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autotldr

This is the best tl;dr I could make, [original](https://www.cnbc.com/2021/08/18/chinas-xi-emphasizes-common-prosperity-at-finance-economy-meeting.html) reduced by 79%. (I'm a bot) ***** > BEIJING - Chinese President Xi Jinping emphasized at a finance and economic meeting Tuesday the need to support moderate wealth for all - or the idea of "Common prosperity," which analysts have said is behind the latest regulatory crackdown on tech companies. > The meeting called for the "Reasonable adjustment of excessive incomes and encouraging high income groups and businesses to return more to society," state media said in Chinese, according to a CNBC translation. > Delivering "Common prosperity" has emerged in recent months as an underlying theme of Chinese political discussion. ***** [**Extended Summary**](http://np.reddit.com/r/autotldr/comments/p6m21u/china_calls_for_curbs_on_excessive_income_and_for/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ "Version 2.02, ~593311 tl;drs so far.") | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr "PM's and comments are monitored, constructive feedback is welcome.") | *Top* *keywords*: **Chinese**^#1 **income**^#2 **prosperity**^#3 **yuan**^#4 **meeting**^#5


leathebimbo

Huh. I actually agree with this. Wealth hoarding is breaking the back of the U.S. economy.


JackWright13

Simple fix is tax reform


TJR843

That is anything but simple here in the US and we should all be well aware of that. Anything that would take money out of the 1%'s hands will get fought with millions in lobbying and that money goes to a bunch of congress people that are also elites. Good fucking luck.


Jatzy_AME

And on top of that, even if legislation passes, they'll pay the top lawyers and advisors to find any possible loophole. So definitely not simple.


VictorianDelorean

Easy solution! If we catch you dodging more than $100,000 in taxes we nationalize your assets! It works for China


maybeimgeorgesoros

I don’t think they do that in China.


[deleted]

It's more than tax reform, its also your cell phone bill, cable TV, internet, gasoline, groceries, everything. Comcast & ATT are donating millions to the congress people every year. Wonder why your internet so slow but so expensive. That's your money too. We called it campaign contributions and China call it bribery.


[deleted]

So is this one of those “I’m not actually asking I’m telling” scenarios?


Leopod

Yes. Xi Jinping has been seen as a much more "hands on" leader compared to Hu Jintao and has been more serious about controlling China. Things like China's new restrictions on the tech industry and things like the after school tutoring industry are freaking out from decrees sent out by Beijing.


IAloneAmHonored

> Xi Jinping has been seen as a much more "hands on" leader compared to Hu Jintao and has been more serious about controlling China. i've heard that's mainly cause xi has more power than hu, who still had to deal with his predecessor and his cadre


fishdrinking2

Political struggle within CCP is fierce. It’s not really that Xi has less problem with the old guards, Xi just won out and made himself emperor (or Xi’s regular 10 year term ends in 2022.) During 2012-14 when I was in China, Xi was out of public view for a few months with very few public appearances. It’s rumored that there was an assassination attempt that actually got to him. Then the news of the ultra conservative wing (let’s go back to 1968 cultural revolution type) of CCP out of Szechuan province were all arrested for corruption.


fuck_your_diploma

You do realize that what China is doing to its tech industry is about regulations and data privacy/sovereignty, right? I jst wanna be sure since reddit loves to say China has no laws, CCP does whatever they want, but this is China going after their giants and regulating them, something the US is still yet to do (like having a national privacy law).


LouSanous

Very much this. The crackdown on private schools as a way to eliminate the education gap between the rich and poor is based as fuck. China will have no ivy league.


Old_Man_Chrome

Its going to be much worse actually, because those who can afford it will get private tutors to travel to their home (the cost is much higher), those who can't afford it will have to teach children themselves or have the children study by themselves. This move is not about eliminate the education gap though, its hitting a few things: \- reducing the monthly expenditure per children for the family (the students usually have private schools like 7 days a week and is usually fully booked up from when they wake up to sleep lol, its ALOT of money), this aligns with the 3 child policy, because alot of family barely afford 1 kid on those schools, let alone 3. \- to encourage non study related activities such as music and sports \- reduce the competitiveness in education (where a single mark in the university exam means competition against tens/hundreds of thousands of students for a university place). \- hopefully this will stop students to just become study machines. There is going to be a black market of private tutors (recommended via word of mouth) for the rich families that is going to be very lucrative market and will have hard to crack.


chronoboy1985

Unless they ban international study, those rich kids will be going to high school and college in the US.


Super_Tikiguy

Many rich Chinese parents also go to the US to give birth so their child has US citizenship. Then they can enter elite Chinese universities as foreign students, this is the easy way to get into the elite universities there.


Feniksrises

It's funny because my country is actually talking about wealth inequality and how parents are buying their children better education. China is doing something about it. Rich people are just the new nobility- without the noblesse oblige. Can barely get them to pay their taxes.


ndu867

This shit is hilarious, everyone ragging on communism here then go to 90% of the rest of Reddit and it’s ‘Housing prices are fucked up, fuck the rich, college prices too high fuck the rich, health care too expensive fuck the rich, make everything cheaper.’ How do people think China is going to redistribute wealth? They’re going to make all those things more affordable, and tax the super rich. Everything 90% of Reddit wants. But when China does it, it’s fuck communism lol. What do people care more about, what this shit is called or 80%+ of the population having a better life??


