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China the monster.
lgrif
post Posted: Aug 17 2018, 12:07 PM
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In Reply To: early birds's post @ Aug 16 2018, 09:09 PM

Article in today's Aust saying the Malaysian P.M. Mahathir Mohamad is visiting China to push for a renegotiation of billions of dollars worth of Chinese investment projects...will be discussing what he sees as "unfair" deals...
Where does one look to see the( auditor approved) Chinese Gov. provision for bad & doubtful debts ?


Said 'Thanks' for this post: mullokintyre  
 
early birds
post Posted: Aug 16 2018, 09:09 PM
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In Reply To: mullokintyre's post @ Aug 16 2018, 02:58 PM

Having worked in Fiji, Vanuatu and PNG myself, I have seen first hand how the pacific Islanders think and work, all I can say is, Good Luck!.
Pacific nations will pay lip service to repaying the loans, but if I was China I would not be holding my breath.
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lmaosmiley.gif lmaosmiley.gif
you really tell the truth about things.....



 
mullokintyre
post Posted: Aug 16 2018, 02:58 PM
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It seems that some of the Pacific Nations are learning the hard way that dealing with China is a little more dangerous than dealing with those softies in DFAT.


QUOTE
The leader of Tonga has called on Pacific Island leaders to band together and press China to write off their debts, saying his small nation is suffering "serious" debt distress.

Tonga's Prime Minister wants to use the Pacific Islands Forum to tackle the Chinese debt issue
Akalisi Pohiva says the region should collectively urge Beijing to waive repayments
China says its aid is aimed at "improving people's lives" and "economic development"
The calls come as Beijing defended its spending program in the Pacific in a statement to the ABC as "sincere and unselfish" while arguing that it only provides loans to those who can afford it.

Several Pacific nations have taken on large loans from China, as well as from multilateral institutions.

Tonga confirmed last month it would start to pay back two loans worth around $160 million from China's Export Import Bank.

This morning Tonga's Prime Minister Akalisi Pohiva told the ABC the repayments would put pressure on his small country.

"It has become a serious issue. We have debt distress," he said.

But Mr Pohiva said Tonga wasn't the only Pacific Island nation which owed substantial amounts to China — and the region should collectively urge Beijing to waive repayments.

"It is no longer an individual issue for countries to consider. It has become now an issue for all countries who have loans from China," he said.

"I think these small countries will eventually come together to find a way out.
Pacific leaders will meet in Nauru next month for the Pacific Islands Forum (PIF) — and Mr Pohiva said he wanted to use the Forum to tackle the issue.

While there had been plenty of internal back and forth within Pacific nations over debt, raising the topic at PIF would represent a significant escalation.

'Can't say no-one warned them'

The Tongan Government will soon begin making repayments on controversial Chinese loans that critics have said saddled the small Pacific nation with unsustainable debt.
But Mr Pohiva said Beijing would be more likely to listen if Pacific leaders presented a united front and asked for debt relief.

"China will not make a decision on individual requests," he said.

"China has to take into consideration all the countries that have loans."

Mr Pohiva first publicly raised the prospect of PIF discussing debt in an interview with the Samoa Observer last week, after a meeting of Pacific foreign ministers.

He said it was too early to predict if other nations would agree to discuss Chinese debt at PIF. "But some of these countries have already thought about it, and there have already been discussions by these countries outside formal meetings," the Prime Minister said.



Having worked in Fiji, Vanuatu and PNG myself, I have seen first hand how the pacific Islanders think and work, all I can say is, Good Luck!.
Pacific nations will pay lip service to repaying the loans, but if I was China I would not be holding my breath.

full article here


Mick






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sent from my Olivetti Typewriter.
 
triage
post Posted: Aug 7 2018, 09:45 AM
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John Garnaut has penned a fantastic piece on how the Chinese Communist Party works to influence and nudge opinons around the world.

https://www.themonthly.com.au/issue/2018/au...a-s-china-reset


(hat-tip Dingwall at MB)



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

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blacksheep
post Posted: Jul 23 2018, 11:09 PM
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An interesting read

China’s Global Building Spree Runs Into Trouble in Pakistan
QUOTE
To fund a 70-nation infrastructure initiative, Beijing has been extending loans in opaque deals often contingent on using Chinese contractors

https://www.wsj.com/articles/chinas-global-...stan-1532280460



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jul 20 2018, 02:29 AM
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QUOTE
The average total debt-to-common equity ratio at listed companies in China climbed to 99.5 percent at the end of 2017, the highest in more than a decade, according to Bloomberg-compiled data. That leverage is up against a shrinking financing universe: the shadow-banking sector contracted by 691.7 billion yuan in June, the biggest net monthly drop on record, according to Bloomberg calculations based on official data.

"Companies that were used to paying back old debt with newly borrowed money have little experience in dealing with a change of cycles, and they don't have other alternative plans," said Ivan Chung, head of greater China credit and analysis at Moody's Investors Service. "Borrowers' inability to get new financing makes it difficult to hide problems."
Bloomberg

..... one day, one day



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

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mullokintyre
post Posted: Jul 19 2018, 02:13 PM
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In Reply To: triage's post @ Jul 19 2018, 12:01 PM

The big question is, why have these people left?
Were they put into the persona non gratis category, or did they just have enough of china?

Mick



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sent from my Olivetti Typewriter.

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triage
post Posted: Jul 19 2018, 12:01 PM
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Christopher Balding is leaving China and not writing articles anymore (he was a regular Bloomberg contributor and had his own blogsite).

https://marginalrevolution.com/marginalrevo...ving-china.html

Anyone know of anyone else based in China writing China stuff? Michael Pettis has gone quiet, Christopher Balding is exiting and Ross Garnuat's lad is back in Oz and not very active. sad.gif



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: nipper  
 
blacksheep
post Posted: Jul 17 2018, 03:39 PM
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Rick Mills view - The road to war: China vs the US - Part 1
http://aheadoftheherd.com/Newsletter/2018/...a-vs-the-US.pdf



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
triage
post Posted: Jul 5 2018, 08:04 AM
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Here we go. It is exactly what you would expect from Mahathir Mohamad, who as a young bloke fought off the ethnic chinese communists and set up the bumiputra system and the modern state of Malaysia. I wondered why the Malaysians were allowing the Chinese to move in and now we see the fightback from the old bloke.

It looks like he can cut back Chinese influence under the guise of corruption and waste, as it seems that the contracts let to the Chinese companies to build infrastructure have allowed lots of money to go missing. Might be where the ex-PM got some of his designer handbags from. But Mahathir is also making it clear that he wants to realign more with Japan and less with China (he also reckons the TPP needs to be renegotiated).

If the Malaysians conclusively show that the One Belt One Road initiative has been a trojan horse for Chinese companies to act corruptly then it becomes a much lessened vehicle for China's international ambitions.

https://asia.nikkei.com/Politics/Malaysia-i...ucture-projects

https://www.smh.com.au/world/asia/malaysia-...705-p4zpjq.html



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: mullokintyre  Pendragon  nipper  early birds  
 
 


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