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00:00We have never seen such strong frustration and distress among China's middle class.
00:30The waves of discontent among the Chinese people have also reached the hawks in the
00:33United States towards China, leading some to boldly speculate that Beijing may face a change
00:38of regime. CCP urges those aged 60 to 70 to rejoin the workforce, sparking backlash.
00:47Age 35 faces layoffs and difficulty finding employment.
00:52For social issues, Chinese Communist Party experts often propose absurd and counterintuitive
00:57viewpoints, sparking social criticism. On May 18, Ma Jiangtang, former secretary of the
01:03Development Research Center of the State Council of China, suggested at a forum that people aged
01:0860 to 70 should be considered young elderly and should be encouraged to re-enter the workforce.
01:14Those aged 70 to 80 would be middle-aged elderly, while those over 80 would be old elderly.
01:20The topic quickly sparked heated discussions among netizens, most of which were filled with
01:24mockery and criticism, especially regarding the term young elderly. Netizens commented
01:30sarcastically, saying, another innovation in demography. According to this theory,
01:3650 to 60-year-olds should be considered infant elderly. They also labeled the suggestion as
01:42nonsense. Some netizens compared this suggestion with the harsh reality in China, where individuals
01:48over 35 struggle to find employment. They sarcastically commented, laid off at 35,
01:54re-employed at 60. They also criticized the disconnect between the suggestion and reality,
02:01saying, most industries are difficult to find jobs after the age of 35.
02:06Do these experts really not understand the actual situation,
02:09or are the experts trained in China from Mars? Others remarked, great. Fired at 35,
02:17rest at home for 25 years, then come out and work again. Explore society.
02:23And looks like I have to let my grandma start a business.
02:27Some criticized the preference for retired elderly over other age groups, saying,
02:31you don't want university graduates, you don't want those over 35,
02:35but you want retired elderly people to work. It's ridiculous.
02:40In recent years, with the decline in the mainland Chinese economy,
02:44the unemployment rate has continued to rise, especially among those over 35,
02:48leading to widespread employment discrimination, layoffs, and difficulties in finding jobs.
02:54This phenomenon is referred to as the 35-year-old threshold or 35-year-old curse.
03:00Last May, the Chinese job recruitment website Zhaopin released the 2023 Q1 talent market
03:06hotspots bulletin, which showed that, according to the survey, 85% of white-collar workers
03:11believe there is a 35-year-old threshold, with 46.8% stating that it is indeed difficult to
03:16find a job after the age of 35. The survey also indicated that employees in the internet,
03:22finance, and cultural industries are more concerned about the 35-year-old threshold.
03:2752.9% of respondents in the IT, telecommunications, electronics,
03:32and internet sectors believe there is a 35-year-old threshold, with the belief that
03:36it is very difficult to find a job after 35 being higher in these industries compared to others.
03:42This is followed by the finance, culture, media, entertainment, and sports industries.
03:49Analysts have found that this employment discrimination, known as the 35-year-old
03:53threshold, is actually explicitly stated in official documents of the CCP authorities.
03:59In 2019, the regulations on the recruitment of civil servants revised by the organization
04:04department of the CCP Central Committee required that applicants for civil service positions must
04:09be over 18 and under 35. Based on these regulations, many CCP entities, state-owned
04:16enterprises, and even private enterprises have set not exceeding 35 years old as a recruitment
04:21standard. During the two sessions in 2022, well-known Chinese writer and National People's
04:27Congress delegate Jiang Xinnan suggested canceling the 35-year-old limit for civil
04:32service examinations, stating that this age limit conveys to the entire society a concept
04:36that those over 35 have lost the possibility of fair competition with the entire labor force
04:41population. A series of high-speed railway stations in China are haphazardly constructed
04:47for the purpose of land sales without functioning. The CCP is irresponsible from top to bottom,
04:54engaging in reckless investments and constructions in various areas, ultimately leading to unfinished
04:59projects. Recently, articles published by the CCP's official media have revealed the
05:05aforementioned chaos. After significant investments, at least 26 high-speed railway
05:11stations are idle, with netizens revealing that this is all for the sake of real estate development,
05:16resulting in this nationwide phenomenon of unfinished high-speed railway stations.
