Diesel Civil Trust

China Defaulting Loans Soar, Insolvency Lawyer Says

emergentfutures:

Non-performing loans in China have risen into the “trillions of renminbi” because of poor lending practices, an insolvency lawyer said.

“We work really closely with SASAC, the state-owned enterprise regulator in China, and there are literally trillions and trillions of renminbi of, frankly, defaulting loans already in China that no one is doing anything about,” Neil McDonald, a Hong Kong-based business restructuring and insolvency partner with Lovells LLP, said at an Asia-Pacific Loan Market Association conference yesterday. “At some point there’s going to be a reckoning for that.”

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07 February 2010,07:52 Zulu

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designinfo: “As many as 500,000 Chinese have immigrated to Africa, lured by its oil, copper, uranium, wood and other natural resources. Many have thrived, creating large conglomerates. To serve them, other entrepreneurs have opened palatial restaurants. Or karaoke halls. The infusion of a distinctly different culture into African society — again — is turning out to be a critical chapter in the continent’s post-colonial history. This is a big story.” NY Times - Showcase: Asian Crossroads in Africa

designinfo:

“As many as 500,000 Chinese have immigrated to Africa, lured by its oil, copper, uranium, wood and other natural resources. Many have thrived, creating large conglomerates. To serve them, other entrepreneurs have opened palatial restaurants. Or karaoke halls. The infusion of a distinctly different culture into African society — again — is turning out to be a critical chapter in the continent’s post-colonial history.

This is a big story.”

NY Times - Showcase: Asian Crossroads in Africa

Report Filed:
21 December 2009,08:32 Zulu

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The Ongoing Chinese Annexation Of The US Consumer | zero hedge

Recent conversations over the symbiotic relationship between China and the US all end up focusing on three key concepts:

1. The lopsided trade balance (China exporting and the US importing)

2. China’s willingness to continue investing in US assets even with a declining dollar, a debt load which will likely one day result in a payment moratorium (the banana republic syndrome) and collapsing economic drivers

3. Who can inflate yet another fiat bubble faster (opinions are split here, although China is conclusively in the lead for the time being) and deflate respective massive debt burdens

Report Filed:
28 August 2009,19:01 Zulu

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About a year too late, but still true, unfortunately.

About a year too late, but still true, unfortunately.

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23 August 2009,19:13 Zulu

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When you buy for US$2 in New York an umbrella that’s made in China, you have to wonder how they do it. After all, the umbrella components have to cost something, there’s shipping, and there’s profit for numerous middlemen and the retailer. Among the economic miracles unfolding in China over the past two decades, the most mysterious may be how a country that skipped the Industrial Revolution, substituting the Cultural Revolution, became the low-cost factory floor to the world. Poorly Made in China: An Insider’s Account of the Tactics Behind China’s Production Game provides fascinating and disturbing answers. Chinese manufacturers cut corners wherever they can, from product quality to factory equipment and maintenance. They unilaterally change product and packaging specifications to trim costs. They raise prices after the deal is signed, leaving the importer to absorb the added cost. They reproduce their customers’ products for sale at higher margins in other markets. With support from government, bankers, and networks of fellow manufacturers, they conduct manufacturing and customer relations as a game, treating the other party as a patsy not a partner, playing for the short term of making an extra penny at the risk of product quality but also taking a long-term, multidimensional outlook that outflanks the hapless customer.

Outplaying your partner (via azspot)

Report Filed:
19 July 2009,07:19 Zulu

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Think Twice Before Buying a Computer in China

azspot:

Earlier this month, word spread that the Chinese government would require PC manufacturers to install the Green Dam-Youth Escort software before selling the machines to the public. The censorship software will block access to certain Web sites. The Chinese government claims that the purpose of the software is to censor pornography. But some people worry that it will do much more than that, making it even more difficult for Chinese citizens to access information from sources other than Chinese Web sites. In effect, this software could close the loopholes in the Great Firewall.

To make matters worse, computer security experts identified weaknesses in the Green Dam-Youth Escort software. They discovered the software made PCs vulnerable to an attack from hackers. It would be possible for a hacker to create a massive zombie computer army by using these vulnerabilities as a backdoor entry.

Report Filed:
18 June 2009,08:22 Zulu

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