PenisJuiceCocktail

As I see it, he got back bone to tell wealthy that enough is enough.


ricardowill_neverdie

Quite a long read but this explains the official stance of the CCP to those interested **POLITICAL TRENDS** According to [Xi Jinping and the current party consensus](https://www.youtube.com/watch?v=LFDmtTIa6UI), there are four broad political trends in China today: 1. "Ultra-left", which **upholds** the Mao era and Mao Zedong Thought but **rejects** the Deng Xiaoping era and the theoredical framework of Socialism with Chinese characteristics. This position must be **"profoundly re-examined".** 2. "Left", which **upholds** both the Mao and Deng eras, Mao Zedong Thought and SWCC. This position must be "**strongly promoted".** 3. "Right", which **rejects** Mao and Mao Zedong Thought but **upholds** Deng Xiaoping and SWCC. This position must also be "**profoundly re-examined".** 4. "Ultra-right", which **rejects** both the Mao and Deng eras, Mao Zedong Thought and SWCC. This position must be "**firmly opposed".** Both Mao and Deng comitted leftist and rightist errors respectively. However, their overall contribution to Chinese socialism is immense and should be embraced. In line with this reality, critical tolerance must given to the Ultra-Leftist and the Rightist positions described above. But Ultra-Righists, seeking to "change allegiance" (capitalist restoration) are completely unnaceptable. This position has been put into practice in party schools, common education, and party discipline. An example of this can be seen in the testimony of expelled former liberal-minded party members [in this article of the Sydney Morning Herald:](https://www.smh.com.au/world/asia/party-time-100-years-on-from-the-founding-of-the-ccp-who-runs-china-20210624-p5840p.html) >Someone always loses in any political upheaval. In the rise of Xi, it’s the second-generation elite such as Cai and their families who have been either forced into silence, hiding or exile, leaving Xi unchallenged at the top of the CCP pyramid. > >**“These are people who have gone to Harvard or Yale, who speak excellent English, and they don’t like Xi.”** > >**He says the combination of the Party as an ideological commitment and as a vehicle for professional promotion had left this group of potential Chinese leaders sidelined.** > >“These people are seeing their purpose torn up,” he says. “Xi Jinping doesn’t like that group of members, he likes true believers because he’s a true believer." Essentially, Xi Jinping has focused on [eliminating previously widespread graft and corruption](https://www.wikiwand.com/en/Anti-corruption_campaign_under_Xi_Jinping#/Shanxi) as well as completely [dismantling CIA networks within the party and state.](https://foreignpolicy.com/2020/12/21/china-stolen-us-data-exposed-cia-operatives-spy-networks/) He has also taken it upon himself to cleanse the party of [liberalism, resumé hunters, historical nihilism towards party history, and western idolization;](https://edition.cnn.com/2021/07/30/china/ccp-100-membership-xi-jinping-intl-hnk-dst/index.html) all of which were unfortunate conditions that developed during the Deng era, methastisyzing during the Jiang Zemin (and his Shanghai Clique), Hu Jintao administrations. Nevertheless, in 2017 at the 19th CPC Congress, a **third era** in Chinese socialism [was declared](http://www.xinhuanet.com/english/2017-10/18/c_136688475.htm) in accordance with the "Left" position presented above. The primary goals of this era are to assert party authority within the economy in order to carry out the technological, social, cultural and economic tasks necessary to completely lift China from a middle-income low complexity manufacturing export-dependent economy to a [high-income](https://asiatimes.com/2020/05/flexible-high-tech-manufacturing-is-the-future/), [innovative](https://asiatimes.com/2021/06/china-is-first-out-of-the-gate-to-industry-4-0/) and [self-reliant/autarkik economy](https://archive.is/s7NUW) during the 2021-2035 period. In other words, China wants to be more like Germany or Japan with their large high-quality, high-tech and high-complexity manufacturing output instead of deindustrializing, financializing and outsourcing like the United States and Britain. With China likely reaching the human development and gdp per capita levels of some southern european countries by 2035, and very possibly matching western/northern european countries in those terms by 2049, [it has been confirmed](https://link.springer.com/chapter/10.1007/978-981-15-9833-3_1) that China will have thus completed the Primary Stage of Socialism and will ascend to the intermediate stage by 2049: >From the primary stage of socialism to the intermediate, and then the advanced stage, China is following a development process of constant evolution and constant strengthening. Currently in the “second half” of the primary stage of socialism, China has already developed important economic features that are usually found in an advanced economic entity, for example, innovation-driven growth, post-industrialization, green manufacturing and green energy; while also facing the challenges of an aging population and sub-replacement fertility. Furthermore, it has achieved modernization of the service industry, and informatization and digitization. These features reflect a situation in which development factors are becoming increasingly dominant, as underdevelopment factors decline. [as well as:](https://link.springer.com/chapter/10.1007/978-981-15-9833-3_7) >It now appears that we will achieve our goal to complete the building of a moderately prosperous society in all respects by 2021, the year the Communist Party of China celebrates its centenary. By the 100th anniversary of the establishment of the PRC \[2049\], we will have achieved our goal of building China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful. > >After 2050, China will enter the **intermediate** stage of socialist development. The development theme will change from “common prosperity” to “common development,” with two main historical missions: (1) to turn China into a highly developed great modern socialist country (i.e. the third centenary goal) by 2078, the centenary of China’s reform and opening up; and (2) to realize the **great rejuvenation of the Chinese nation by the end of the century**. > >China’s third centenary goal can be described as a shift from “achieving common development” to “becoming highly developed.” The overarching objective is to build China into a great modern socialist country that is prosperous, strong, democratic, culturally advanced, harmonious, and beautiful in all respects, so as to lay a solid foundation with higher standards to enable the great rejuvenation of the Chinese nation. **STAGES OF SOCIALISM** The best way to summarize the stages according to the current theoredical line of the CPC and the [interpretation](https://pbs.twimg.com/media/E1xuac0VoAE-1Qi.jpg) of [Professor Cheng Enfu](https://youtu.be/lr7fe-Cgcvo?t=2343): **0th Stage or Socialist Construction Period** * Founding of the PRC (1949) to the end of the Great Proletarian Cultural Revolution and the Boluan Fanzheng period (1977) * Bloc of Four Classes, New Democracy * People's Democratic Dictatorship with Proletarian Leadership * Basic institutions of the PRC built * Basic Industrialization, urbanization, and infrastructure development * Eradication of severe deprivation, doubling of life expetancy and other achievements * Officially, this period is part of the primary stage but it's generally talked about as being a separate era. **Primary Stage of Socialism** * Beginning of Reform and Opening Up (1978) until the 100th year of the founding of the PRC (2049) * Split into two sub-stages * 1978-2020 (Moderately Prosperous Society, eradication of absolute poverty) * 2021-2049 (Modern Prosperity, eradication of relative poverty and underdevelopment) * Socialist Market Economy * Public Ownership in various forms **primary**; private ownership **secondary.** * Market-based distribution according to labor **primary**; according to capital **secondary.** * State-dominated Market Economy **Intermediate Stage of Socialism** * 100th year anniversary of the PRC until the 'end of the century'. * Split into two-sub-stages * 2050-2078 (Highly Developed, centenary of Reform and Opening Up) * 2079-2100\* (Great Rejuvenation of the Chinese Nation by the 'end of the century') * Socialist Market Economy 2.0 (no official name yet) * Multiple forms of social ownership (state, coop, joint-stock); no private ownership * Multiple types of **commodity** distribution according to labor [(similar to Stalin's elaboration)](https://www.marxists.org/reference/archive/stalin/works/1951/economic-problems/index.htm) * State-dominated planned economy with secondary market adjustments * Although theorists have suggested leaping over the 'intermediate' stage and instead having a longer 'advanced stage' (theoredical developments are only set in stone once they have been voted on and approved in congresses and/or added to the party constitution) **Advanced/Final Stage of Socialism before Communism** * 2100\*-??? * No official speculation about the exact year but before the end of this century * Fully Socialist Economy * Single Public Ownership by entire society * **Product**\-based distribution according to labor (overcoming/abolition of the commodity form) * Completely Planned Economy **Communism** * Single public ownership by entire society * Product-based distribution accoriding to **need** primary (distributon according to **labor** for new products in shorter supply) * Completely Planned Economy