05:21For example, in July 2023, the Haikou Dantou high-speed railway station, which cost over
05:2640 million yuan, approximately 5.52 million US dollars, and took over seven years to build,
05:32remains unused. Additionally, there are other stations such as Wanqing City and Yustation
05:38in Hainan, all of which are completed but unused. Some stations are located in scientifically
05:44unsuitable locations far from urban areas, with immature surrounding transportation facilities
05:49and poor connectivity with other modes of transportation, resulting in their idleness.
05:54Furthermore, some stations were briefly put into operation but closed due to insufficient
05:59passenger flow. Examples include Jilanshan Station in Juzhou City, Yizhuang Station of
06:05the Beijing-Tianjin Intercity High-Speed Railway, and Shenyang West Station.
06:10How were the new high-speed railway stations selected?
06:14Why were they chosen in such remote and sparsely populated areas?
06:18A person who has been involved in the design work of many high-speed railway
06:22projects at the China Railway Second Design Institute stated,
06:25some local governments, in order to alleviate the pressure of urban demolition and promote
06:29the development of new areas, also welcomed the setting up of high-speed railway stations
06:34in the suburbs, ultimately leading to problems such as low passenger flow and insufficient
06:38transportation connections at the stations. Netizens commented, driving up land prices.
06:45Isn't it all for real estate development? Everything is for land sales.
06:52That's all the hard-earned money of the common people.
06:55Some netizens sarcastically pointed out the Xiamen New Area High-Speed Railway Station,
07:00touted as the largest high-speed railway station in Asia, but remains vacant.
07:05This reckless investment and construction are top-down and not limited to the high-speed
07:09railway sector alone, let's take a look at the millennium project of the high-speed railway
07:14station. Compared to the nationwide unfinished projects, this is nothing.
07:20Not only high-speed railway stations, but officials at all levels of the CCP,
07:24for the sake of achievements and real estate development,
07:27have similar practices regarding the construction of urban subway stations.
07:31On May 23, 2023, according to the official Chinese state media Xinhua News Agency,
07:37a subway station for Line 3 in Ningbo City, Zhejiang Province, which was built with an
07:42investment of about 200 million yuan, approximately 27.6 million US dollars,
07:47was constructed in a large area. However, it later turned into a site surrounded by
07:53overgrown weeds, with few passengers and low utilization, becoming an isolated island.
07:59Officials in Ningbo claimed that they aimed to achieve the leading role of rail transit
08:03in the city's development, promote the development of roads and commercial
08:06housing around the stations, but they failed. Netizens sighed, anyway, there is no accountability,
08:13just build it casually. In the end, it's the ordinary people who bear the burden.
08:20She launches the largest-scale battle to defend the regime.
08:24Who will be the first to suffer the consequences?
08:27The Chinese Communist Party has launched the largest real estate bailout plan in history,
08:32hoping to save an economy on the brink of collapse. However, analysts believe this
08:36will ultimately turn into an opportunity for the government to profit at the expense of others.
08:41The core policy of the CCP's bailout plan is for local governments to purchase unsold
08:46commercial housing from real estate companies and use it as affordable housing for low-
08:50and middle-income families. Hangzhou City in Zhejiang Province has taken the lead.
08:56The government of Linan District in Hangzhou announced it would purchase a batch of commercial
09:00housing to be used as public rental housing. The announcement laid out detailed regulations,
09:06including that entire buildings would be the basic unit for purchase,
09:09single housing units should not exceed 70 square meters,
09:12and there should be a certain ratio of parking spaces included.
09:16Does this mean the Chinese real estate industry sees a ray of hope? Scholars think otherwise.
