The Wall Street Journal is worrying about China: Does China’s Property Bust Make a Financial Crisis Inevitable? [by Nathaniel Taplin, September 30, 2023].
The sub headline summarizes the story well:
Perhaps not—if Beijing plays its cards right. But serious damage to the nation’s prospects is still likely.
Globally, property bubbles have a long history of causing debilitating financial crises. Steve Sailer astutely discussed the American 2008 example in America’s Minority Mortgage Meltdown /Diversity Recession: The Smoking Gun?
What I found valuable in this article was a forthright statement in the comment thread:
Any individual or firm that engages with China is a fool and fully deserving of what they get. I worked with the Chinese and Chinese SOE for well over two decades, and I can tell you that my experience is that they are not to be trusted in any manner. Full stop!
In my experience they will break the letter and spirit of agreements, and will suck every ounce out of Western firms that they can.
There is only one solution, full and complete disengagement, and containment in all aspects, including economic, trade, military, technology, education, travel etc.
They are in my opinion, our existential enemy, and bent on our destruction by any and all means.
My observation is that just about everyone who does business with the Chinese develops similar views.
And Social Science has done some work documenting this issue—see the astonishing chart of civic honesty by country in Kirkegaard Shows The Chinese Outliers In Dishonesty—U.S. Relationship, Immigration Policy Must Be Reassessed.
As the Biden corruption scandal unfolds, and in the light of McConnell’s ludicrous recent comments on the Ukraine mess I increasingly think Peter Schweizer’s book Red-Handed: How American Elites Get Rich Helping China Win is absolutely imperative reading.