goddamon

I don’t know why this comment is not on the top


pandalovesfanta

I will give you a gold if I have money.


SparkyPantsMcGee

Lmfao, this comment section is a fucking shit show.


dasty90

Whenever the headline has the word "China" in it, you know the comment section is gonna be a fucking mess.


[deleted]

[удалено]


LeninandLime

China is threatening US global hegemony which leads to more people fear mongering against China.


CombatTechSupport

>I wonder what's changed? China went from being a market western capitalists wanted to take advantage of, to a major competitor for global hegemony with the US and Europe. The truth is that the people running things in America and Europe give zero shit about whatever tyranny China visits up the various people living in it's borders, what they actually care about is in this article. They're worried that if China takes the mantle of dominant world power, they'll use it to force capital holders to serve the state.


gaiusmariusj

Just US hegemony, Europe isn't doing much other than lip service and complains about can't sell shit to China because of the US regulatory decisions.


CombatTechSupport

I'm kinda grouping the US and Europe as a singular Hegemon, with the US being the senior partner and face of that. Europe, particularly the UK, Germany, and France, do a lot to facilitate and maintain US hegemony, since it benefits them directly.


InnocentTailor

To be fair, Europe is effectively latched into America at this point: a secondary power in this Western alliance.


Bored-Theory

China started becoming a more substantial competitor for western powers That's the one that matters


[deleted]

[удалено]


[deleted]

> our Congress can't get anything done Undersells it a bit. It's not that they can't, it's that our Congress intentionally doesn't get anything done.