09:22Qin Weiping, the author of Exodus from the Crisis of China and a US-based economist,
09:27told Voice of America on May 22 that when he wrote the book seven years ago,
09:31he had already foreseen today's situation. He predicted that after China's economic downturn,
09:36numerous real estate developers would go bankrupt, resulting in many unfinished buildings
09:41that the government would ultimately have to take over. China has no other path to take,
09:46but the final outcome remains uncertain. Qin Weiping said, based on his understanding of the
09:52CCP government, what will the ultimate result be? It will be local governments or the central
09:57government taking advantage of the situation. For example, the official documents state that
10:03unfinished buildings will be purchased at reasonable prices, but what constitutes a
10:08reasonable price? Qin Weiping explained that for a property valued at 1 billion yuan,
10:13approximately 138 million US dollars, in the market, the government would never pay 1 billion
10:18to buy it, instead, they might offer as little as 30 million yuan, approximately 4.1 million US
10:24dollars. The real estate companies would have no choice but to accept a huge loss. Furthermore,
10:31the government will make payments to real estate companies in installments. Qin Weiping noted that
10:36the government might eventually stop making payments altogether, which could very likely
10:40be the Chinese-style ending where the real estate companies bear the losses.
10:45Another issue is where the local governments will get the money to purchase these houses.
10:50The official policy suggests taking out loans from state-owned banks. But where do the banks
10:55get the money? One source is public savings, and the other is the central bank printing more money.
11:02Ching Ching Pin, a finance professor at Yunlin University of Science and Technology in Taiwan,
11:07noted that according to a Bloomberg report citing estimates from Tianfeng Securities,
11:11as of March 2024, there were approximately 4.4 billion square meters of vacant housing in China.
11:17To revive the housing market, a conservative estimate would require clearing out 770 million
11:23square meters. Based on the standards in Linan District, Hangzhou, with 70 square meters as a
11:28unit, the government would need to purchase at least 11 million housing units. This would require
11:34an estimated 7 to 10 trillion yuan, approximately 1.38 trillion US dollars, but the ultra-long-term
11:40special government bonds issued a few days ago amounted to only 1 trillion yuan, not all of
11:45which will be used for the housing market. Therefore, relying on local governments to
11:50purchase homes to save the market is unsustainable. Duan, a former Inner Mongolian official now living
11:56abroad, told the Epoch Times that the CCP introduced this largest-ever bailout policy
12:01because they are scared. If housing prices collapse, employment and loan repayments will
12:06become problematic. When loan repayments become an issue, bad debts at banks will surge, leading to
12:12bank failures. If banks collapse, the money people have saved in them will vanish. When people's
12:18interests are wiped out, it will result in the loss of public support and the fall of the regime.
12:23For Xi Jinping, the so-called market bailout is actually about saving the CCP regime.
12:29Therefore, I call this round of Xi Jinping's bailout the battle to defend the regime.
12:35Saving the Declining Economy, Why China Needs Inflation But Can't Get It
12:41The night market economy is booming across China, behind the glitz is the reality of
12:45economic decline. Counterfeit and toxic food products are rampant in China. Everywhere is
12:53a pitfall, surviving each day is a stroke of luck. Capital outflows from China intensified,
13:00the position of the renminbi is increasingly weakening.
13:05Gold prices have become crazed and surged to 740 yuan per gram. A large number of Chinese
13:11sellers are acting hastily. Saving the Declining Economy, Why China Needs Inflation But Can't Get
13:18It Economists and the general public generally think of inflation as bad. Inflation erodes
13:25purchasing power, making goods and services more expensive in real terms and making people less
13:30certain about future decisions, such as investments and where to work. China, however, suffers from
13:36the opposite problem of flat prices following recent price declines. So if China needs inflation,
13:43why can't it get any? Economist and senior fellow at the Henry Jackson Society,
13:48Christopher Balding, commented on an article titled Why China Needs Inflation But Can't
13:53Get It published in the Epoch Times, providing an explanation on this issue.
13:58It is actually wrong to think economists do not want any inflation. In reality,
14:03the general economic consensus holds that central banks should target a low inflation rate of, say,
14:08an inflation rate of 2-2.5% is thought to be the general Goldilocks rate in normal times,
14:13where it is not too high to discourage growth but just high enough that during downturns,
14:17the rate can be lowered to boost growth. Though most of the general public pays less
14:22attention to inflation expectations, economists tend to pay more attention to how central banks
14:27spend much of their energy. Inflation expectations matter enormously because they drive so many
14:33decisions that consumers and firms make and create a self-perpetuating circle.
