Shanghai's Silent Uprising? CCP Targets 10 Trillion Yuan In Housing Pension Scam?

House retirement fund causes trouble? Massive walk protests stun Shanghai streets. Influencer who urinated and graffitied Yasukuni Shrine arrested in Hangzhou for extortion. Wage delays hit many organizations in China. Citizens focus on survival. Can Xi Jinping's death or removal reverse China's economic decline? China's cemetery sales plummet. Funeral industry's top stock faces financial crisis. Chinese embassy in France boldly reposts full article criticizing the US, revives wolf warrior posture. It's all covered in today's China Truths. House retirement fund causes trouble? Massive walk protests stun Shanghai streets. On August 23, 2024, the Chinese Communist Party announced plans to explore a housing pension system aimed at creating a long-term mechanism for managing housing safety throughout its life cycle, with pilot programs launched in 22 cities, including Shanghai. Soon after, reports surfaced online showing large groups of Shanghai residents participating in a collective walk, which some described as a protest. A video posted by the Xplatform account Overseas Leaks on August 27 showed residents taking to the streets after Shanghai was named a pilot city for the housing pension system. The video claims the CCP government responded by cutting off the internet and blocking information to maintain control, with the commentary noting, the people of Shanghai still have some fighting spirit. The footage depicts crowds on Nanjing Road pedestrian street in Shanghai, with a steady stream of residents walking and police officers on alert. However, the timing, location, and specifics of the video remain unverified, and there has been no official response from Chinese authorities. Netizens have commented on the situation, with one stating, protests are not allowed, but there's no law against a collective walk, right? No banners, no slogans, but everyone knows what it's really about, innovative thinking from the people of Shanghai. Another said, the rogue's evil fears the iron tide of humanity the most, the people of Shanghai are truly formidable. If the Chinese had this kind of spirit, they would have changed the world long ago. Accompanied by this, outrage quickly spread online after the CCP's announcement of the pilot housing pension policy. This prompted authorities to clarify that the housing pension is not a property tax and does not require public payment. The Shanghai rumored dispelling platform on WeChat also denied these claims, citing the Shanghai Municipal Housing and Urban Rural Development Committee and the Experts expose the scam. American economist David Huang argues that the housing pension fund mirrors the social security system, funded partly by public accounts and partly by individuals. He finds the claim that no personal money is required unconvincing, likening it to the social security pension, where government promises of care have proven unreliable. Huang explains that whether from developers or land transfer fees, will ultimately burden consumers. He also raises concerns about potential misuse of residential maintenance funds. He stated, in the past, much of the housing maintenance fund was either misappropriated or became insufficient for current needs. Personal accounts will inevitably fall short, forcing people to pay more, today a few hundred, tomorrow a few thousand. By 2040, nearly 80 percent of homes in China are expected to be classified as old communities with structural and safety concerns, according to the Ministry of Housing and Urban Rural Development. U.S.-based economist Li Hengqing believes the CCP is using housing maintenance as a pretext to control funds rather than for repairs. He questions where the previously collected funds have gone, calling for transparency. Li further challenges claims that funds come from land sales or savings from investments, arguing these funds have likely been depleted or misused, increasing pressure on citizens. The self-media platform Laoman Channel estimates the CCP's push for a housing pension fund revolves around two sums of 5 trillion yuan each, or approximately 701.38 billion U.S. dollars, one being the accumulated maintenance funds from commercial housing owners, and the other being the 5 trillion yuan expected from self-built housing owners. Combined, these 10 trillion yuan, about $1.4 trillion USD, represent a substantial financial incentive for the CCP. Influencer who urinated and graffitied Yasukuni Shrine arrested in Hangzhou for extortion. Chinese internet celebrity Tai Tu, whose real name is Dong Guangming, has been making headlines since May 31, 2024, when he urinated and graffitied in front of Japan's Yasukuni Shrine, boldly declaring that he would never regret his actions as revenge against Japan. Now, he has been arrested by the Binjiang branch of the Hangzhou Public Security Bureau in Zhejiang province on suspicion of extortion. Authorities have seized items linked