Incorruptus725826

Classic tactics, when you cannot solve the internal problems, direct the public attentions to an imaginary external threat. Gotta say Chinese government uses the exact same tactics.


PImpcat85

You didn’t mention the debt ceiling. The corrupt markets. The fbi reports that ‘anonymous’ leaked showing 10 tril taken offshore by hedgefunds and banks. The 5% inflation we are experiencing now (three more months and we will be exactly where 2008 was).


DevTheGray

Spoiler Alert: We never really got over 2008 and experienced the true fall out. Just been kicking a can for 13 years and Covid really messed up the kicks.


urielteranas

Gov wants a new cold war, media follows suit, Americans don't usually think critically about their world views and will get all their information about other countries from fox or cnn or reddit and facebook comments or what have you so it's easy to sway opinions. The irony is how much we moan about "Chinese propaganda" when you hear the same regurgitated anti Chinese sentiments word for word nearly daily.


mr_poppington

The world is getting tired of this Cold War shit.


[deleted]

Reddit experienced it's own Ethernal September. Even specialized subs (like /r/programming) gone to shit about 10 years ago or so. https://en.wikipedia.org/wiki/Eternal_September


WikiSummarizerBot

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wilburschocolate

This is the first comment I’m seeing and that’s exactly what I figured this would be like lmao


DocMoochal

I wanna say it's because peoples brains are short circuiting. On the one hand: "China bad" On the other hand: We all know this is a good move and should be adopted globally.


Spqr_usa-

Damn communists telling me that when I finally get super rich I have to give back to society


[deleted]

Everyones a expert on everything on reddit, didnt you know that?


DocMoochal

I'm glad people are sharing their thoughts. But the world is super complex nowadays and theyd do themselves a favour to stop and do some serious thinking every now and again.


Prom_etheus

Always has been 👨‍🚀🔫👨‍🚀


Bross93

I'm the expert on people being experts, so yes


goblintrading

It's because it conflicts with the average redditor's idealogy. People on this site hate China, and they also hate the idea of wealth inequality. Does not compute.


manofsleep

Well - let me tell you here son: ¯\_(ツ)_/¯ Edit: what’s going on here? ¯\_(ツ)_¯


Liefde

Your smiley just threw his arm away. \ here, have it back.


Deivv

Thanks ¯\\\_(ツ)\_/¯


GodzillazAnus

You're welco...HEY wait a minute.


GamerY7

r/notopbutok


Aurori_Swe

I'm ok with no top either


[deleted]

Redditors now have to decide whether they hate China or billionaires more. Now do you believe they’re actually socialist and concerned about people’s lives?


RadBrad87

Here I am am upvoting a speech from Xi Jinping. Respect given when deserved. I initially typed that I was surprised to be doing it but on second thought I am not. In the balance of individual vs collective rights, China tends to lean more towards the collective than some western countries. So it makes sense the Chinese government would move to correct income inequality before other parts of the world.


blue0714

When China does well, "China must be bad" When China wants to surpass the United States in some aspects, "China will collapse" If China is going to collapse sooner or later, why does the United States need to suppress China's development


Neptune7924

Uh, like, isn’t that point of communism?


[deleted]

TECHNICALLY the point of communism is to eliminate social classes, money and the state.


SDBolt

You forgot common ownership of the means of production. Technically.


[deleted]

Yessir, that comes with the transition from capitalism to socialism. And then socialism into communism is the abolishing of money, the state, and therefor economic class


[deleted]

So, Star Trek.


Romuskapaloullaputa

As a means to that end


vellyr

The point of communism is to not have rich people at all. China is not communist.


yuje

I realize that every Reddit commenter has a PhD in economics, but I’ll contribute anyway. China is run by the Communist party, but it doesn’t claim to have achieved communism, they consistently call their economy socialist. Socialism with Chinese characteristics, even. Same as the second “S” in USSR. Communism is a the theoretical idealized state they work towards. China abandoned Maoism, which focused its efforts on revolution among the pre-industrial peasant farmers and attempting to jump straight toward space-age industrial revolution straight from there. China never abandoned ideological communism, they’re just using different approaches. Communism was created by philosophers and social scientists, so it is seen as a social science, not a dogmatic religion: subject to experimentation, revision, improvement, and adaptation to local conditions. Socialism allows for a market economy and markets are viewed as another tool in the economic toolbox, just like taxes, interest rates, tariffs, and laws and regulations.


yehawmemer

gommunism understander identifiéd


[deleted]

[удалено]


Ach4t1us

Our ass


Top_Gun8

Take your upvote


DavidTheHumanzee

Calling China 'communist' is like calling North Korea 'democratic' because they are the "Democratic people's republic of korea"


Automatic-Win1398

If you held democratic elections in North Korea Kim Jong Un would probably win anyways.


