crobatoDiverterless Supersonic Intake.
crobatoMy thoughts are with Distiller’s. I think its just to display and demonstrate the DSI rather than try to express a new fighter concept.
crobatoVladimir Karnozov, a Moscow-based aerospace journalist:
“ZHUHAI — There is an old anecdote. The optimists around the world learn English. The pessimists, Chinese. But down-to-earth study the Kalashnikov assault rifle.
I think it is time for the down-to-earth crowd to study their rifles using Chinese manuals!
Two years ago every important source told me, let’s wait two years and see what comes of China’s new J-10 fighter.
Now everyone I trust says the Chinese pulled it off, and the J-10 has proven a tremendously successful program.
I watched how the J-10 flew over Zhuhai, in 30 degree Celsius temperatures and high humidity.
The pilot did none of the show tricks like post-stall or tail slide or pitch-back, but turns were very tight, initial rate of turn very high. It was clear there is a lot of potential in this airplane to achieve the same maneuvers more quickly.
The pilot rarely used afterburner and the degrees of canard deflection were small. Still, the airplane flew very well. I reckon it will beat F-16C or MiG-29/SMT easily. “
God, its not meant to be taken literally in the scientific sense. Its meant that he is deeply impressed.
And that’s all it counts. A Russian aerospace journalist who is used to covering all their stuff, and see all their shows and displays, to come around and express himself that he is deeply impressed—that’s more than enough to say the least.
crobatoI don’t know. I have only seen some really hazy photo images of a desktop model, and I don’t know if anyone ever made a fan based line art of it. I don’t know if you remembered it or seen it, should be in the archive of this forum somewhere, Maybe someone would care to post it. The fuselage has some similarities to the original JF-17 with side intakes but the tail is more MiG-29. Unlike the JF-17 however, the wings are low, not midsection, so the underside surface of the wings and the bottom of the fuselage is flush for a continuous lifting surface. The shape of the wings and the LERX is more MiG-29, while the JF-17 is more F-16ish. The effect is more like a single engined MiG-29 than the F-20 Tigershark look of the JF-17.
Its possible that the project may have lent some inspiration of the JF-17 given that MiG owns Klimov who supplies the engines to the JF-17. It appears that Project 33 has some shark tooth where the edge of the front LERX meets the fuselage, similar to the original JF-17, but that shark tooth is gone on later JF-17 prototypes and in the production version.
crobatoYou are a laugh. Read the headlines. Who do you think Brown and Sarkozy is asking for donations to shore up the IMF. They have gone asking to the Arabs and to China.
Please don’t tell me you are a superior economist and businessman over the people at the WALL STREET JOURNAL.
http://online.wsj.com/article/SB122489333798168777.html
A 21st-Century Bretton Woods
Success at global finance summit hinges on China’s willingness to play role once taken by U.S.
Excerpt.
If the Europeans shrink from demanding that China cease pegging to the dollar, it’s perhaps because they anticipate the concession that would be asked of them. China isn’t going to give up its export-led growth strategy for the sake of the international system unless it gets a bigger stake in that system — meaning a much bigger voice within the International Monetary Fund and a corresponding reduction in Europe’s exaggerated influence. When you strip out the blather about bank transparency and such, this is the core bargain that needs to be struck. Naturally, the Europeans aren’t proposing it.
It will be up to the two great powers — the U.S. and China — to fashion the deal that brings China into the heart of the multilateral system. Here, too, is an echo of the first Bretton Woods, for underneath the camouflage of a multilateral process there was a bargain between two nations. Britain, the proud but indebted imperial power, needed American savings to underpin monetary stability in the postwar era; the quid pro quo was that the U.S. had the final say on the IMF’s design and structure. Today the U.S. must play Britain’s role, and China must play the American one.
There’s a final twist, however. In the 1940s the declining power practiced imperial trade preferences; the rising power championed an open world economy. When Franklin Roosevelt told Winston Churchill that free trade would be the price of postwar assistance, he was demanding an end to the colonial order and the creation of a level playing field for commerce. “Mr. President, I think you want to abolish the British empire,” Churchill protested. “But in spite of that, we know you are our only hope.”
Today it is the rising power that pursues mercantilist policies via its exchange rate. China’s leadership, which sits atop an astonishing $2 trillion in foreign-currency savings, could trade a promise to help recapitalize Western finance for an expanded role within the IMF. But China may simply not be interested. The future of the global monetary system depends on whether China aspires to play the role of Roosevelt — or whether it prefers to be a modern Churchill.
crobatoNo one said that China is the dominant economic superpower now, what everyone says its the rising power. As for income per capita, that is still rising. If you have high capita per income, it also means your labor cost is high and you no longer have a fast growth pattern. The fact that China still has low capita per income, while already having the largest reserves in the world, and doing it with very favorable account balances and public debt positions, tells you what the Chinese might do if they attain, an income per capita like in Hong Kong for the whole country, though of course, the growth rate won’t be as fast then.