to the alleged crime, including three iPhones, 59 supermarket gift cards worth 100 yuan each, about $14.03, and a hard drive, confirming that Tai Tu is currently in custody. The arrest was confirmed after a seizure notice from the Binjiang branch circulated widely online. Though the name of the detained individual was partially blurred, leaving only the character Dong, details such as the birth date and address matched those of Dong Guangming, known by his online alias Tai Tu. Dong's notoriety began to rise in March 2023, when he started posting short videos exposing scams, targeting fraudulent activities at the seafood market in Hainan, the jade with gold lottery scam, and schemes involving health products for the elderly. These videos quickly garnered him millions of followers. By August, Dong made further waves by accusing China's education giant, New Oriental, of conducting unauthorized classes and alleging that its Lidstream shopping platform, Oriental Select, sold counterfeit goods. This triggered a heated online confrontation with New Oriental, drawing widespread attention and controversy. His criminal past, including convictions for running an illegal casino and unlawful detention, also came to light, details he did not deny. In January of this year, Dong faced more backlash when he openly discussed his involvement in illicit activities during a live broadcast, leading to public outrage and calls for a boycott. As a result, his accounts on platforms such as Douyin, Kuaishou, and Weibo were banned by February. Dong continued to provoke controversy on May 31, when he and another Chinese national, Jian Zhujuan, filmed themselves urinating on a stone pillar inscribed with Yasukuni Shrine in Tokyo, Japan, and spraying the word toilet in red paint. He taunted the Japanese government on camera, stating, when the Japanese government allows the discharge of wastewater, nuclear-treated water, should we do nothing? No, I'll make sure they see something from us. The video quickly went viral on Chinese social media, sparking fierce debate and polarizing public opinion. Following the incident, Dong fled Japan for China in the early hours of June 1, evading arrest by Japanese authorities. He released another video declaring his victory and insisting he would not surrender. Meanwhile, Jian Zhujuan was apprehended by Japanese police and has since been charged. Dong's actions outraged many in Japan, with some offering a ¥10 million – about $69,200 – reward for his capture. Despite his defiant stance, Chinese police took action. Just over two months later, news of his arrest broke. The Criminal Investigation Brigade of the Binjiang Public Security Bureau confirmed they were handling the investigation but withheld further details. A representative from the Binjiang District People's Procuratorate stated that Tai Tu is suspected of extortion but did not provide additional information about the case. It has also been revealed that last year, netizens reported Tai Tu's previous convictions for operating an illegal casino and unlawful detention. Wage delays hit many organizations in China. Citizens focus on survival. Wage cuts and layoffs have been ongoing for some time, but now, many organizations can no longer pay their employees at all. Complaints across social media echo a common frustration. No wages, workloads keep increasing, and we're exhausted every day. Even provincial TV stations and community grid workers report not receiving their salaries. One observer noted, the job market is bleak this year, and many organizations simply can't pay wages. It's no longer just about don't quit lightly. Whether you resign or not, your company might go bankrupt. A growing number of independent media outlets are highlighting the issue. Numerous reports suggest that many organizations in China have stopped paying wages. Some workers have gone three or four months without pay, some business owners have fled, and even some civil servants with secure jobs have resigned, unable to cope any longer. One article cited official data showing that in the first half of this year, there were 1,077 collective wage disputes nationwide, involving over 100,000 people, the highest in five years. Despite the likelihood of unpaid work, these articles consistently advise readers against quitting their jobs hastily, warning that finding new employment is difficult. The prevailing message is, endure it, staying alive is what matters. Severe unemployment and unstable incomes are accelerating the housing market collapse. Even properties in first-tier cities are now being sold at rock-bottom prices. An online article commented, news of drastic house price cuts is no longer surprising and has almost become the norm. Initially, people were shocked. But when survival becomes more important than profit, it's easy to see why some developers are slashing prices. Right now, maintaining enough cash flow to survive is more important than making money. The article concluded that these rapid