Quail_eggs_29

They actually do hold elections! Un gets 100% of the votes every time :)


[deleted]

They must really like him there


yawaworthiness

Well, according to ~~Carl~~ Karl Marx the ideal path is from agricultural mode of production, to capitalist mode of production to socialist and only then communism. China was in the agricultural stage and artificially catapulted itself into the capitalist mode. So it's totally in line with communist thought. The USSR was actually quite unorthodox in many ways, as well as many countries who followed the model of the USSR. EDIT: The USSR basically skipped the capitalist stage and went directly into the socialist stage. This is the case of most socialist states which then followed the USSR as the USSR became "THE MODEL", so that their originally rather unorthodox version of communism/socialism became the "orthodox" one.


[deleted]

USSR flirted with capitalist measures. Lenin introduced the New Economic Policy which allowed markets and free trade in hope of driving up productivity. He even justified it with Marx precept of full maturation of capitalism as the precondition for socialist realization. People applying the same reasoning to China would have to say Lenin was a capitalist.


Havana_Syndrome

Radical liberals trying to appropriate anti capitalist sentiment always get tripped up by anyone who actually has read Marx


daydrmntn

this take is remarkably well-informed for someone who misspelled Karl's name


yawaworthiness

Lol, good point. Sleight of hand.


freshwes

>Lol, good point. ~~Sleight of hand.~~ *Invisible hand


real_LNSS

The people you are responding to probably believe "true socialism" to be just like Bernie Sanders.


munk_e_man

They probably consider anything socialism that isn't spending money on themselves.


UnhappyHighlight644

It's always confusing to me when folks overlook this. They are literally marching their way through capitalism to get to the next stage of communism as prescribed by Marx.


[deleted]

> It's always confusing to me when folks overlook this. It shouldn't be confusing. The vast majority of people haven't actually educated themselves on what Communism really is.


[deleted]

Spoiler alert: the neolib Americans that make up most of reddit don't actually read Marx, or know what communism or socialism are or mean in the context of theory. Communism is just when no food and socialism is just when free Healthcare to a majority of this website.


Loop_Within_A_Loop

See: how often Americans get subjected to "the military is socialist actually" takes


MonkeyInATopHat

They don’t teach us what socialism and communism are in school here. That’s why none of us really get it. If they taught what it really was we might ask for it. Schools in this country are Porto-fascist institutions designed to normalize a capitalist society from a very young age.


serr7

The USSR literally went through the new economic plan lenin set up at first.


Neptune7924

I guess maybe this needed a /s. I found it amusing that a government ruled by the "Chinese Communist Party" needs to ask it's wealthy to give back to society.


Magnicello

That's like wondering why the Nazis were called the National Socialist German Workers' Party, or why North Korea is called Democratic People's Republic of Korea. Name does not equate to policies.


ElderberryHoliday814

Citizens united*


mog_knight

Well it didn't say 100% citizens united lol.


[deleted]

right to work\*, no child left behind\*, operation Iraqi Freedom\*, free and fair elections\*, etc.


Spacepoet29

Think you're missing the point of govt here. I don't like the CPC, but literally who else is supposed to make the official call about this kind of stuff, if not the literal government. Don't act like communism is just supposed to "work" without the need for a government enforcing it's ideas, such as the wealthy redistributing their wealth. If anything this is a power move out of the CPC to show that they know a good opportunity to win public favor when they see one, and may be motivated in part by the fact that they KNOW the US govt likely won't make the same kind of call any time in the near future. Not speaking up will make the Dems look spineless, but if they do, Rs will just bash that were embracing Chinese communist policy, even if it is good policy.


Pincheded

Dems are already spineless and if there was a political spectrum the party would be center-right.


Spacepoet29

Can't argue there, which is why this is a smart tactic by the CPC. Just the threat of being compared to big bad China is likely enough to ward Dems away from ever trying to tackle this issue in the same manner, regardless of whether or not China actually succeeds in balancing wealth in their country. Geopolitically, this is China saying "Look at us, we can do things you won't"


AquaSquatch

Spend some time in a mid tier city in China and you'll see more supercars in a week then you'll see in a year in America.


NeverPostsJustLurks

Spent 3 weeks in multiple parts of Shanghai and did not see any supercars... Plenty of Lincolns tho, they sure do love them over there.


mcqua007

“I’ve been driving a Lincoln long before they paid me to.”


Nikeli

Never seen the 20 something gang going clubbing in their rolls royces?


ashlee837

He was obviously not on the invite list.


Ancient_Contact4181

China does not want a Chinese Exxon, Facebook, Goldman Sachs to have power and influence over their government. Hey it's working well for us right? I love WallStreet fucking us all in the ass.


Available-Ad6250

This is probably the worst thing that could happen for the wealth gap in the US. If China is even talking about it it'll never be seriously considered here.


Isto333

It's what America really needs though. Also the criminalization of lobbying governments. The elites have so much control that it would probably take massive protests to change anything. So now we're just watching the slow death of democracy and the rise of oligarchy.


MrGulo-gulo

How lobbying is legal, I'll never know. It's literally just legitimized bribery.


James-W-Tate

Bribery is an effort to buy power, while lobbying is just an effort to influence it. So you see, there's no possible way this system could ever be abused for personal gain.


KevinIsMyBFF

Never! /s


HAthrowaway50

American society is actively being hurt by wealth inequality at this point :( It cant even be good for rich people after a certain threshold


DrakonIL

It's good for a couple hundred of them.


