China: Not as Rich as You Think | Economy Crisis | Trade War | Lack of Diversity | Unemployment

China's economic development represents a model of success for socialism, but that’s far from the truth. This world's second-largest economy is in an economic crisis.
Note: 0: 24 subtitle RMB1000

0:24 China's premier, Li Keqiang, told the world at a May 29 press conference that 600 million people in China earn less than $150 USD a month on average. Is China, the world's second-largest economy, in an economic crisis?!
1:18 There is a two-tier divide in China, where one rich family can equal a large number of poor families. Chinese have provided the country with a very cheap labor force that has made China the "factory of the world" for the past two decades, without getting the compensation they deserve.
1:59 But worst of all, perhaps now, they will even lose their jobs. Yiwu, China, a city known as the "barometer of Chinese exports". Now most merchants in Yiwu say they have lost at least half of their business this year. It is a common scene across China's manufacturing centers.
2:51 China's accession to the World Trade Organization (WTO) in 2001 resulted in a massive boost to China's economic development. With one-sixth of the world's cheap labor, China has caused unemployment and bankruptcies in the manufacturing industries of many countries.
4:20 Since President Trump took office, the United States and China have begun economic and trade negotiations. Some countries are slowly approaching U.S. policy on the sidelines.
5:57 China's economy has a huge problem, which is a lack of diversity in its economy. China relies on foreign imports for 90 percent of its microchips. As the U.S. government prepares to ban U.S. companies from supplying China's Huawei, ZTE and other telecoms companies with chips, the development of China's information industry is encountering significant barriers.
8:08 China's real estate industry accounts for about 30% of China's GDP, making it one of the largest industries in the world. The most dangerous statistic is that 70% of Chinese people's personal assets are invested in real estate. If businesses go bankrupt, unemployment will spread and a financial crisis will occur, causing China's real estate industry to eventually collapse.
9:14 China's unemployment figures are a mystery. The street stall business was on the rise in China in June but it was soon abolished by the government.
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