China's Job Crisis Peaks? Local Governments Are Drowning in Debt; The Ship Is Sinking!

China's unemployment rate reaches new Peak recruitment app temporarily crashes recording pen found under chair during lawyer's visit to client in habay detention center Mainland lawyer Chinese Society regresses under ccp's harmful system Alibaba discloses State ownership holding golden shares in more than 12 business units us launches unpr ented probe into National Security risks posed by Chinese cars it's all covered in today's China truths China's unemployment rate reaches new Peak recruitment app temporarily crashes on February 28th xaing recruitment one of the leading online recruitment Platforms in China stated that it was overloaded and crashed briefly because of the unprecedented traffic that same day numerous users reported issues accessing the xaing recruitment app with a notification stating the system is busy please try again later this quickly became a trending topic on weebo with people suggesting this means China's unemployment rate has reached a new Peak a lot of folks online made light of the situation with comments like are so many people looking for jobs is it the kids who didn't make it into grad school now job hunting or those who quit their jobs before or the new year starting to look or someone said I'm out of Dreams at this point but hey got to keep on living also on that day too many postgraduates not enough dorms was another Hot Topic on webo underscoring the severe unemployment issue in China there were numerous Reports online that following the Chinese New Year holiday a sudden surge in layoffs and business shutdowns hit companies across the mainland many people shared that they were laid off or found out about their company closing down and the bosses absconding on their first day back at work after the holidays on September 15th of the previous year the boss direct hiring system also experienced a temporary breakdown someone claiming to be guong from boss direct hiring mentioned online that at 10:15 and 26 seconds a.m. on September 15th the platform had over 47 million people online at once leading to server overload and ongoing maintenance the revelation quickly went viral that evening boss direct hiring addressed the rumors confirming the server crash was real but the reported Figures were inaccurate according to reports from Mainland media this was the third time boss direct hiring crashed in 20123 with previous incidents on May 24th and July 6th recording pen found under chair during lawyer visit to client in Hab Detention Center on February 2 8th in a startling incident at a h Detention Center a recording pen fell from beneath a chair during a meeting between two attorneys and their client sparking outrage across China's legal community in detail attorney XU shouting revealed on weebo that during a February 28th visit to the Hang haa City Detention Center in H with attorney Leo bong to see hu Yen Nan a client involved in a contract fraud case mid- meeting a recording pen dropped from underneath the chair who was sitting on flashing as it hit the floor upon inspection they realized it was actively recording their entire conversation Chu also shared that who had been facing ongoing harassment while detained with police ominously stating that every move of who and her attorneys was under constant surveillance Chu also disclosed that the case involved more than 380 million Yuan about 52.8 million us the cord and Sano cay was neither the crime scene Court nor the defendant's home court but merely the court of the victim's local both the defendant and her attorneys objected to the jurisdiction at the sanjo intermediate Court arguing that the sanjo police lacked jurisdiction and were using criminal means to intervene in economic disputes protecting local businesses and calling for a jurisdiction change the incident sparked intense reactions among the legal community on the mainland with numerous attorneys uploading articles or videos to express their criticism and denounce the police's overtly unlawful Behavior a weebo user critiqued in a video that the situation was egregious outright violating the explicit regulations of the criminal procedure law and the lawyer's law on the non-s surveillance of attorney client meetings this incident is of nuclear proportions within the legal field and if not properly addressed it threatens to destabilize the legal profession's very Foundation plainly speaking the laws are clear article 39 of the criminal procedure law and article 33 of the lawyer law explicitly protect attorney client meetings from any form of eavesdropping this principle is so fundamental anyone in the justice system should know it by heart the core of the matter is the trust and confidentiality between clients and their lawyers if every word can be overheard by investigators how can clients feel secure enough to speak openly how can lawyers provide candid effective counsel if they're constantly looking over their shoulders the essence of a fair defense is at risk highlighting a critical flaw in the system that if unaddressed could undermine the effectiveness and Trust in legal defenses altogether comments on weeo blasted the situation as complete lawlessness by February 29th a reporter from ND television found that attorney shoe shoutings related webo posts had been scrubbed and access to other lawyer 's commentary on the matter was blocked back on December 11th 2017 the ccp's ministry of Justice rolled out regulations insisting that police weren't allowed to spy on meetings between defense lawyers and those in detention at that time a lot of folks in the legal Community called it out as just another CCP ploy to fool people for ages the CCP has been rolling out laws that sound great on paper tricking both Folks at home and abroad while its law enforce M prosecutorial and judicial arms blatantly ignore these so-called laws misusing their power this was especially clear after the 709 lawyer Crackdown in 2015 which sent shock waves around the world and peel back the curtain on what the ccp's version of rule of