Editor: Justice After All （正义之师）
Starting in 2018, the comprehensive trade war between China and the United States has dealt a heavy blow to the Chinese economy. In early 2020, China and the United States signed the first phase of the trade agreement, which seems to provide the CCP with a breathing opportunity. Then came COVID-19. According to a conservative estimate by the CCP, its GDP fell by 6.8% in the first quarter. Actual data may be even more harsh. In his press conference, Li Keqiang accidentally revealed that China’s 600 million people still have a monthly income of only 1,000 yuan (it barely covers the monthly rent in a small city).
At the same time, the “Hong Kong National Security Law” unilaterally enforced by CCP brutally violated the promise of the “Sino-British Joint Declaration”. The European Countries and America jointly imposed sanctions on the CCP, including the cancellation of the Hong Kong Free Trade Area and the technical blockade of CCP enterprises. This even worsened the CCP’s economic situation. At the same time, the CCP’s cancellation of US soybean and beef imports violated the trade agreement recently signed. The Chinese Communist Party will be subject to more strict sanctions.
In the circumstance of such internal and external pressures, the Chinese Communist Party has proposed a street vending economic strategy, advocating that people should go to the streets to set up roadside vending, in the hope of reversing the decline of the economy. The city inspectors were instructed to not confiscate the vending as their job description dictates, but ironically they were the ones to call people to set up stands on the roads this time. There were even reports that each city inspector was assigned a quota to fulfill for promoting street vending.
However, can street vending reduce the unemployment rate from its root cause? The fact is that many people are still unemployed. The relationship of supply and demand has not been changed. Some became homeless because of unemployment, and in the very limited job openings, there are thousands of people competing for one job. Many people are willing to be underemployed, even if the salary is very low and the working condition is terrible while they are significantly overqualified. This also shows that the current employment situation is not showing any sign of relief.
On the contrary, in the United States, where the economy took a big hit as well, the foundation of its economy remains strong and healthy. The number of new payroll in May exceeded expectations +2.509 million vs. -7.5 million expected, the highest in history, and Nasdaq also recovered its March declination and reached a new high. In addition US is back in space game by sending astronauts from American soil for the first time in almost 10 years. By comparing the countries with the most severe epidemics and the countries where the CCP claimed the best control of the epidemic, the United States dealt with the crisis successfully and the economy is back on track. On the contrary, the CCP has fallen into a quagmire. While hoping to restore economy, extreme measures may bring more problems instead of solutions.
Ironically, on May 27th NASA and spaceX jointly launched a manned spacecraft and it was broadcasted live in China as well. Many netizens in China felt bitter about the achievement US has accomplished by leaving comments as “Come on China”. The CCP’s brainwashing education has been deeply entrenched, and many people have no concept of the right and wrong. It’s like returning to feudal society with a time machine. People live in ignorance and complacency, and are moving away from advancing technology.
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China asks state firms to halt purchases of U.S. soybeans, pork, sources say