx90 4 дня назад

Is Trudeau taking economic advice from Xi? LOL

@MultiMenvafan 4 дня назад

Dalio is long China and and has a strong bias. Dalios' China delusions (against his own principles) has made Bridgewater one of the worst performers among peers

@frry6700 4 дня назад

Well....1.6billion put in a good use

@TF-2q1 4 дня назад

It's not about price, and it's always not about price for investing China

@INDIANSARESICKMENOFASIA 3 дня назад

India ought to have a permanent UNSC seat by now if they are really such a superpower country. What they have said/bragged/proclaimed on the internet simply does not mirror their power and influence on the global stage. 🤣 What kind of a superpower is India when it has to resort to begging for a permanent UNSC seat, repeatedly and consistently for over 30+ years, and still hasn't got it? Source: JSTOR Title of article: INDIA'S PERMANENT MEMBERSHIP OF THE U. N. SECURITY COUNCIL : CHANGING POWER REALITIES AND NOTIONS OF SECURITY Author: Manoj Kumar Mishra (Indian) What article said specifically: India has been bidding for the permanent membership of the United Nations Security Council since 1994 when India made its intention clear in the General Assembly that it was prepared to bear the responsibility of the permanent membership of the Security Council. First time doing it, we called it asking. Second time, appealing. Third time, pleading. Many times, begging

@larryc1616 2 дня назад

Rules are that a country must have toilets for everyone first

@INDIANSARESICKMENOFASIA День назад

@@larryc1616 Impossible for indiarrrhea.

@SIR_RR День назад

Always trust the numbers people, storytellers are storytellers for a reason. China is bad rn IRL to invest.

@无畏无知者-i5o 3 дня назад

Sounds like Ray got stuck in China. 🇨🇳

@canto_v12 2 дня назад

“This time it’s for real.” American commentators on China since 1989.

@PelleGIT 2 дня назад

The difference is that the West has been propping up China's economy for decades. Lets see if China can stand on its own as more and more Western companies and investors pull out. So far it doesnt look good.

@anthonychi5781 2 часа назад

Ah, Ray Dalio, the Sage of Ghina, backpedaling into the abyss. Communism and dictatorship is always about pulling up by your own bootstraps and getting fucked together, comrade Dalio

@huanghermann5207 3 дня назад

In China, the wealth is transitioned to technological sector from the financial sector.

@happymelon7129 4 дня назад

😅How much this video will make from the 1.6B ? 2024-9-9 H.R. 1157 1.6 Billion Dollar discredit China Bill

@Agatha.wayne0 4 часа назад

The economy is in such a mess, whether you vote blue or red, they all seem like the same bad government. It's really sad to witness the many struggles our economy is going through right now, with uncertainties, housing problems, bad weather, foreclosures, global changes, and the aftermath of the pandemic all adding to the instability. The increasing inflation, sluggish growth, and trade disruptions urgently need attention from all sectors to restore stability and encourage growth. How do you think we can effectively tackle these issues?

@Lubumbemusongo 4 часа назад

I do not disagree, there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors I speak from experience.

@chintandobariya472 4 дня назад

Everywhere politicians attacks Businessman. But in democracies there are courts to save. In China politicians just eliminated best entrepreneurial energy.

@jklee5419 4 дня назад

No, In China, the greed of so called entrepreneur is under control.

@quoc28mytube 3 дня назад

@@jklee5419 That is why the West is getting high priced Teslas. While the consumers are told paying for brand and value, the wealth of Elon sees no end. Chinese produces affordable items to the low and middle class. Only hit by real competitiveness prices are going down. The best capitalist is a communist.

@ABee-vd6rt 4 дня назад

This “news” piece is not new and it is not a “crisis”. The Communist Party of China has always been consistent about their stance in economics and politics: Socialism with Chinese Characteristics. As far back as May 1985, the late Deng Xiaoping (who has opened up China) said, “The mainland will remain the socialist system and not turn off to the wrong road, the road to capitalism. One of the features distinguishing socialism from capitalism is that socialism means common prosperity, not polarization of income.…capitalism can only enrich less than 10% of the Chinese population; it can never enrich the remaining more than 90%.” He clearly distinguished socialism opening up to the market from capitalism. President Xi and the CPC have been very transparent and consistent about it. If you pay attention, he will speak more and more of “Common Prosperity.” So, videos like this are trying to scare the westerners into thinking that this is a huge shift in their governance. It’s a trick by the wealthy to scare people into selling low after buying high. And, oh, I’m not a CPC paid agent. I’m a retiree living in the Midwest in America. Whether Americans and westerners believe in socialism or not doesn’t matter. What matters is that they are aware of what system of government China has, and that is not going to change.