changes have caught many off guard. Some have seen the value of homes purchased two or three years ago drop by 30% to 40% or more, leaving many unable to cope. But China's property market has entered a new cycle, and this downturn will not end quickly. The article urges people to adjust their expectations, manage their cash flow carefully, and avoid becoming passive victims. In other words, the author believes that property prices will continue to fall, and survival is more important. If a house needs to be sold, it should be sold. Can Xi Jinping's death or removal reverse China's economic decline? China's economy is struggling to recover after more than three years of strict pandemic lockdowns. Foreign investment is pulling out, the real estate market is weak, the stock market is in freefall, companies are closing down in large numbers, unemployment remains high, and export demand is sluggish. In light of this sharp downturn, commentator Toronto Big Face recently analyzed whether China could reverse this decline on his YouTube program. In recent times, rumors of Xi Jinping being under house arrest or dead have circulated frequently on X, mostly from well-known users. While these claims lack evidence and are largely unreliable, they reflect the deep frustration many feel with the current economic situation in China, hoping for Xi's death or removal as a solution. China currently faces unprecedented economic difficulties. Many who had hoped to run or leave China find themselves without options and have lost faith in democratization. Now, they look to change within the CCP. Some believe Xi Jinping's removal could save China's economy. But would it? To answer this, we must look at the core issues driving China's current economic problems. China's economy is characterized by a simple fact no one is making money. Ordinary citizens, businesses, and even major investors struggle to turn a profit. For decades, China offered a relatively favorable environment where capital could easily generate returns through business or real estate. But today, even those with money find it hard to find safe investment opportunities. The investment environment is bleak. Real estate, stocks, mutual funds, and financial products all fail to deliver stable returns. Even major investors find themselves stuck, resorting to buying government bonds, as other avenues like the stock market or startups offer little chance of profitability. Before Xi, China attracted significant investment with its cheap labor, large population, and favorable export policies. However, Xi's policies, particularly his aggressive wolf-warrior diplomacy, have strained relations with many countries, leading to higher tariffs that increase manufacturing costs and diminish China's competitive edge. Under Xi, state control over the economy has also intensified. While his anti-corruption campaigns had some impact at the local level, corruption among senior officials remains rampant. The push for state advances, private retreats has expanded state-owned enterprises' control over the economy, reducing market vitality and limiting opportunities for private capital. Frequent and unpredictable policy changes, such as crackdowns on education and training or restrictions on live streaming, have further eroded confidence in the capital markets, creating enormous uncertainty for investors. If Xi Jinping were to step down or die tomorrow, and his successor reversed Xi's policies, would China's economy improve? Easing international tensions and abandoning aggressive diplomacy could help restore China's export advantages, aiding manufacturing recovery. Relaxing state control and allowing more private enterprise could also unlock growth, bringing vitality back to sectors like film and culture. However, these steps alone may not fully resolve the economic crisis. While Xi's removal could boost confidence, China still faces deep structural challenges that require extensive political and economic reforms. Political reform, essential for lasting recovery. Even if Xi Jinping steps down, the underlying problems remain. China needs political reforms to reduce systemic inefficiencies, tackle corruption, and ensure leaders like Xi do not emerge again. It must also find new growth drivers beyond cheap labor and exports, fostering innovation and industrial upgrades. In short, while Xi's departure might boost confidence temporarily, real economic recovery will require deeper reforms and systemic innovation. Only then can China move beyond its current economic difficulties and achieve long-term stability and growth. China's Cemetery Sales Plummet, Funeral Industry's Top Stock Faces Financial Crisis. China's economic downturn now reaches the funeral industry, as evidenced by This leading funeral service provider reported a substantial 27.8% revenue drop for the first half of 2024, amounting to $154.3 million, compared to the previous year's $213.9 million. The most significant declines were seen in cemetery services and