'Oh no. Sounds like bad news, boss.'
Yes, it is, Voice. Maybe I should write about poetry, or music, or fitness instead.
'No! Let's do this PR email.'
Uh.
All right.
China real estate turmoil casts shadows on economic growth amidst deflation worries, says GlobalData.
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'Boss!'
Yeah, yeah.
Christ.
My life.
Following the news that the Chinese property giant Country Garden expects a historic net loss in H1 2023;
Ramnivas Mundada, Director of Companies and Economic Research at GlobalData, a leading data and analytics company, offers his view:
"The turmoil in China's real estate sector, characterized by substantial losses experienced by major property developers, has triggered uncertainty surrounding the nation's economic prospects. Exacerbated by diminished investments, weakening domestic demand, deflation worries, and unfavorable trade figures, this scenario led GlobalData to lower its July 2023 economic growth projection to 5.6%.
"China's property domain remains ensnared in turmoil, exemplified by the prominent developer Country Garden's projection of a potential net loss of up to $7.6 billion for the first half of 2023. Citing a downtrend in the real estate market, reduced gross profit margins, and foreign exchange fluctuations, these circumstances resonate within the broader context of China's property sector. A stark example is Evergrande, the world's most indebted property developer, which recently unveiled a staggering combined loss of $81 billion over two years (2021 and 2022).
"Investment in the Chinese property -
Ramnivas -
"Investment in the Chinese property market plunged nearly 8% in H1 2023 when compared to the same period of last year, signalling continued struggles in a sector accounting for a quarter of the economy.
"The ramifications of the real estate crisis extend beyond its immediate domain, triggering a ripple effect across various sectors of the economy. Struggling property developers and waning consumer confidence dampen the construction industry, leading to diminished demand for projects and subsequent job losses. Simultaneously, the banking sector grapples with rising defaults and unpaid loans, intensifying credit risks and impacting overall financial stability.
"The repercussions also infiltrate Chinese manufacturing and materials industries as the weakened real estate market disrupts -
Ramnivas -
"The repercussions also infiltrate Chinese manufacturing and materials industries as the weakened real estate market disrupts production and supply chains. A cascade of effects is felt on declining property values, leading to reduced household wealth and consequently affecting consumer spending and retail sectors.
"Adding to the woes, youth unemployment has surged since January 2023, reaching an all-time high of 21.3% in June 2023, as reported by the National Bureau of Statistics of China. This, in turn, is expected to reduce disposable income and subsequently lead to decreased consumption and demand for goods and services.
"Furthermore, in July 2023, Chinese exports faced a substantial setback, registering a notable 14.5% year-on-year decrease, the most pronounced decline in over three years. From January to July 2023, exports contracted by 5% on an annual basis, illustrating a decrease in foreign demand for Chinese products. Conversely, imports witnessed a 12.4% annual decline in July 2023, marking their fifth consecutive drop and reflecting diminishing domestic demand.
"The somber state of demand is mirrored in pricing dynamics. China's economy is now grappling with deflation, evident as consumer prices fell by 0.3% in July 2023, the first such drop since -
Ramnivas -
"The somber state of demand is mirrored in pricing dynamics. China's economy is now grappling with deflation, evident as consumer prices fell by 0.3% in July 2023, the first such drop since February 2021. Concurrently, the producer price index (PPI) decreased by 4.4%, extending its continuous decline for 10 months. These deflationary indications underline an extensive economic deceleration, propelled by factors such as a sluggish real estate sector, weak trade, and restrained domestic demand, intensifying concerns about potential stagnation.
"As of July 2023, China has continued its efforts to boost economic growth and provide support to the struggling property market by extending loans to developers and decreasing mortgage rates. However, these measures -
RAMNIVAS - !!! WHAT DO YOU WANT ME TO DO ABOUT IT, MATE?!?!?!
Ramnivas?
Come on!
Ramnivas?
'He's gone, boss.'
Right. Unbelievable.
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...
Anything else? Poetry?
Unless Eliot just got lucky ... he must have realized that the super-artistic nature of free verse means it's possible to sustain the reader's interest and excitement beyond eighty lines.
That's why The Waste Land is better than all traditional poems of a similar length. It's not just content, man, it's structure. I'm sure there are many long traditional poems with great content - I've read quite a few of them in the past; but ... I won't be bothering in the future.
I don't want to see block after block of verse, you dig? All looking the same, with no variation, no odd lines sticking out ... no art! ... no vitality!
Laters.
By the way, there's blank verse in The Waste Land. But you have the freedom to mix things up like that - as long as you can keep control.