@oceanwave4502 4 дня назад

In China, capitalism is just a tool, among others. It's not the ultimate goal, like in western countries.

@mayer7631 4 дня назад

They are just trying to make the wealth redistributed more equitably.

@Dylan-bt7wj 4 дня назад

In the end, I’m pretty sure capitalism enriched a lot more than 10% of the population. Probably not the best quote to use.

@ZYau-lc5ql 4 дня назад

@@ABee-vd6rt How do you know they are not reaching common poverty?🤣

@ABee-vd6rt 4 дня назад

@@ZYau-lc5ql typical stupid anti-China trope. If they are so poor why are all the major western companies making $100 BILLION/yr INSIDE China to the Chinese middle class? Westerners choose to be so ignorant even though it’s 2024…so backwards.

@ronaldchristenkkson 4 дня назад

Given the Israeli-supplied pagers, I can now understand why China focuses on manufacturing.

@MultiMenvafan 4 дня назад

And why the west doesn't want China high-tech as part of critical infrastructure

@happymelon7129 4 дня назад

that's why they ban Huawei devices , those they can't remote control

@MultiMenvafan 4 дня назад

@@happymelon7129 if by "they" you mean Mossad. Chinese Communist Party has full backdoor access of course.

@PhilipWong55 4 дня назад

The U.S. maintained its embargo on China during the Great Chinese Famine (1959-1961), discouraging other nations from sending food, confident that millions of deaths from starvation would ensure China’s permanent collapse. Consumers worldwide are now frustrated with the influx of affordable goods from China. The British opium nearly did them in, and surely these tariffs on Chinese products will finish them off for good this time. Meanwhile, China’s GDP growth is at 4.7%-a clear sign that the nation is finally collapsing.

@mayer7631 4 дня назад

China is collapsing as always according to these medias.

@happymelon7129 4 дня назад

😂🤣👍

@ThriftyCHNR 4 дня назад

China's big problem is the real estate deleveraging that has been going on in the last several years. It used to be a huge wealth effect tail wind. Now it is reversed.

@alexgamble4718 3 дня назад

Yes, let's not blame a the moronic economic policies of Mao that destroyed the living standards of an entire generation. No, it's all these other country's fault.

@justinzou7865 2 дня назад

😂HOW？ China is the world's largest trading partner is about 120 to 140. Top 20: 1. United States 2. European Union (whole) 3. ASEAN (overall) 4. Japan 5. South Korea 6. Germany 7. Russia 8. India 9. Brazil 10. Australia 11. South Africa 12. Saudi Arabia 13. Canada 14. Mexico 15. Singapore 16. Vietnam 17. Malaysia 18. Thailand 19. United Arab Emirates 20. United Kingdom

@MrDevilgodspeed День назад

If you will not INVEST IN CHINA, which other countries are much better to invest upon? Will you invest in the USA, in Russia, in South Korea, in Japan, in India, in Singapore, countries in Europe?

@rockhopper88 4 дня назад

Look at Haidi’s body language

@hugolizard 4 дня назад

Bloomberg is right hard to get that 1.6B China bad money 😂🤡

@veritaspk 4 дня назад

Power is the most important thing. All these entrepreneurs, highly skilled labor force have become competition to the government - so CCP will remove them. Xi treats the prosperity of China and Chinese society as a tool - not a goal. If he cannot fully control this tool, he will get rid of it - because power is the most important thing.

@folag 4 дня назад

This is a knee-jerk Western reaction to action taken by China's leaders to prevent the transformation of the China economy into a copy of the US. China's socioeconomic situation will settle down into equilibrium. Xi Jin Ping has seen what happens when one sector's incomes race ahead of the rest disproportionately to the contribution their activities are making to the whole.

@quoc28mytube 3 дня назад

You are stuck in such thinking. Xi and CPC already jumped to next wave, constant reinventing, not anchored in old beliefs and power child play. The EV and AI industries have more entrepreneurs and demand even more skilled workers, and are producing stuff. The days of banking and real estate, do not linger there, let burst the bubble and continue. China is more capitalist letting old structures to go bankrupt, and what is left is streamlined and of value (not air).

@larryc1616 2 дня назад

Like Trump and Putin

@faketrump3605 День назад

shouldn't you tell the new policy first?

@alexgamble4718 3 дня назад

What do they say? Don't interupt the enemy if they are making a mistake? It's a shame for the Chinese people who deserve better.