law really looks like the 709 Crackdown refers to a widespread campaign of arrests that began on July 9th 2015 targeting lawyers legal assistants and human rights activists across China this operation marked an unprecedented effort by the Chinese Communist party to clamp down on the legal activism and human rights advocacy that had been growing within the country the date 709 comes from the month and day when the Crackdown began July 9th Mainland lawyer Chinese Society regresses under ccp's harmful system China's legal and economic landscape has recently taken a hit not just from covid-19 but from inherent flaws in the ccp's governance this downturn is marked by judicial backlighting and economic challenges on February 27th the Supreme People's Court launched the People's Court case database a significant pivot from the previous practice of freely sharing judicial decisions online now rather than providing comprehensive access to over a 100 million documents they handpicking just a few thousand cases for display signaling a major shift in transparency lawyer woo from mainland China told Epic Times that this is indicative of a broader regression erasing the strides made in reform the removal of the Judgment document website which aimed to democratize access to court rulings stands as a key example of this backslide for example entrepreneurs like mayii and guo face their own bowels struggling for eight years to get paid for government projects only to be detained under under dubious charges of picking quarrels and provoking trouble before her more than 10 individuals including her lawyers and legal assistants were detained on similar charges accused of sharing DB and litigation information on social media platforms like weebo and Tik Tock woo explained that the official line is that she was stirring up trouble online which is just an excuse It's a distortion of legal and judicial principles back in 2013 and 2014 lawyers sharing information about their cases online even talking to International media wasn't a problem but then the ministry of Justice cracked down on lawyers sharing trial details and the national Lawyers Association banned case hype woo believes This legal backslide is hitting the economy hard during the pandemic local governments boldly imposed lockdowns without legal backing enforcing strict and unfounded restrictions reminiscent of the culture revolutions tactics signifying a surge in governmental power the situation in guo where Financial commitments to government projects led to detention erode societal trust and economic Vitality the fear of unwarranted legal action stifles domestic and foreign investment as the risk of Engagement becomes too high the government's Financial wo and the reluctance of private Capital to invest compound these issues suggesting a grim outlook for economic and legal Integrity in China as private Capital withdraws hoping to minimize involvement the future of entrepreneurial engagement and economic Innovation hangs in the balance local governments are drowning in debt and the ship will eventually sink the case in guo highlights the dire state of local finances bogged down by debt court documents reveal billions in confirmed debts with businesses estimating even more owed totaling around 220 million Yuan about $3.57 million us before Mai's arrest The Local Government tried to settle all debts with just 12 million Yuan about $1.67 million us and offer she and her lawyers flatly rejected this incident points to the broader issue lawyer woo pointed out guo's just one example where local coffers are empty spendings out of control and debts through the roof making it one of the the first to face a financial meltdown Kun Mings in a similar boat guango might be slightly better but it's on the same path lower tax and land revenues mean it's bound to face the same fate including the real estate sector there's a misconception that big cities can survive due to high property prices and that price drops will hit smaller cities first but when the ship sinks it starts from the bottom eventually the whole structure goes down some places are managing for now but with China's economy taking hits they're all headed downward wo pointed out key differences between China's economic challenges and Japan's L decades while Japan's Advanced economy and high welfare system cushioned the blow of its economic stagnation China with its gaps in health care and social welfare is hit much harder Japan saw some benefits from investing in infrastructure through debt something China's extensive infrastructure efforts can't replicate now for additional economic boosts moreover Japan's robust export-driven manufacturing sector contrasts sharply with China's which is struggling particularly in the low-end market and after pulling away from International Trade this sets China's economic predicament apart making it a unique and worrying scenario wo expressed deep concern over China's ongoing economic decline he also attributes China's economic downturn to systemic and political causes past slow reforms had issues but consumed a lot of energy for a long time now political shifts are rapidly reversing progress the last decades political backslide turning away from reform and opening up to return to isolation spells major trouble for China's economy and Society Alibaba discloses State ownership holding golden shares in more than 12 business units over the weekend Alibaba revealed in filings in the United States and Hong Kong that Chinese state-owned Enterprises s soes and foreign Sovereign wealth funds own parts of its stakes in over a dozen entities this disclosure prompted by an inquiry from the US Securities and Exchange Commission sheds light on the broader control the Chinese Communist Regime exerts over Alibaba particularly through golden shares that allow the regime's significant influence over this and other private Chinese tech companies the filings show that s soes hold shares in six of alibaba's direct sales businesses contributing to less than 6% of alibaba's total revenue for the fiscal year ending march 2023 most