1.WaPo: Communist China’s “Belt and Road” Project Built on Slavery
(HotAir) Australia and Communist China traded angry diplomatic barbs last week after foreign minister Marise Payne abruptly pulled out of four “Belt and Road” projects. That might have proven prescient, as a new report accuses Beijing of employing slave labor to build its infrastructure projects aimed to project economic and diplomatic power in the Eastern Hemisphere.
To be clear, Australia had other reasons in mind when Payne canceled these programs. It came as part of an escalating series of moves on both sides, which have accelerated since the beginning of the pandemic.. One can see why slave labor would be an important part of this plan. It keeps costs down and allows Communist China to put its capital to better uses. Even Communist China doesn’t have unlimited capital and revenue, after all, and the costs of parking military and security personnel in these outposts isn’t inconsiderable either.
Small wonder that Australia decided to disentangle itself from Communist China and the BRI. The real wonder is that other nations are getting tangled in the first place. Perhaps the first step in rolling back BRI would be to free the slaves building the projects — and to take that case to the World Trade Organization and the United Nations, if for no other reason than to establish a baseline for diplomatic pushback.
2.Communist Travel and Tourism Boom on the First Day of Labor Day Holiday
(Reuters) According to Communist China CCTV News reported on Sunday that the total number of Travelers by railway, water, road or air was 58.261 million, increased by 119.2% YOY on the first day of May during the Labor Day holiday, including 8.826 million railways passenger,36.65 million highways, 0.92 million waterways and 1.8735 million civil aviation passengers.The number of tourists in the ancient city of Dali in Yunnan exceeded 9,2,000, which is close to 80% of the maximum carrying capacity of the scenic spot.
Comments: The whole world may wonder why the CCP-Virus suddenly disappear in Communist China and people travel around freely.
3.The Total Macro Leverage Ratio Fell by 2.6 % in The First Quarter
(Securities Times) As the slowdown in debt growth and the reported significant YoY increase in GDP growth, the total leverage ratio as well as the leverage ratio of various sectors declined in the first quarter.The central bank released the latest policy research on May 1, showing that preliminary estimates Communist China country’s macro leverage ratio in the first quarter of 2021 is 276.8%, 2.6% lower than that of the end of last year.
In terms of sectors, the non-financial corporate sector leverage ratio was 160.3%, dropped by 0.9% YoY; the government sector leverage ratio was 44.5%, dropped by 1.3% YoY; the household sector leverage ratio was 72.1% decreased by 0.4% YoY.
It is reported that the steady recovery of the economy promoted a decline in macro leverage in the first quarter. The Communist China central bank stated that macro policy continuity and stability have been maintained, and the stabilization of the macro leverage ratio is not due to credit contraction. In addition, the leverage ratio structure of various industries is said to be also improving.
4.Five Financial Institutions Including Large Banks and Insurance Institution Were Fined 13 Million RMB
Four banks and one insurance institution received 17 tickets in the same day involving a total fine of 13 million RMB. The penalties included failing to monitor the use of personal consumption loan funds and failing to carry out agency sales in accordance with regulations.The branches of the Agricultural Bank of Communist China received the most fines, seven tickets with a total fine of 3.5 million RMB, and each branch was fined 500,000 RMB.
Communist China Construction Bank received 6 fines and was fined 1.4 million RMB in total. The penalties include the violation of the principle of prudent operation in the counter business, the failure to track and monitor personal loan funds, and the failure to carry out agency sales business in accordance with regulations.
Shanghai Pudong Development Bank was ordered to make corrections and fined a total of 7.6 million RMB for failing to carry out agency sales business as required from May 2016 to January 2019.Bank of Shanghai was ordered to make corrections for failing to disclose information in accordance with regulations and fined 300,000 RMB.
In addition, insurance agency received two of the 17 fines. According to the website of Communist China Banking and Insurance Regulatory Commission, the Shanghai branch of Communist China-America Metropolitan Life Insurance Co., Ltd. was fined 350,000 RMB for compiling false information from January 2019 to March 2020.
5.US GDP Will Exceed Its Pre-Pandemic Peak by The End of June
US gross domestic product is expected to grow at an annualized rate of 10.4% through the quarter that ends in June, according to the Federal Reserve Bank of Atlanta’s GDP Now model. Growth at that pace would place economic output at a new record high, surpassing the peak seen during the fourth quarter of 2019. The Federal Reserve cited the pace of vaccinations against CCP-Virus in the US as a factor in deciding to hold steady on its policies of continuing supports for the US economy. That includes “substantial further progress” toward its inflation and employment goals before stepping back from its monthly bond purchases.
Though some individual indicators have already surpassed their pre-pandemic levels and signal a strong recovery, GDP remains just below its previous peak. Following the first-quarter reading, GDP has retraced about 96% of its pandemic-era decline.
Economists outside the Fed also see growth accelerating through the current quarter. The consensus estimate from a survey of forecasters calls for annualized growth of just under 9% in the second quarter. The most bullish estimates see GDP expanding at a rate of more than 11%, while the least optimistic expect growth to land at about 6%.
By 【Financial Team – Apple】
News Collection: Totoro, Sharon G