14:38If consumers expect prices to go up in the future, they may buy something now,
14:42causing the price to go up and confirming their expectations.
14:46Central banks target steady expectations of low growth in prices.
14:51All countries, especially highly indebted countries such as China and increasingly
14:55the US federal government, need low inflation and interest rates.
15:00Take a simple example, if a government pays 1% interest on a long-term bond but the inflation
15:05rate averages 2%, the government is actually paying a negative real interest rate of 1%.
15:12China has a very low consumption rate, with most of its economic activity being driven
15:16by investment in everything from real estate to infrastructure and industrial development.
15:22When an additional industry, from real estate to goods manufacturing,
15:26suffers from oversupply, the price of goods declines.
15:30So if the inflation dynamics in a country stem from massive oversupply pushing down
15:34prices coupled with a government focused on increasing industrial investment,
15:38what will lower interest rates accomplish?
15:41If the problem with deflation is too little demand,
15:44then lowering interest rates will help increase demand by stimulating investment.
15:49However, if the problem is too much supply, lowering interest rates will simply increase
15:54investment and supply, perpetuating price declines.
15:58In other words, contrary to the conventional wisdom,
16:01lowering interest rates will not increase inflation but lower prices.
16:05In reality, this is the conundrum China faces.
16:09Lending to manufacturing and industrial sectors has grown strongly in the past year
16:14even as real estate lending has gone flat.
16:17Producer prices were negative before the covid 19 outbreak and experienced a bump
16:21post-pandemic when they were growing again but have since turned negative,
16:25down 5% in July 2023 and down most recently 3%.
16:30With most headline sectors depending heavily on government subsidies and incentives to stay
16:35afloat, the new financing is either propping up firms that should exit the market or building
16:39new capacity in an already flooded market. Lowering interest rates, typically viewed
16:44as the best channel to boost inflation, is likely here to exacerbate inflation as new
16:49capacity comes online and firms fight to stay alive.
16:53The reality is that this is a political decision with no simple fix.
16:58Whereas central banks in the United States and Europe guard their independence, the People's
17:02Bank of China is a political animal subservient, like all things in China, to the Communist Party.
17:09Beijing has declared its intent to dominate production,
17:12specifically in key and high-tech sectors.
17:15In other words, though this may bring about deflation, the Communist Party has no intent
17:19of changing its monetary policy to propel higher-quality growth. If economics mattered,
17:25then policy analysis and what to do with interest rates would become more straightforward,
17:30albeit something outside the normal framework.
17:33However, under the Communist Party's guidance,
17:35economic rationale should not be expected to carry the discussion.
17:40The night market economy is booming across China,
17:43behind the glitz is the reality of economic decline.
17:47To promote consumption, the Chinese authorities had to loosen control over street vendors,
17:52leading to the widespread development of the so-called night market economy across the country.
17:58According to a report by China National Radio, statistics from the Ministry of Commerce show
18:03that 60% of consumption in China occurs at night. During this year's May Day holiday,
18:09the national-level night-time cultural and tourism consumption clusters that were monitored
18:13saw night-time foot traffic of 72.58 million people, a 6.9% increase from the same period last
18:19year. However, many business owners bluntly stated that night markets cause the greatest harm to
18:25physical storefronts, leading to a vicious cycle. Behind the flashy night market economy lies the
18:31reality of economic decline. Despite the widespread establishment of night markets,
18:37many ended in chaos, primarily due to high stall fees.
18:41In cities like Beijing and Shanghai, night market stall fees could reach as high as 12,000 yuan
18:46approximately 1,692 US dollars per month or 25% of revenue. As the threshold for setting up stalls
18:55increased, prices naturally rose, leading to consumers being mostly one-time customers.
19:01Many night markets were forced to close shortly after opening.
