Oh, my fucking god, but at what cost?!
There's nothing for people to spend on, in China, therefore they save! /s
this post was submitted on 14 Mar 2024
32 points (97.1% liked)
China
2032 readers
27 users here now
Discuss anything related to China.
Community Rules:
0: Taiwan, Xizang (Tibet), Xinjiang, and Hong Kong are all part of China.
1: Don't go off topic.
2: Be Comradely.
3: Don't spread misinformation or bigotry.
讨论中国的地方。
社区规则：
零、台湾、西藏、新疆、和香港都是中国的一部分。
一、不要跑题。
二、友善对待同志。
三、不要传播谣言或偏执思想。
founded 4 years ago
MODERATORS
Here's a hilarious cope from Financial Times arguing that Chinese have "excess savings", portraying China as a fat hog in the banner pic is really just a cherry on top
When consumers save, the economy stops! With less profitability on the table, market agents HAVE to disinvest, layoff workers, etc.
Why can't workers realise they're bringing doom upon themselves for being so selfish!?
China is due for a major crysis! It probably won't sustain itself after this quarter. /s
I'm sad I can articulate this nonsense, but can't refute it. I know it's nonsense, but explaining why/how is just so hard.
In essence, the notion that having savings is undesirable stems from the neoliberal economic ideology prevalent in Western countries, where financial capitalists seek to maximize profits by any means necessary. This includes creating unemployment and inducing debt among workers to force them to spend their savings. Conversely, in China, where the working class holds greater power, such manipulative tactics are not tolerated, and people's savings remain respected and valued.
The comments on that article are cringe inducing
This is because Xi keeps everyone's bank cards in his comically large wallet, and doesn't let anyone spend.
Half-formed thought this brought me: didn't a fair amount of 20th century growth be fueled by a lot of workers having access to savings accounts and banks lending that money?
Absolutely, people having savings also means they're in a much better position to weather any economic downturns making the economy more stable.