<>China Stuff.

DURING the Chinese Communist Party's 100th year anniversary in July 2021, Xi Jinping reiterated China's "Common Prosperity" ideal in several speeches. Ushered by then Chairman Mao Zedong in 1953, “Common Prosperity” stated a goal to bolster social equality and economic equity. Easily, the political slogan meant collective ownership. In the 1970s, ensuing leader Deng Xiaoping modified it as collective entrepreneurial sense leading to open-door policy. But some could get rich before others. 

       Then 21st century strode in. China and the United States, or CCP chief Jiang Zemin and President Bill Clinton, signed a defining trade pact in 2000, which paved the way for Beijing to enter the World Trade Organization as MFN (most favored nation) the following year. And we know how stuff all went down following that year. China soared as the world’s #2 economy, behind the U.S. 

       And so under the leadership of Xi Jinping, Common Prosperity gained large-scale prominence, yet again redefined as more equal distribution of income, but also saying that it is not uniform egalitarianism. Egalitarianism is the doctrine that all people are equal and deserve equal rights and opportunities.    Clearly, Xi’s definition of the word is exclusively Chinese, which many of us outside the Great Wall are unable to fully comprehend. 🇨🇳🇨🇳🇨🇳

MEANWHILE, according to data from Forbes, the United States has the highest number of billionaires in the world with a total of 724 billionaires. This is followed by China with 698 billionaires and India with 237 billionaires. Although Statista and the Hurun Global Rich List 2023 say, China housed the highest number of billionaires worldwide in 2023. In detail, there were 969 billionaires living in China. By comparison, 691 billionaires resided in the United States. (Take note as well that China’s population is 4x larger than the U.S.) 

       And so in 2021 as The Dragon contemplated, Xi reminded the 1.4 billion Chinese that individual wealth has been "uncontrollable" in the last two decades, at least. But there must be a way to level some discrepancies somehow. 

       What followed: Alibaba, one of the world's largest retailers and e-commerce companies, donated $15.5 billion to the program. Another tech giant Tencent, doubled the money. Etc etcetera. Total donations by China’s 49 top philanthropists rose to a record $10 billion, while the top 10 gave away 6.3 percent of their combined wealth. Most of the money will go toward rural revitalization and helping grow earnings for low-income groups. And China’s ambitious Belt and Road Initiative. 

       By the way, China’s super-rich technology sector are private corporations. Most of major industries are state-owned. 🇨🇳🇨🇳🇨🇳

THE Belt and Road Initiative a.k.a. New Silk Road is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in more than 150 countries and international organizations. It is considered a centerpiece of Xi Jinping's foreign policy. 

       Hence, post-Covid, China eases up on its manufacturing mojo to focus on BRI investments globally and upgrade of countryside life, a continuum of "Four Modernizations" that Deng Xiaoping started in the 1970s. 

       The Four Modernizations were goals formally announced by China's first Premier Zhou Enlai to strengthen the fields of agriculture, industry, defense, and science and technology in China. The strategy was adopted as a means of rejuvenating China's economy in 1977, following the death of Mao, and later were among the defining features of Deng’s tenure as the paramount leader. In those years, China (quietly) bought tracts of lands in four corners of the globe. 

       Meantime, China has also loaned out (via its 4 state owned banks) $1.5 trillion in direct loans and trade credits to many countries in the past 10 years before Covid. These countries are unable to heed repayments due to the pandemic obvious and then the Ukraine War happened. (Remember as well that China holds $1+ trillion of US national debt as well.) 

       But China as China prepared for these. 🇨🇳🇨🇳🇨🇳

DESPITE China’s stature as #6 in oil production, it doesn't sell/export its oil, instead the Chinese buy as the world's #1 oil importer. No brainer. But a prolonged war isn't good for China as the shudder affects ongoing BRI projects and countryside development, as well as Beijing FDIs scattered all over the globe. What about the gargantuan loans? Debtors, mostly low income economies, wouldn’t be able to issue repayments.  

       Many say, the Chinese majority are poor, anyways. There’d be disagreements on the word "poverty" because we in America define it per our sociocultural experience. China is a different world although glimpses of Western lifestyle can be seen in some cities. 

       Yet the fact is, Chinese visitors are a major tourism moneymaker in many cities globally. And Chinese investors and business owners are all over, many as young as 17 year olds. But if we visit Chinese countryside, we'd see traditional life, which we may say "poor." That is more Han Buddhism/traditionalism than Chinese socialism. 

       But I can't dispute the fact that they are a lot happier than most Americans. Example: China ranks #3 as the country with the largest pet dog population but on festivities, fireworks are all for fun. No reason to get depressed, irate, or sad. Dogs out there enjoy the crazy noise and insane dragon dance fanfare. Need I say that the Chinese of 600 to 900 A.D. manufactured fireworks from saltpeter (potassium nitrate), charcoal, sulfur and other ingredients such as herbs? It was first known as “black powder.” Which the Western saw and turned into gunpowder. But that’d be another subject to discuss and blog. 🇨🇳🇨🇳🇨🇳