19:05In April, a Fuzhou restaurant owner, Duck King's Road, posted a video bluntly stating
19:10that the rampant night market development has severely harmed physical stores.
19:15Several more night markets are planned to open in Fuzhou.
19:19To be honest, for those of us running physical restaurants, night markets are the biggest harm,
19:24bar none, he said. So many malls and stores have been killed by night markets.
19:30There are only so many consumers, and so many night markets mean no customers for malls or
19:35physical stores. He pointed out that people used to visit malls for leisure, but now many prefer
19:41night markets. However, the goods at night markets are not cheap either, with a simple
19:46cup of tea costing 15 yuan more expensive than in specialized stores. He complained that while
19:52the government aims to encourage more people to start businesses, few stall operators make money.
19:58Once this last bit of money is exhausted, the economy will only get worse and worse.
20:04This restaurant owner's sentiments resonated with many mainland netizens,
20:08who commented, the night markets are empty too, and they are not as cheap as they used to be.
20:13Behind the night market economy is the reality of economic decline.
20:18In April last year, prominent Weibo user Lu Jishou posted a video saying,
20:23street vendor economy, night market economy, frisbee economy, camping economy, pet economy,
20:28barbecue economy, behind this facade of prosperity, why are most people still not making
20:33money? He explained, now, street vendors seem bustling with crowds. Have you ever wondered
20:40why they need to set up street stalls? It's because they've lost their primary jobs.
20:46If their main jobs were stable, would they be out here selling on the streets?
20:51So, behind some of this apparent prosperity, there are reasons to reflect.
20:56Taiwanese media outlet EToday reported last May that there were more young people setting
21:00up stalls at Tamshou Night Market in the suburbs of Beijing, including many highly educated
21:05intellectuals. Jeff, an English teacher, mentioned that he lost the opportunity to
21:10earn money through tutoring due to the double reduction policy in 2021. He switched to
21:16international trade work but lost that job again due to the pandemic's repeated outbreaks.
21:22Now, he sets up a stall to support his family.
21:26Another young female university student sells northeastern grilled cold noodles at the night
21:30market. She said her family's restaurant closed because of the pandemic and since she hasn't
21:36graduated from college yet, setting up a stall helps contribute to her family's living expenses.
21:42Economist Davy Jun Huang, based in the US, told the Epoch Times that the Beijing authorities now
21:47allow people to set up street stalls because they recognize the economic downturn and low
21:51consumer spending. It is a measure taken out of necessity. He stated that after three years of
21:58the pandemic, the savings of Chinese citizens have been almost depleted. After the CCP relaxed
22:04its stringent zero covid policies, people realized that they were truly out of money.
22:09Counterfeit and toxic food products are rampant in China. Everywhere is a pitfall.
22:17Surviving each day is a stroke of luck. In today's China, under the rule of the CCP,
22:23it is considered the world's largest counterfeit country.
22:27Dangerous products and tainted food items are rampant.
22:31Recently, a netizen from Gansu province exposed a video on Weibo that quickly went viral.
22:37In the video, a Chinese female netizen submerged a steamed bun bought from a market into water,
22:42and as she squeezed it, the bun gradually deformed and released scraps of toilet paper.
22:48Eventually, after repeated squeezing, the bun turned into a ball-like object resembling toilet
22:53paper. The female netizen claimed it was all toilet paper. The propaganda department of the
23:00Qingzhou District Committee announced on its official Weibo account that authorities had
23:04promptly dispatched personnel to investigate the source of the steamed buns, which were traced to
23:08a processing room in Yuchuan Town, Qingzhou District. The place did not have a business
23:14license. This is a very common method in food industrialization where the desired flavor can
23:20be achieved without any noticeable difference from real eggs. Let's review this video again
23:26for everyone to contemplate. Look at the appearance of the wood ash and the egg.
23:32This should be a video of preserved duck eggs being processed.
23:36And now let's see how they process the chicken.
