itrulyknowchina

The saying that Sesame Credit is evidence of China's state-promoted social credit scoring just took wrong angle of seeing it. It is more like an airliner's mileage program. You spend more via Alipay, you get more credit/mileage, which translates to benefits in other biz services.https://twitter.com/manyapan/status/1000758919801835521 …

So, talk about "market economy" with Chinese characteristics. Just thought all this might be interesting to foreign ears. 8/8

transparent DRAW of buyers. But developers have also been using this to befriend and bribe well-connected people like officials. Recently, 融创 SUNAC, a big developer, was exposed of selling to officials' friends/relatives in Xi'an under the disguise of a fair lottery 7/n

They introduce a lottery in which only people with validated amount of money could take part in. So people crowd into banks to get their statements to qualify for the LUCKY DRAW. Sometimes, to prove that the lottery is fair game, notaries are invited to observe and ensure 6/n

So whenever new aprtmts come to market, residents flock to buying. TOO MANY PEOPLE, sometimes several/tens of thousands for a few hundreds aprtmts. So, question comes: who gets to buy them? How does developers decide to "award" selling to some LUCKY customers? 5/n

NEW aprtmts becoz they recon it's INSTANT PROFITS. Theoretically the minute they bought the NEW, they could sell the aprtmt in the price of neighboring second-hand ones and pocket the difference. Hence, becoz of the price ceiling of new aprtmts, now buying=making money 4/n

to prove(to higher authorities) that their cities housing prices have not been rising, local govt now routinely asks developers to set prices below a certain level, to the extent that price for NEW aprtmts is below neighboring OLDER/Second-hand ones. Hence residents flock to 3/n

to get bank statements to prove (to real estate developers) they can afford the aprtmts. That's becoz without bank statements, developers won't allow buyers to participate in buying, which is very very complicated now becoz of a price ceiling from local govt. 2/n

1/n It is reported (largelyvia public accounts on Wechat, by no means accurate sources, but usually not made-up) that THOUSANDS of Hangzhou residents have set aside TENS OF BILLIONS of yuan in deposits to new-appartment buying in the immediate future. They've been lining at banks

okay Trump and Brexit for many people are perfect dreams coming true, I'll admit that.

Good for Balding but i truly wonder what an everyday Chinese would love to say about their everyday fellow countrymen...maybe not so good? otherwise why Chinese always want to emigrate to EU/North America/Australia?https://twitter.com/BaldingsWorld/status/1000658533703077888 …

Since Twitter is so important for @realDonaldTrump, it should be considered critical U.S. infrastructure and must not be down/offline!

Young Chinese (20s or 30ish) remember nothing but prosperity. What's recession? What's inflation? They've no idea. Partly as a result, they're superconfident. Willing to bet on the future, say, taking a 30-year mortgage without much of a blink. Really don't know if good or bad.

But which patriotic leader of a big(sorry for chauvinism) country wouldn't/didn't do that? No, because the long road to tech power didn't start - and won't end -with "Made in China 2025", so I wouldn't really call the plan an exact example of long-term thinking. 13/13

What about making China an industrial/technology/manufacturing powerhouse that competes with or even overtakes US a long-term strategy? Yes and no. Yes because it's been going on for decades! Mao ordered nuke-building and satellites, which lays foundation for later. 12/n

So, only so much long-term(ness) that one is capable of remembering and seeing them now, which is not many. 11/n

these core ideas, which in Chinese context could be known as 最大公约数“greatest common divisor in mathematics", proved long-term acceptable. But what's seen now as long-term are only part of the old leaders' thoughts. Their other thoughts might just be lost in these years 10/n

are also good part of modern China, meaning in the future there mustn't be outlawing/banning private ownership and Party is no longer solely of the poor, but also of the rich, effectively meaning Party will allow anyone, who supports Party, to live&thrive. Apparently 9/n

What about Deng Theory? Socialist market economy, peace in diplomacy, good(at least not terrible) relations with West(US in particular). Three Represents? This is most confusing to even Chinese. I'd argue Three Represents means, at its core, entreprenurs(capitalists!!) 8/n