China: weiji up, weiji down
In Europe, the economic crisis seemed to be on the verge of terminar.Bloomberg, The Economist and Wall Street Journal have brought to their headlines the spectre of the global recession on August 24, following the Chinese stock market day: This is the “Black Monday” of China, which has been designated“ to ”.
In order to explain this financial crash that this great Asian country is suffering, some decisions by the Chinese Government must be taken into account. On the one hand, investments in infrastructure and housing, channelling an amount of money of eleven zeros and promoting extraordinary speculation. In order to alleviate this pressure on buildings, the Executive promoted three years ago policies for the participation of individuals in the stock market. This is how between June 2014 and the same month of 2015 the market value has increased by 150%, only in the first half of 2015, by 60%. When real estate bubbles and infrastructure were pierced, that money was redirected to the financial world, until this summer the hole in this bubble has arisen. We find three interconnected bubbles.
The key to this process is the financing of the economy, i.e. the priority of the financial economy over other sectors (agriculture, industry...). As the growth of the “real” economy has slowed down, finances have been used to decorate the high growth rates, the fraud that all Estados.Al use while exports are lowered, the housing and infrastructure bubble has demanded a strong investment, but after exploiting those two bubbles, the money has gone into the bags in search of high profit rates. This explains the growth of Chinese bags in the period 2014-2015.
However, the Government has the tools to keep the economy on track; interest rates remain high and it seems that it will continue with an economic policy that seeks the internal balance of its economy. We can ask ourselves whether it is normal for economic growth to have no end or what the working conditions of workers should be in order to achieve concrete growth objectives.
What is clear is that, if there is a problem, the most brutal effect will not occur in China. The global economy has already noted these effects, as exporting raw materials have taken the most, weakening economic growth in China, whose imports have been reduced and deepened in its financing. In this global capitalism, a Chinese problem can wipe out another country.
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