But if a series of cities in China would attain the same income per capita as Hong Kong, which adjusted to PPP is over 44,000 dollars, that would already create massive shifts in the global economy. Hong Kong, even for a mere city, already has financial reserves exceeding 150 billion, which is more than most countries around the world. So imagine a string of cities attaining the supercity status of Hong Kong and Singapore (48,000 over income per capita). The greater Beijing and Shanghai region comes to mind, but there are also quite a number of areas that are fast rising supercities such as Guangzhou.
Already the number of celphone and internet users in China exceeds that of any country in the world. Each user represents an income level where they can afford to use celphones, computers and internet connection, the sign of a rising middle class.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2153rank.html
1
World 1,018,057,389 2005
2
China 253,000,000 2008
3
European Union 247,000,000 2006
4
United States 223,000,000 2008
5
Japan 88,110,000 2007
6
India 80,000,000 2007
7
Brazil 50,000,000 2007
8
Germany 42,500,000 2007
9
United Kingdom 40,200,000 2007
10
Korea, South 35,590,000
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2151rank.html
1
World 2,168,433,600 2005
2
China 547,286,000 2007
3
European Union 466,000,000 2005
4
India 296,080,000 2008
5
United States 255,000,000 2007
The only fantasy around here is you, especially when you’re in contradiction to people like Buffet, Souros, Bill Gates, etc,.
crobatoCurrent account balance is also another indicator of health. Basically shows who is gaining wealth and who is losing it.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2187rank.html
The worst place to be is to have the biggest negative.
1
China $ 371,800,000,000 2007 est.
2
Germany $ 254,500,000,000 2007 est.
3
Japan $ 210,500,000,000 2007 est.
4
Saudi Arabia $ 86,620,000,000 2007 est.
5
Russia $ 78,310,000,000 2007 est.
6
Switzerland $ 72,350,000,000 2007 est.
7
Norway $ 64,070,000,000 2007 est.
8
Kuwait $ 47,500,000,000 2007 est.
9
Netherlands $ 47,310,000,000 2007 est.
10
Singapore $ 46,390,000,000 2007 est.
11
Sweden $ 37,970,000,000 2007 est.
12
United Arab Emirates $ 34,530,000,000 2007 est.
13
Taiwan $ 32,880,000,000 2007 est.
14
Algeria $ 32,050,000,000 2007 est.
15
Iran $ 28,950,000,000 2007 est.
16
Malaysia $ 28,930,000,000 2007 est.
17
Hong Kong $ 28,040,000,000 2007 est.
18
Libya $ 26,380,000,000 2007 est.
19
Venezuela $ 20,000,000,000 2007 est.
20
Thailand $ 14,920,000,000 2007 est.
21
Angola $ 13,580,000,000 2007 est.
22
Canada $ 12,670,000,000 2007 est.
23
Austria $ 12,030,000,000 2007 est.
24
Finland $ 11,400,000,000 2007 est.
25
Indonesia $ 11,010,000,000 2007 est.
26
Qatar $ 10,410,000,000 2007 est.
27
Azerbaijan $ 9,019,000,000 2007 est.
28
Argentina $ 7,438,000,000 2007 est.
29
Chile $ 7,200,000,000 2007 est.
30
Brunei $ 7,101,000,000 2007 est.
31
Philippines $ 6,351,000,000 2007 est.
32
Iraq $ 6,025,000,000 2007 est.
33
Korea, South $ 5,954,000,000 2007 est.
34
Trinidad and Tobago $ 5,378,000,000 2007 est.
35
Israel $ 5,197,000,000 2007 est.
36
Luxembourg $ 4,921,000,000 2007 est.
37
Oman $ 4,866,000,000 2007 est.
38
Uzbekistan $ 4,615,000,000 2007 est.
39
Denmark $ 4,279,000,000 2007 est.
40
Belgium $ 3,282,000,000 2007 est.
41
Bahrain $ 2,907,000,000 2007 est.
42
Nigeria $ 2,514,000,000 2007 est.
43
Botswana $ 1,973,000,000 2007 est.
44
Bolivia $ 1,796,000,000 2007 est.
45
Brazil $ 1,712,000,000 2007 est.
46
Turkmenistan $ 1,705,000,000 2007 est.
47
Gabon $ 1,552,000,000 2007 est.
48
Peru $ 1,516,000,000 2007 est.
49
Burma $ 1,427,000,000 2007 est.
50
Timor-Leste $ 1,161,000,000 2007 est.
51
Ecuador $ 1,064,000,000 2007 est.
52
Syria $ 908,000,000 2007 est.
53
Namibia $ 805,200,000 2007 est.