23:39When watching the video, if you think for a moment, you should know what's inside the syringe,
23:43it's likely a mixture of spring onion, ginger water, and seasoning used to inject into the
23:48chicken meat. Then, it's roasted in the oven. Otherwise, what else could be injected into it?
23:56Now, is there anything left that we can eat with peace of mind?
24:01In fact, in recent years, China has become the world's largest counterfeit country,
24:05with counterfeit phones, mp3 players, computers, shoes, libraries, oil, rice,
24:11and medicines being ubiquitous. Additionally, tainted milk powder, contaminated rice,
24:17recycled oil, lean meat enhancers, flour strengtheners, and various harmful additives
24:22pervade the country. Numerous businesses use chemicals, toxic hormones, and growth agents
24:28in food processing. For instance, luncheon meat, a popular food item, is often made
24:34mainly from chicken meat, with added sugar, salt, monosodium glutamate, corn starch,
24:39and various chemicals for taste enhancement and texture improvement.
24:43To simulate the taste of meat, proteins are added, along with gelatin, sodium tripolyphosphate,
24:49sodium pyrophosphate, and other water-retaining agents for a chewy texture.
24:54Calcium chloride and nitrites are added for color, and then the mixture is steamed in molds.
25:00Typically, it costs around 17 to 18 yuan at the supermarket,
25:04but making this only costs about 1 yuan and 70 cents.
25:08Some commentators mockingly argue that Chinese people have developed an immunity to various
25:13harmful influences. They are remarkably resilient to living in a country full of counterfeit goods
25:19and hazardous food items. However, a research report reveals that at least 8,500 individuals
25:26perish annually due to food safety issues. One woman expressed frustration, saying,
25:32it's infuriating. New fraudulent practices are emerging again. Recently, numerous fake
25:39food products have flooded the market, reaching unprecedented levels. Look at this, it's a
25:45deceitful business. Do you see what's inside? It's a stick. Let's see. I thought it might be
25:54a broken spine from the processing, but there's no way to tell. To make it look better, they used
26:00this string to tie it up. It's completely fake. Then, I saw this video of a big chicken leg,
26:07except for the skin, everything else, the meat inside, the bone, and the string, were all added
26:13later. And what kind of meat is this? Are the bones and strings even hygienic? We're clueless
26:21about these things. But honestly, if even chicken legs are being faked, how can we trust the hygiene
26:27standards? And this one is even worse. At least the fake chicken legs have real skin, but this
26:34pork rib, everything except the bones is fake. And if I'm not mistaken, these bones might even be
26:40recycled from someone else's meal. And there's still more. The bones are real, but they've been
26:47enhanced with technology. This bone might have been passed down through three generations already.
26:54Some netizens express a sense of insecurity, pointing out the prevalence of counterfeits
26:58everywhere, which didn't exist in food previously. It's no wonder people are suffering from various
27:04illnesses. Historically, the Chinese nation valued civilization, emphasizing honesty and
27:11fulfilling commitments. Yet, the Chinese Communist Party promotes atheism, lacks moral standards,
27:17and adopts foreign ideologies. With the CCP's control over all aspects of the economy,
27:24politics, and society, people are drawn towards materialistic pursuits, eroding traditional moral
27:29values. Consequently, China has become the world's leading producer of counterfeit goods,
27:35with an abundance of unsafe or poisonous food products. Restoring China's traditional culture
27:41and moral norms of five millennia is essential for people to regain their moral compass and
27:45for society to become clear-minded once more. Capital outflows from China intensified,
27:53the position of the Renminbi is increasingly weakening. The Chinese economy continues to
27:59slump, with capital outflows intensifying. In April, the amount of foreign exchange purchased
28:04by domestic Chinese enterprises from banks reached the highest level since 2016, this
28:09indicates resistance faced by the Renminbi domestically amidst the economic sluggishness
28:14and uncertainty over the Federal Reserve's interest rate hikes. In April, China's banking sector net
28:19sold $36.7 billion in foreign exchange to customers, the highest level since December
28:252016. Domestic Chinese companies purchased the largest amount of foreign exchange from banks
28:31since 2016 while exporters delayed converting their US dollars into Chinese Yuan and Chinese
28:36residents rushed to buy foreign exchange for overseas travel. Analysts believe that these
28:42situations reflect people's lack of confidence in the future of the Chinese economy and the
28:46measures taken by the Chinese government. Dr. Xie Tian, a professor at the Moore School of
28:52Business at the University of South Carolina, said, they also see that the Chinese Communist
28:56Party is still continuing to print money, continuing to print banknotes. Even by allowing
29:02banks to purchase bonds, this will inevitably lead to further depreciation of the Renminbi.