@turtlesoup8134 4 дня назад

Why should these people in finance get higher pay? They do such a bad job in running finance in China and the country is just going along fine despite their poor performance. Shouldn't they be replace with more competent people? China is focusing on tech talent not financial bankers. The bankers are playing a support role to the tech people that is currently tasked with tech breakthrough to ensure the survival of the nation against the backdrop of western sanction. Propping up real estate and the current crop of company will be a dead end and a losing strategy against the west sanction. Why are we surprised by the country shifting its priorities?

@Observer168 4 дня назад

Many took huge bribes to give out massive loans that will never get repaid causing huge losses to banks and investors.

@Plan46beats 4 дня назад

Ray be filtering his words like he doesn’t wanna be banned lol

@alexanderh.999 4 дня назад

China has been goimg downhill for a while. Even manufacturing is leaving in droves

@taobo33 2 дня назад

affect the best paid ppl? yes as a chinese I Support it. Can US president push policy that affect best paid ppl in wall street?🌝🌝

@TimepassKeeda 2 дня назад

Yes South East Asia is Rising Vietnam Indonesia Phillipines India Avg Growth rate of this Countries 7-8%

@NonyaMeeSiamLOL День назад

China’s best paid is about the same salary as a janitor in Germany.

@PinkyKiller19 День назад

Xitler上台以来，一直在进行逆向改革~~ 相信他会把中国带向 “光明” 的未来，一个Mao era 2.0~~🤗🤗

@kirankumarvajjala94 4 дня назад

The background music at the start while Ray was talking is a bad idea and it appeared as a disturbance.

@DKK 4 дня назад

😂 Chyna

@RichardShen-j4j 4 дня назад

this is gay

@jimaylan6140 4 дня назад

Does anyone think Ray Dalio's body language makes him look like he's lying? He keeps opening his eyes wide and nodding his head in an exaggerated way.

@geodive5542 4 дня назад

Lol, property rights in a country that has an over supply of property? That's funny. I smell trying to buy the dip.

@ArabicReja973 4 дня назад

Chinese 🇨🇳 property sector, which accounts for 30% of GDP, is crashing. - Exports and imports, accounting for 37% GDP, are down. - Foreign investment (FDI) is falling over 90%, lowest in 3 decades. - Foreign visitors are down 96% compared to the pre-pandemic level in 2019. - Consumer prices are experiencing deflation. - Youth unemployment hits over 21%, a record. - Its fast-shrinking workforce is 10 years older than neighboring countries. *Still, China keeps reporting outrageous GDP numbers.* Lol Where does the growth come from?

@jklee5419 4 дня назад

Lol, none of the figures mentioned is correct.

@azetiel 3 дня назад

@@jklee5419Delusional. The numbers are extremely accurate. Even the world bank published those numbers

@jklee5419 3 дня назад

@@azetiel You are just lying. In fact the numbers of World Bank are als offered by the government of each individual country. The property sector only accounts for 5.8% of China's GDP in 2023, which is usually around 6% of the China's GDP. China's export is NOT down either. For 1H2024, China's export grew 6.1%. And the growth rate of the export is 7% for July and 8.7% for August 2024. FDI in China is down 6% comparing to the global FDI growth of -18% (source: UN Global Investment Trends Monitor) All the numbers mentioned aboved are trackable other than you are lying without any sources.

@NonyaMeeSiamLOL День назад

From their anus

@JustSoKinda 4 дня назад

It’s like the football.

@MonicaSuellMinistries 4 дня назад

Sending that out of space

@Newstatejournal1 4 дня назад

Excellent!

@mrkickback2010 4 дня назад

Rich chinese threaten the power of the prc party.

@Observer168 4 дня назад

These rich Chinese billionaires and millionaires bribed banksters for massive loans that can never be repaid.

@Observer168 4 дня назад

Rich because they borrowed more than they can ever repay by bribing bankers. They sold their shares while the companies they started are hundreds of billions in debt

@eIectrostatic 4 дня назад

Such a one-sided b.s. report... Ever heard of the expression "no pain, no gain"? You sacrifice some unproductive jobs in the economy but you in return generate productive jobs. That's a net gain for the economy, not a loss, though individual employees may suffer in the process... How about actually doing a proper and unbiased report/analysis of how China is proactively making the Chinese economy more productive and more resilient against supply chain weaknesses? That's what you would do if you were reporting on any Western economy, so why this glaring double standard in your methodology?

@doujinflip День назад

More resilience by reinforcing their inefficient SOEs and budget-consuming public sector with money they don't have?