of these Holdings are minor with five entities having less than a 10% share and one with less than 30% these Stakes extend to alibaba's ventures in sports Health Logistics and local consumer services though the specific entities weren't named in the filings this move comes as Chinese Communist party leader Xi Jinping emphasizes the need for centralized control over scientific and technological development hinting at a continued tightening grip on Chinese Tech firms the spotlight on Golden shares reveals beijing's strategy to wield control over leading private tech companies like Alibaba and tenens Cent this approach adopted in 2023 allows the government through state-backed enti ities to hold about 1% of a firm's shares this stake though seemingly minimal grants the CCP power to nominate directors and influence crucial decisions marking a new form of joint State private ownership this method Echoes The Joint State private ownership system initiated in 1956 aimed at nationalizing private Industries however today's strategy as described by Taiwanese macroeconomist Henry Woo is suler it doesn't involve direct s soe involvement in various Fields but rather a strategic holding of golden shares in private Enterprises allowing for indirect control by Beijing Wu notes that while the full impact of this approach remains to be seen it's likely to dampen private Enterprises enthusiasm for Innovation and investment the side effects he warns could be detrial to the Vitality of China's private sector wangchen of the chungua institution for e OMC research in Taiwan echoed these concerns suggesting that beijing's increased control via Golden stocks raises alarms among foreign and private businesses about the Chinese Market's future this tightening control May spur greater apprehension and re-evaluation of investment strategies by International and domestic private Enterprises alike dance with shackles on Jack Ma has been targeted and his businesses have faced pressure the past few years his experience has has become the epitome of the fate of Chinese private entrepreneurs According To Wong gwitchen private entrepreneurs like Jack ma are now working while wearing shackles transfusing blood for the party in state he said they probably won't have much control over business decisions in the future they must comply with the decisions of the CCP but it's not just private Enterprises like the People's Bank of China the first thing in its work report this year is to oby the party's command so it's not just private Enterprises where shackles and even state-owned Enterprises where shackles and government agencies also do things with shackles on Mr Woo pointed out that because Jack Ma has to consider his family in China if he were to run away Beijing would threaten him using his family's safety he believes Jack ma is mainly just cooperating with Beijing to put on a show Xi Jinping is now using Jack Ma and Alibaba as examples to show show his Iron Fist to others from now on China's private entrepreneurs will run if they can and lie flat doing nothing as a passive way of resistance if they can't us launches unprecedented probe into National Security risks posed by Chinese cars last Thursday February 22nd the White House declared an investigation into the National Security risks posed by importing Chinese automobiles spotlighting concerns over the advanced technology and connected Vehicles this step is part of a broader initiative to preemptively address potential threats the administration highlighted that these state-of-the-art vehicles are intricately linked to our smartphones GPS systems crucial National infrastructure and even the companies that manufacture them the probe by the Commerce department is fueled by worries that Chinese manufactured Vehicles could be harvesting a wide array of personal and critical data from from Americans and funneling it directly to the Chinese government President Biden firmly stated I'm not prepared to let China's strategies lead to their vehicles dominating our Market posing a national security risk under my Administration officials were cautious about forecasting any specific actions but acknowledged the substantial legal Authority at the US government's disposal hinting at significant potential impacts Biden has pledged to safeguard Auto industry jobs and ensure the welfare of middleclass families reliant on the sector he assured through this initiative and others we're committed to ensuring that the future of our Auto industry is forged by American workers on American soil describing the investigation as unprecedented Biden emphasized its aim to protect us roads from vehicles from China and similarly flagged countries potentially jeopardizing National Security he has directed the Commerce Department to tackle these risks headon the inquiry also covers the possibility of these vehicles being manipulated remotely or disabled with a particular focus on autonomous vehicles the Chinese Embassy in Washington has retorted to the Biden administration's move for new trade barriers against China calling for an end to the exaggerated claims of a Chinese threat a bipartisan group of us lawmakers had previously raised alarms in November as reported by reiters about the risks of Chinese firms Gathering and processing sens postive data during autonomous vehicle testing in the states the Commerce department is set to gather input on the potential dangers posed by Chinese connected cars over the next 60 days before possibly formulating regulations to mitigate these concerns additionally this week's announcement requested manufacturers to disclose details about the software licensing of vehicles assembled in the US underscoring the need to understand the extent of data capture and remote manipulation capabilities of connected vehicles let us know your thoughts on today's topic by leaving a comment below if you found this video helpful please share it with a friend it inspires us to continue creating more quality and reliable content don't forget to like And subscribe for more interesting insights from China truths thanks for tuning in