54
Bangladesh $ 804,700,000 2007 est.
55
Egypt $ 500,900,000 2007 est.
56
Equatorial Guinea $ 415,000,000 2007 est.
57
Cuba $ 240,000,000 2007 est.
58
British Virgin Islands $ 134,300,000 1999
59
Papua New Guinea $ 125,800,000 2007 est.
60
Paraguay $ 119,000,000 2007 est.
61
Bhutan $ 116,000,000 2007 est.
62
Nepal $ 58,000,000 2007
63
Lesotho $ 49,000,000 2007 est.
64
Cook Islands $ 26,670,000 2005
65
Suriname $ 24,000,000 2007 est.
66
Palau $ 15,090,000 FY03/04
67
Comoros $ 8,000,000 2007 est.
68
Guinea-Bissau $ -6,000,000 2007 est.
69
Tuvalu $ -11,680,000 2003
70
Kiribati $ -21,000,000 2007 est.
71
Mongolia $ -23,000,000 2007 est.
72
Tonga $ -23,000,000 2007 est.
73
Samoa $ -24,000,000 2007 est.
74
Swaziland $ -24,000,000 2007 est.
75
Micronesia, Federated States of $ -34,300,000 FY05 est.
76
Anguilla $ -42,870,000 2003 est.
77
Belize $ -43,000,000 2007 est.
78
Sao Tome and Principe $ -55,000,000 2007 est.
79
Kosovo $ -58,300,000 2007
80
Vanuatu $ -60,000,000 2007 est.
81
Sierra Leone $ -63,000,000 2007 est.
82
Gambia, The $ -71,000,000 2007 est.
83
Dominica $ -72,000,000 2007 est.
84
Central African Republic $ -77,000,000 2007 est.
85
Burundi $ -101,000,000 2007 est.
86
Cape Verde $ -132,600,000 2007 est.
87
Grenada $ -138,000,000 2007 est.
88
Solomon Islands $ -143,000,000 2007 est.
89
Cote d’Ivoire $ -146,000,000 2007 est.
90
Rwanda $ -147,000,000 2007 est.
91
Saint Vincent and the Grenadines $ -149,000,000 2007 est.
92
Guyana $ -157,000,000 2007 est.
93
Togo $ -159,000,000 2007 est.
94
Saint Kitts and Nevis $ -163,000,000 2007 est.
95
Chad $ -171,000,000 2007 est.
96
Mauritania $ -184,000,000 2007 est.
97
Uruguay $ -185,600,000 2007 est.
98
Saint Lucia $ -199,000,000 2007 est.
99
Eritrea $ -205,000,000 2007 est.
100
Antigua and Barbuda $ -211,000,000 2007 est.
101
Djibouti $ -212,000,000 2007 est.
102
Liberia $ -224,000,000 2007
103
Zambia $ -228,000,000 2007 est.
104
Macedonia $ -249,000,000 2007 est.
105
Barbados $ -254,000,000 2007 est.
106
Kyrgyzstan $ -267,900,000 2007 est.
107
Seychelles $ -272,000,000 2007 est.
108
Laos $ -285,000,000 2007 est.
109
Malawi $ -318,000,000 2007 est.
110
Niger $ -321,000,000 2007 est.
111
Cameroon $ -325,000,000 2007 est.
112
Tajikistan $ -351,000,000 2007 est.
113
Yemen $ -362,000,000 2007 est.
114
Congo, Democratic Republic of the $ -402,000,000 2007 est.
115
Mauritius $ -408,300,000 2007 est.
116
Guinea $ -424,000,000 2007 est.
117
Malta $ -424,500,000 2007 est.
118
Benin $ -441,000,000 2007 est.
119
Mali $ -446,000,000 2007 est.
120
Haiti $ -467,000,000 2007 est.
121
Maldives $ -472,000,000 2007
122
Cambodia $ -506,300,000 2007 est.
123
Fiji $ -507,000,000 2007 est.
124
Armenia $ -571,400,000 2007 est.
125
Zimbabwe $ -649,000,000 2007 est.
126
Moldova $ -694,700,000 2007 est.
127
Burkina Faso $ -706,000,000 2007 est.
128
Uganda $ -744,700,000 2007 est.
129
Mozambique $ -795,100,000 2007 est.
130
Ethiopia $ -826,800,000 2007 est.
131
Madagascar $ -890,000,000 2007 est.
132
Tunisia $ -905,000,000 2007 est.
133
Nicaragua $ -1,001,000,000 2007 est.
134
Sri Lanka $ -1,019,000,000 2007 est.
135
El Salvador $ -1,119,000,000 2007 est.
136
Kenya $ -1,147,000,000 2007 est.
137
Albania $ -1,202,000,000 2007 est.
138
Honduras $ -1,225,000,000 2007 est.
139
Bahamas, The $ -1,442,000,000 2007 est.
