Hacker News Reader

Comment by rvz | Hacker News Reader

This is probably the reason why Gen Z is turning towards China and will eventually come out on top if a economic collapse in the west were to happen.

View on HN

Within a few years Xi coined this phrase, China began having a massive real estate sector problem due in large part to speculation: https://en.wikipedia.org/wiki/Chinese_property_sector_crisis... . Part of this speculation (which the article I cite talks about) was due to private Chinese organizations, but it's also in part due to the Chinese government's decisions to overbuild in order to drive urbanization (https://en.wikipedia.org/wiki/Underoccupied_developments_in_...).

The intentions of a government aren't enough. You need feedback systems. China doesn't have effective feedback systems, because the CCP actively destroys them. No one is "turning towards China" - they have negative net migration since 1968 (https://data.worldbank.org/indicator/SM.POP.NETM?locations=C...).

So the Chinese government making retirement unaffordable, making it impossible to invest in equities, under funding pensions, and then attacking the last thing people can invest in for retirement savings is what won Gen Z?

You're so conditioned against socialism that the only life plans you will consider are gambling your life's savings on a speculative asset, or working until you die. Not every country is constrained to these 2 options. Many of them would love for you to visit.

You'll note that I specified that China has no real broad pension system that can fund people in retirement and instead leans on the cultural norm of children taking care of their parents in old age. The (socialist) one child policy made this mathematically infeasible as 2 working adults now need to care for a child and 4 parents. The solution that Chinese people cleverly devised was to invest often at the behest of local party officials in property development, which aided in rural Chinese moving to cities, another CCP socialist policy. Then XI does a giant rug pull and attacks peoples' property/retirement savings.

Maybe look at the actual facts before trying to tun this into some dumb socialism vs not socialism argument.

that would be funny considering China is closer to economic collapse than west considering their zero inflation or salary growth for years and raising youth unemployment, I visited after 9 years since I moved away, salaries and prices in restaurants are pretty much same as 9 years ago, so much for growth, they are going for Japanese way...

Reply on news.ycombinator.com