funeral operations, with revenue falling by 29.5% and 17.9%, respectively. In the wake of this report, Foshun shares took a sharp 15% hit on August 26. Established in 1994 and listed on the Hong Kong Stock Exchange since 2013, the company's financial woes are largely attributed to decreased sales of cemetery plots and services. Notably, revenue in Shanghai, its main market, plummeted by $28 million to $74.3 million, accounting for nearly half of its total revenue drop. Analysts point to a high base effect from a post-pandemic surge in 2023 and tighter consumer spending amid economic uncertainties as primary factors. Shi Huiying, an instructor at Sina Investment Academy, suggests a broader trend of consumption downgrade is influencing not just Foshun but luxury and high-end markets nationwide. This shift is intensified by falling housing prices, layoffs, and salary cuts across key sectors, notably reducing the pool of wealthy consumers. The impact is stark. Cemetery plot sales declined from nearly 10,000 in the first half of last year to just 6,704 this year, slashing revenue by about $42 million. Despite traditionally high profit margins, the funeral sector, like real estate and luxury goods, faces challenging times as economic pressures mount and consumer behavior shifts. Chinese embassy in France boldly reposts full article criticizing the U.S., revives Wolf Warrior posture. Amidst U.S. National Security Advisor Jake Sullivan's visit to China, the Chinese embassy in France took a notable action on the They prominently pinned and reposted an article critical of the United States, accusing it of data falsification and nonfarm payroll figures and of launching a financial war. The embassy also notably altered the article's title to U.S. Data Falsification. This article, originally titled The U.S. Substantially Revises Employment Data, falsifies by 50% over the past year by mainland financial blogger Yuan Fangqingmu, was first published on their WeChat public account on August 24. It drew on data from the U.S. Department of Labor, which covered nonfarm payrolls from the previous August to March of the same year, comparing these figures with market expectations and previous numbers, highlighting that the data significantly exceeded both. The author further questioned the feasibility of the United States achieving employment and economic gains without lowering interest rates, using this point to scrutinize typical economic measures such as the Federal Reserve's rate hikes, U.S. inflation trends, and the strategic rate cuts aimed at stimulating the market and boosting employment. On August 21, the article referenced revised data from the U.S. Bureau of Labor Statistics which showed a reduction of 818,000 new jobs added from April 2023 to March 2024, leading the author to accuse the U.S. of blatant data falsification because the data previously announced greatly exceeded the margin of statistical error. Moreover, the article alleged that the portrayal of a thriving U.S. economy under high interest rates was a facade, orchestrated through data manipulation by the U.S. Bureau of Labor Statistics. It accused the United States of deliberately raising the benchmark interest rate to 5% in July 2023, aiming to disrupt the economies of certain countries, notably China, which uniquely did not align with U.S. rate hikes and instead opted for a rate cut against the global trend. The piece argued that the U.S. would not lower rates until achieving its goal of collapsing these economies, suggesting that the rate hikes over the past year were politically rather than economically motivated. The blogger also contended that since the U.S. does not dare to fight a hot war and hasn't won the trade war, it resorted to frantically raising U.S. dollar interest rates and launching a financial war by manipulating U.S. dollar liquidity extensively to destabilize other nations' economies. However, despite a year of intensive efforts, the U.S. has not managed to significantly impact the economies of China, Russia, or even several smaller Asian countries. In conclusion, the article mockingly stated that the United States retains hegemony in only one domain—statistics. According to World Journal, despite a disclaimer at the bottom of the reposted article asserting that it does not represent the views of the embassy, the Chinese embassy in France's decision to modify the title to U.S. data falsification while reposting the full text indicates a notable endorsement of the article's perspective. Chinese Ambassador to France, Liu Xie, renowned for his wolf-warrior rhetoric, has frequently sparked controversy with his bold statements. World Journal speculates that this provocative action of reposting a satirical article criticizing the U.S. may incite a renewed backlash from pro-U.S. factions. Don't forget to leave a comment in the section below to share your opinions on today's topic with us. Make sure to like and subscribe to see more interesting topics from China Truths.