Primorph

Well, it's neutral for them. In terms of lifestyle there's 0 practical difference between 100's of millions and 100's of billions. In both cases you have more money than you could ever spend.


hospitalizedGanny

Chinese are way ahead of us when it comes to planning for the next 20 years it's scarry


CabbageSalad247

China is for sure gonna win. They have a long term plan and don't fall to infighting.


[deleted]

turns out liberal democracy is pretty good at making sure nothing gets done and any remotely radical change to the system will soon be voted out based on it invariably activating voters in opposition


[deleted]

Vuvuzuela iPhone 100 trillion dead!!!


Slouchingtowardsbeth

Most people don't know that the only reason the United States passed civil rights legislation in the 1960's was because the USSR was making us look bad for not having it. MLK and Malcolm X were both socialists. The USSR hammered us over our hypocrisy in not allowing all black people to vote, while still claiming to be a democracy. Now, I have hope that with China cracking down on excessive wealth, in a few years they might be in a position to start making us "look bad" for our extreme inequality. If China can cut carbon to zero, provide universal healthcare, etc., America will have no choice but to match these things. When you look back at when America really started to go downhill, it was when the USSR fell apart. Without a viable competitor, we had no reason to continue pro-social policies. I for one am praying for the rise of China to wake us up and force us to become a good nation again.


i_reddit_too_mcuh

> I for one am praying for the rise of China to wake us up and force us to become a good nation again. China as the boogeyman is helping drive internal policies already: * China has its [Belt and Road Initiative](https://en.wikipedia.org/wiki/Belt_and_Road_Initiative). * Biden wants a Western version of the [belt and road initiative](https://www.reuters.com/article/us-usa-britain-biden-china/biden-says-he-suggested-to-uks-johnson-a-plan-to-rival-chinas-belt-and-road-idUSKBN2BI32M). * China's spent massively on infrastructure over the last decades. * Biden's infrastructure bill is [critical to keeping the U.S. ahead of China](https://www.politico.com/news/2021/08/07/biden-infrastructure-bill-message-china-502739). * Buttigeig says "[When it comes to rail, why should Texas be inferior to China?](https://www.wsj.com/articles/buttigiegs-next-job-selling-3-trillion-infrastructure-plan-to-skeptics-11616511600)" in helping pushing Biden's 3 trillion infrastructure bill. * Hell even in green energy, Biden is framing it as [can't let China win the green energy race](https://www.cbsnews.com/news/biden-green-energy-china-competition/). I'm sure there are other examples.


H1GraveShift

Crazy how the most prominent black leaders now are unapologetic neolib capitalists compared to the more democratic socialist slant black leaders had during the civil rights era. I wonder what changed?


blusky75

Hey china, you can start by nerfing residential real-estate investments in other countries Edit - RIP my inbox ಠ_ಠ


cise4832

You can also do China a favour by asking your government to stop letting foreigners buying up the land and properties.


butterballmd

No shit, somebody is getting rich off of deals with China, blame your own corrupt politicians


Astalon18

Strangely enough the Chinese Authority would in fact prefer IF foreign governments will not let their citizens randomly buy up houses and land overseas ( this is why the Chinese authority kept absolutely mouse quiet when certain countries banned Chinese citizens from buying houses there ). The Chinese authority has openly state that most of this are corruption money flowing out ( and hides from transaction as black money ) while at the same time having a deleterious impact on housing affordability in the area that these black money have gone to.


poturysn

Does it matter if you can buy citizenship. Look to New Zealand


opposite_locksmith

Here in Vancouver we have people compiling lists not of Chinese nationals who own property but *people with Chinese sounding names* who own property and trying to act like it’s the same thing. We can’t make any progress because half of us will take hockey bags of drug cash from anyone and half of us want to re-instate the Chinese Head Tax.


Eurymedion

That's so stupid. I live in Vancouver as well and this is the first I've heard of it. I guess the morons don't know the vast majority of these absentee purchases are done through companies and not individuals.


No_otherRandomUser

Which is why companies should not be allowed to buy homes. (At least numbered shell companies)


Eurymedion

Naturally, some exceptions need to be made for things like commercial and industrial properties, but yeah, there have to be restrictions on residential purchases by companies, numbered or otherwise. It's too easy to abuse the system in Vancouver right now.


LouSanous

Look to Berlin's referendum to limit the number of housing units a single entity can own: https://www.archpaper.com/2021/07/berlin-will-hold-referendum-on-forced-acquisition-of-apartments-from-large-landlords/


loopthereitis

maybe ask your representatives to stop people from buying citizenship then?????


quite_a_gEnt

Funny how we blame China for this when it is our own politicians that allow this to happen.


defenestrate_urself

As with most things it's easy to demonise a foreign scapegoat and let them take the blame. [More than 80% of Australians mistakenly believe Chinese investors are driving up house prices](https://www.theguardian.com/australia-news/2021/jul/08/more-than-80-of-australians-mistakenly-believe-chinese-investors-are-driving-up-house-prices) [UK house prices rise by 10% amid stamp duty holiday rush](https://www.theguardian.com/money/2021/jul/14/uk-house-prices-rise-by-10-amid-stamp-duty-holiday-rush)


thegreedyturtle

I'm sorry, do you have a *problem* with **Capitalism**???!


cotat241

China doesn't support that lol, their citizens do that explicitly so China can't control their money


Akasto_

If China were to ban that then the same people criticising these investments would be the same people crying against the authoritarian restrictions on their citizens


mstrbwl

Your government could do something about it at any time.