29:07So for these companies and individuals, they know that the best way to hedge against inflation is to
29:12convert their money into foreign exchange, or for those companies, if they earn foreign exchange,
29:16they don't convert it into Renminbi, they hold onto that foreign exchange.
29:21Dan Wang, chief economist at Hang Seng Bank Limited, said, given the expectation of weak
29:26growth in the Chinese economy and persistent capital outflows, exporters are more inclined
29:31to hold foreign exchange rather than Renminbi. Bloomberg analyst Gerard DePippo wrote in a report
29:36last week that the decline in foreign direct investment inflows into China may reflect more
29:40the relatively higher interest rates in the United States. Non-private enterprises, including
29:46Chinese companies with offices in Hong Kong, may have transferred cash overseas to benefit from
29:51higher yields. Dr. Xie Tian, a professor at the Moore School of Business at the University of
29:56South Carolina, said, one is that the United States is raising interest rates, and the other
30:01is that the Chinese market is losing its attractiveness. We see that China's economy is
30:06actually gradually decoupling from Western Europe and America, gradually becoming antagonistic,
30:11and there is a shift in industrial chains. So foreign capital has no confidence in China.
30:17Coupled with the Fed raising interest rates again,
30:19it naturally leads to the flow of funds from China to the United States.
30:26Gold prices have become crazed and surged to 740 yuan per gram.
30:30A large number of Chinese sellers are acting hastily. Since the beginning of this year,
30:36the price of gold has fluctuated greatly, impacting not only the frenzy of Chinese
30:40housewives scrambling for gold but also attracting many new young investors to enter the market.
30:45Gold recyclers are also experiencing mixed fortunes, some have made tens of thousands
30:50overnight while others have lost all their recycling funds. It is said that Shuibei,
30:55the largest gold trading hub in China, has shops closing every day.
30:59The recent surge in gold prices has discouraged many young people who are considering buying gold,
31:04and the continuously soaring gold prices have even cast a shadow over love.
31:08According to reports from mainland media, on May 17, international gold and silver prices
31:13skyrocketed again, with the silver price reaching an 11-year high and the gold price
31:18rebounding to the historical high of April. As of the close on the 17th,
31:22comics gold rose by 1.44% to $2,419.80 per ounce,
31:28London gold was quoted at $2,414.500 per ounce, up 1.61%.
31:35By May 20, the official websites of various gold jewelry brands in China showed that the domestic
31:41price of pure gold jewelry had all exceeded 742 yuan, approximately $104.62, per gram.
31:49The rise in gold prices has made sellers very active. However, some recyclers dare not buy
31:55large amounts of gold and choose to wait and see. The roller-coaster-like gold price has
31:59made many gold traders express that they cannot afford to take risks.
32:04The rising gold prices have led many to be optimistic about the overall market
32:08situation for the entire year and there are continuous newcomers intending to profit from it.
32:13This has also triggered a price war among Shuibei merchants,
32:16with many new businesses offering lower processing fees to attract customers.
32:20In mid-March this year, major buildings in Shuibei Jewelry Park jointly launched an initiative to
32:25unify gold prices and processing fees, setting a set of minimum basic processing fees as a
32:30reference standard. With the further rise in gold prices, many market participants have
32:35also reminded that when buying gold, consumers should make wise choices based on their own needs
32:40and budgets. At the same time, they should also pay attention to market dynamics and policy changes
32:46to adjust their investment strategies in a timely manner.
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33:04fascinating insights from Decoding China. Thanks for watching.
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