@Zhao-s1j 4 дня назад

If the United States wants to change, it will close the stock market

@allanzheng 4 дня назад

Is there an English term for someone who sold so many toxic chinese assets at a ridiculous premium to pension funds in the west?😅😅

@happymelon7129 4 дня назад

When all the western midia are saying the same thing . 😆The opposite must be true . Emerican : At 70, I’ve lived through a lot of recessions, and every time, (before a recession), the government told us everything was fine and there’s no need to worry about a recession. So when Powell or anybody else from the government tells me not to worry, I get real worried. Let's see.....my rent is going up, my groceries are going up, my utilities are going up, gas is going up, I can't afford my meds, I'm selling my guitar to put gas in my car to get to work. Yep, everything's fine

@AlanSmith88888 4 дня назад

What? None of this is accurate

@xiphoid2011 4 дня назад

It's quiet accurate. The chinese economy is struggling, and even shanghai where my family is from have been saying things are looking worse and worse since 2022.

@alikalexander4656 4 дня назад

@@xiphoid2011Jesus you need English spelling lessons 😑

@kongwee1978 4 дня назад

Where my Gordon Chang!

@bayernvoeller 4 дня назад

while America spends Billions on fake news , it backfires on the American people - | I Spent a Day in LA's Most Dangerous Hood | | Zombie-like woman found convulsing near abandoned house | | Open AirMarket • Ep 38 | Los Angeles, California [4K] 🇺🇸 | | Pizza & Rodents (Ft. Rebecca Olsen) • Ep 43 | Los Angeles, California |

@Baoboi332 4 дня назад

China is going to try to export their way out of this crisis just as Japan tried to in 90s. Countries need to erect trade barriers or suffer from an onslaught of cheap Chinese goods that will hurt domestic companies.

@voidvector 4 дня назад

If China is smart, they would try to get those finance people to work in tech. That's effectively what happened to a portion of the top talents in US. Unfortunately, that's probably not going to happen.

@Observer168 4 дня назад

These people that work in finance took huge bribes while giving out massive loans. That’s why many have been detained.

@marvin4758 4 дня назад

This is exactly what the chinese govt is doing, discourage useless finance and real estate "innovation". Encourage tech and manufacturing innovation. All to achieve self-sufficiency. If you just look carefully this explains everything.

@imine2024 4 дня назад

But why not though? We already see their tech can out compete the US with TikTok, Shein, Temu, Drones, EV etc. That trend will continue feels like.

@Ededdneddy9 4 дня назад

Going from finance to tech is a major shift that takes years, plus finance is still an important part of a country’s economy. China is trying to cut down corruption in its financial field which is commendable. The hope is that the money saved can be used for other things like real estate and probably the tech industry

@happymelon7129 4 дня назад

YES , Boeing , NASA has try it ..😅

@AraAra-n6o 4 дня назад

The US economy is in such bad shape, and they are still busy making videos to make it seem like China's economy is in bad shape. Are you worried about China's economy getting worse or hoping for China's economy to get worse?

@doujinflip День назад

The US is in a rough patch, but a mild one compared to ones America has lived through before. The downturn in China is even more severe and they have no experience negotiating it, especially as changing leadership to change momentum like any troubled organization or government would do is unthinkable for the ruling Party.

@AraAra-n6o 5 часов назад

@@doujinflip It's quite ridiculous to read your opinion that seems very biased. First you say that the condition in the US is indeed in a rough patch and according to you it is still mild compared to what they used to live, but then you say the decline in China is even more severe (without any explanation of where you got this baseless information), but even if that is true, then using the same logic, the severe conditions in China have also been experienced by them before. The Chinese have lived in extreme poverty for hundreds of years. So if Americans have lived in a rough patch, the Chinese have also lived in it and it is even worse. Regarding changing leadership, it is actually more worrying in the US than in China, because the US adheres to democracy where leaders are chosen based on popularity, while China adheres to meritocracy where leaders are chosen based on merit. You can compare the results by looking at the quality of the presidents of US democracy. You also need to remember that there are many factors in the US (such as exceptionalism, freedom to own guns, unregulated freedom of expression, homelessness, racial inequality, politicization of everything, flood of drug addicts, mass shootings) that make the US always in a bad situation if the people are not prosperous. Imagine if there was a civil war in the US again and everyone had guns.

@warren567 4 дня назад

Why only focus on the rich?

@lokesh303101 4 дня назад

Efficiency Bro!

@keith6371 4 дня назад

the situation in china is absolutely abysmal. i don’t know why Xi would kill domestic consumption in order to export export export when he knows full well this invites more sanctions and makes china more vulnerable. if chinese domestic consumption is strong, then the need to export will be lessened and foreign companies can also make money in the big chinese market, thereby reducing tension. why should EU and US be friends with china if china is killing jobs in their countries?

@jklee5419 4 дня назад

You don't know why. That is right, because it is not correctly reported.

@doujinflip День назад

Xi is an autocratic ideologue, and what's beneficial to the real economy is too discomforting to his worldview.