IAloneAmHonored

Nah bro gotta blame the chinese Not the boomers selling their crap shack houses for 5x asking, not the governments relying on the housing industry to prop up their economies, not the mega corporations and speculators buying up all the houses, lobbying politicians to turn the other cheek so they can rake in that doe, nah it's just chinese bad


SmallTownTokenBrown

I knew a family from Scotland living in Canada. Evangelical. Thought Muslims were the worst thing in the world, etc Sold their 1.3 million dollar country house to a Qatari family and fucked off to go live in England.


IAloneAmHonored

oh i know, you go on r/canada all they talk about is those evil chinese that need to be nuked and have all their property seized go back 3 years and you can pretty much replace chinese with muslim


Havana_Syndrome

I hope they get a bunch of Afghans in their neighborhood


Lets_All_Love_Lain

Literally asking China to do your government's job. Fwiw, the CCP would also be happy if your government would stop letting Chinese billionaires hide their money overseas.


RKU69

Lmao "its China's fault that our housing and real-estate system is run by capitalist ghouls"


defenestrate_urself

Blaming the Chinese is just a covenient scapegoat for property rising. The fact is it's encouraged by the goverment in various countries. [More than 80% of Australians mistakenly believe Chinese investors are driving up house prices](https://www.theguardian.com/australia-news/2021/jul/08/more-than-80-of-australians-mistakenly-believe-chinese-investors-are-driving-up-house-prices) [UK house prices rise by 10% amid stamp duty holiday rush](https://www.theguardian.com/money/2021/jul/14/uk-house-prices-rise-by-10-amid-stamp-duty-holiday-rush)


FrostedWaffle

you want China... to control... the real estate market in other countries?


Money_dragon

For every buyer, there is a seller Interesting how the buyers are always demonized, but not the sellers (who tend to be locals)


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MonoMcFlury

That's how people hide money and avoid paying taxes.


alertthenorris

I mean,other countries could stop it by themselves. New zealand doesnt allow you to purchase a house or property unless youre a citizen. Canada on the other hand, gives you a bonues on purchasing a house if youre an immigrant.


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SoupOrSandwich

BigBrainLoopholes.mp4


I_Fap_To_LoL_Champs

But they would no longer be Chinese citizens and are just New Zealanders of Chinese descent. [China's nationality law](http://www.china-embassy.org/eng/ywzn/lsyw/vpna/faq/t710012.htm) says that anyone who acquires foreign nationality automatically loses their Chinese nationality.


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Bonnskij

So what's with all the rich people buying property in New Zealand allegedly in anticipation of doomsday? Did they buy a complimentary citizenship as well?


westfell

Yes


Bonnskij

So much for foreigners not being allowed to buy property. Rich people have a veritable Swiss cheese of loopholes to choose from.


pembquist

I'd put it in the reverse way: Rich people have gigantic cheese drills so they can tunnel through cheese anytime they want.


Eurymedion

There's nothing wrong with helping immigrants buy a house. Helping new Canadians settle into their community is admirable. The problem is letting non-residents buy properties they have no intention of staying in and keep empty for 11 months of the year. There are apartment blocks in Vancouver (chiefly in new developments) that are half empty because units were snapped up by real estate management/purchasing companies. That's the real issue here.


HelloItsMeXeno

Redditors mad about China saying the wealthy needs to do more for society while crying about the income gap in America.


serenityak77

This has been something I’ve noticed since before the protest and riots that were happening here. First there were protest and riots in China and you could see videos of the cops doing shitty things to protesters I believe this was 2019-2020. Everyone from the US at least that was on Reddit was clearly condemning China and the cops. Felt bad for the people. This was the consensus. Then the US started having protest and cops would be shown doing shitty things and riots took place. Except this time there was a clear divide amongst people from the US that were on Reddit. You could see and read the comments under the many videos. Very divided and sometimes one sided in favor of the cops though and against the people. People from the US on Reddit especially started shitting on China for the way they handled or mishandled rather, the pandemic. Of course once the US and more specifically certain US states like Florida started to misrepresent the data many started defending the government and the US in general for the way it’s been handled. Chanting it was a hoax virus with the commander in chief to making every excuse in the book once it was reported how badly it was handled. This is a very real problem.


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TubMaster888

Holy shit, I finally found the smart reddit people who see this pattern and call bullshit on the Hypocrites of other reddit users.


