We often hear on the BBC (Bimbo Broadcasting Corp) that China is doing really well and has enough cash to bail out the rest of the world. In fact, there is a lot of debt in China and a public debt to GDP ratio of about 60% once you add up the figures on the same standard as ours.
Here are some of the ‘work required’ to buy property in their capital that have been doing the rounds on the Net.
To purchase a 1,076-square-foot (100-square-metre) apartment in central Beijing costing 3 million Renminbi ($450,000), a peasant farmer would have had to work since the Tang dynasty that ended in A.D. 907. A Chinese blue-collar worker on the average monthly salary of 1,500 Renminbi ($225) would have had to work since the Opium Wars of the mid-nineteenth century. Prostitutes would have to entertain 10,000 customers; a thief would need 2,500 robberies.
Snail House, a popular Chinese TV soap opera, combined house prices, sex, corruption and political intrigue. A woman becomes the mistress of a party official to obtain his help to buy a flat, while a young couple struggles unsuccessfully to raise the deposit for an apartment.
Another email described the fate of ordinary Chinese with sardonic humour: “Can’t afford to be born because a Caesarean costs 50,000 Renminbi [$7,500]; can’t afford to study because schools cost at least 30,000 Renminbi [$4,500]; can’t afford to live anywhere because each square meter is at least 20,000 Renminbi [$3,000]; … can’t afford to die because cremation costs at least 30,000 Renminbi [$4,500].”
Anyone else recognise this as what the future of our kids is?