{"id":185094,"date":"2011-10-14T19:59:00","date_gmt":"2011-10-15T00:59:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/10\/14\/10-percent-of-the-chinese-economy\/"},"modified":"2011-10-14T19:59:00","modified_gmt":"2011-10-15T00:59:00","slug":"10-percent-of-the-chinese-economy","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2011\/10\/14\/10-percent-of-the-chinese-economy\/","title":{"rendered":"10 Percent of the Chinese Economy?"},"content":{"rendered":"<p>It turns out that much of the lending to small businesses in China is done by loan sharks, because the official banks prefer to lend to large state owned enterprises.<\/p>\n<p>That&#8217;s not shocking.  Official Chinese societal structures have always been for the benefit of the few over the many.<\/p>\n<p>That being said, a throw away line in a <i>New York Times<\/i> article is <a href=\"http:\/\/mobile.nytimes.com\/2011\/10\/14\/business\/global\/as-chinas-economy-cools-loan-sharks-come-knocking.xml\">truly shocking<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>Such illegal lending amounts to about $630 billion a year, or the equivalent of about 10 percent of China&#8217;s gross domestic product, according to estimates by the investment bank UBS.<\/p><\/blockquote>\n<p>10%?&nbsp; 10% of the f%$#ing Chinese economy is <b>loan sharking<\/b>??????? <\/p>\n<p>When the bubble bursts in China, and there <b>is<\/b> a bubble in China, it&#8217;s going to be <b>incredibly<\/b> ugly.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It turns out that much of the lending to small businesses in China is done by loan sharks, because the official banks prefer to lend to large state owned enterprises. That&#8217;s not shocking. Official Chinese societal structures have always been for the benefit of the few over the many. That being said, a throw away &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1170,970,973,1004],"tags":[],"class_list":["post-185094","post","type-post","status-publish","format-standard","hentry","category-china","category-corruption","category-economy","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185094"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=185094"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/185094\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=185094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=185094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=185094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}