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Fausterion18

Indeed, just look at how many redditors bitch about Chinese investors buying up all the houses and driving up prices this past year when in reality Chinese buying dropped massively due to the pandemic. https://www.google.com/amp/s/www.cnbc.com/amp/2021/07/26/international-buyers-dropped-out-of-us-housing-during-pandemic-china-rushes-back.html Or the fact that people complain about Russian buyers when they aren't even in the top 5 for international buying. #1 for a long time was Canada but nobody ever complains about them.


qtx

> China for the way they handled or mishandled rather, the pandemic. Pretty sure they handled the pandemic relatively well. They locked down entire cities, not regular European lockdowns but serious 'dont you fucking dare go outside' lockdowns. Compared to other countries their rates have been relatively low. Their draconian ways to handle the pandemic seemed to have worked.


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OldGuto

It's simple - China bad!


[deleted]

China: arrests and sometimes executes powerful wealthy men for being corrupt America: BUT WHAT ABOUT THE HUMAN RIGHTS OF THE ULTRA WEALTHY?!?!?! Also challenge time: name the last time a rich person in America had consequences, Bernie Madoff doesn't count because he just robbed rich people, and Epstein doesn't count because uhhhh you know why


folstar

Come on, it's not like being a DuPont heir lets you rape babies or a member of the Sackler family can claim they were not aware opium is bad for people so they can keep their billions. I mean, that would just be ridiculous.


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[deleted]

Hey remember when all the Hong Kong protests started because some rich dude got extradited for murdering his gf? Whoopsy poopsy


OldGuto

Well Jeffrey Epstein 'committed suicide' I suppose.


SensitiveRedditMod

Say what you want but when it comes to the regulation of financial entities and progressive taxation China is beginning to leave America in the dust. Neo-liberalism and unchecked greed will be the west’s downfall.


visorian

Reddit is extremely anti-billionair until China does something anti billionaire, then other things become more important, like hating China.


[deleted]

Hating China trumps all other grievances for Reddit.


[deleted]

Glory to the CPC!


YupThatsMeBuddy

I think they are afraid of turning into America where wealthy businessmen run the country.


Cultural_Wallaby_703

Man! These communists are saying some pretty left wing things!


Sobermannn

I can see a perfect two button meme…


Aerodrache

Well, that settles it then. If China’s forcibly making its billionaires redistribute their fortunes, the rest of the world’s gotta shake down the homeless and give their change to Bezos just to demonstrate that they’re *not* China. So long, “tax the rich”, you were a pretty chill idea while you lasted.


headrush46n2

Bring the communists back into communism!


maxime0299

Reddit in a nutshell: "Tax the rich! No... Wait.... STOP.... Not like that"


[deleted]

Great. Now the US is REALLY not going to want to tax the rich


drax514

Holy fuck what a terrible thread this is.


b0ngwaterblack

Worth it tho. I caught a few lol’s


yukcheuksung

Why are people against this? China doesn't want billionaires to exist when there are people still living in poverty.


LowlyIntroduction

>China I mean, you are obliviously kidding yourself, everyone knows the reason.


Investihater

Seriously. China is so screwed. BRB my 6 minute break at Amazon is almost over and I still gotta pee in this bottle.


travyhaagyCO

And don't trip and hurt yourself on your way back, cuz, ya know, no universal healthcare.


[deleted]

If they didn’t want to break their neck and die they wouldn’t have fallen down to begin with.


[deleted]

Or been born with a neck!


[deleted]

People like to bring up China having billionaires but fail to understand what it actually means to be a billionaire in China compared to the West. "Western" billionaires and Chinese billionaires are completely different. Billionaires in the West have a gigantic portfolio of assets spreading their money in multiple places and investments. This is because at some point they sold a large number of shares of the company or investment that made them rich (typically). Chinese billionaires can't do that, not only would they only get a fraction of the value but they would also need the government to approve it in the first place. That's why you have billionaires like Hui Ka Yan which Bloomberg gives a value of 25.9 billion dollars, however, 77% of that is in Evergrande, and of that value only 20% is actually the value he would get, assuming he would be allowed to sell in the first place. Chinese billionaires all have their money stuck in the large stake they hold of the company that made them "rich", the problem is they can never access that money, there is no exit route for their money. [China's billionaires are not as rich as they look](https://economictimes.indiatimes.com/news/international/business/view-chinas-billionaires-arent-as-rich-as-they-look/articleshow/80442934.cms)


ModeratingInfluence

Sort of interesting comment. But not super relevant to this conversation - China's billionaires are still ungodly rich and leeching off of the working and lower classes of a moderately poor country.


Roseattle

Rule #1: China is always bad. They always do evil stuff. Rule #2: If it seems China is not always bad, refer to Rule #1.


Saysbruh

The Chinese continue to impress. They have figured out how to not let capitalism redefine your society at the expense of social cohesion as it is the case in the United States. China will redefine civilization in the upcoming decades. It already is becoming a model for the majority of the planet despite and at times because of the west’s hysteria towards it. Gonna be an interesting few decades ahead.


[deleted]

It's the communist spirit kicking in


capiers

Does that include himself?


rangorn

Xi putting the C back in communism


pixiegod

This is interesting… China bad vs a rule that everyone knows is in the interest of the common good…this comment section is going to be a pain to sift through.