140
Senegal $ -1,458,000,000 2007 est.
141
Congo, Republic of the $ -1,491,000,000 2007 est.
142
Costa Rica $ -1,499,000,000 2007 est.
143
Ghana $ -1,549,000,000 2007 est.
144
Panama $ -1,577,000,000 2007 est.
145
Guatemala $ -1,663,000,000 2007 est.
146
Jamaica $ -1,830,000,000 2007 est.
147
Morocco $ -1,834,000,000 2007 est.
148
Tanzania $ -1,856,000,000 2007 est.
149
Bosnia and Herzegovina $ -1,939,000,000 2007 est.
150
Georgia $ -2,044,000,000 2007 est.
151
Lebanon $ -2,046,000,000 2007 est.
152
Cyprus $ -2,144,000,000 2007 est.
153
Slovenia $ -2,181,000,000 2007 est.
154
Dominican Republic $ -2,231,000,000 2007 est.
155
Jordan $ -2,767,000,000 2007 est.
156
Belarus $ -2,876,000,000 2007 est.
157
Iceland $ -3,189,000,000 2007 est.
158
Sudan $ -3,447,000,000 2007 est.
159
Estonia $ -3,771,000,000 2007 est.
160
Slovakia $ -3,998,000,000 2007 est.
161
Czech Republic $ -4,534,000,000 2007 est.
162
Croatia $ -4,850,000,000 2007 est.
163
Lithuania $ -5,260,000,000 2007 est.
164
Mexico $ -5,525,000,000 2007 est.
165
Colombia $ -5,862,000,000 2007 est.
166
Ukraine $ -5,918,000,000 2007 est.
167
Latvia $ -6,231,000,000 2007 est.
168
Serbia $ -6,889,000,000 2007 est.
169
Vietnam $ -6,993,000,000 2007 est.
170
Kazakhstan $ -7,184,000,000 2007 est.
171
Hungary $ -8,018,000,000 2007 est.
172
Pakistan $ -8,255,000,000 2007 est.
173
Bulgaria $ -8,530,000,000 2007 est.
174
New Zealand $ -10,230,000,000 2007 est.
175
India $ -12,110,000,000 2007 est.
176
Ireland $ -14,120,000,000 2007 est.
177
Poland $ -15,910,000,000 2007 est.
178
South Africa $ -20,630,000,000 2007 est.
179
Portugal $ -21,750,000,000 2007 est.
180
Romania $ -23,020,000,000 2007 est.
181
France $ -31,250,000,000 2007 est.
182
Turkey $ -37,580,000,000 2007 est.
183
Greece $ -44,400,000,000 2007 est.
184
Italy $ -51,030,000,000 2007 est.
185
Australia $ -56,780,000,000 2007 est.
186
United Kingdom $ -119,200,000,000 2007 est.
187
Spain $ -145,300,000,000 2007 est.
188
United States $ -731,200,000,000 2007 est.
crobatoThe GDP is the most important aspect to guess the size of an economy, but the per capita GDP is more important, countries with high GDP per capita are rich have strong currencies and most important can support currencies with high values and high salaries in the region of USD $24000 or more a year.
If GDP by PPP is considered, China is already second in the world. But then I also told you GDP means nothing if it is potentially distortive, since it counts government and military spending; it fails to differentiate money spent as income generating or not (spending money for college and spending money to buy a Lexus are two very different things).
The fact is you failed to consider the ratio of current debt level vs. GDP.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html
The higher the ratio, the more higher the trouble.
1
Zimbabwe 218.20 2007 est.
2
Lebanon 186.60 2007 est.
3
Japan 170.00 2007 est.
4
Jamaica 126.50 2007 est.
5
Sudan 105.90 2007 est.
6
Egypt 105.80 2007 est.
7
Italy 104.00 2007 est.
8
Singapore 96.30 2007 est.
9
Seychelles 92.30 2007 est.
10
Greece 89.50 2007 est.
11
Sri Lanka 85.80 2007 est.
12
Belgium 84.60 2007 est.
13
Norway 83.10 2007 est.
14
Bhutan 81.40 2004
15
Israel 80.60 2007 est.
16
Cote d’Ivoire 75.20 2007 est.
17
Jordan 72.40 2007 est.
18
Morocco 67.40 2007 est.
19
Hungary 67.00 2007 est.
20
Germany 64.90 2007 est.
21
Uruguay 64.80 2007 est.
22
Canada 64.20 2007 est.
23
France 63.90 2007 est.
24
Portugal 63.60 2007 est.
25
Mauritius 63.10 2007 est.
26
Nicaragua 62.90 2007 est.
27
United States 60.80 2007 est.
28
Cyprus 59.60 2007 est.
29
Austria 59.10 2007 est.
30
Ghana 58.50 2007 est.
31
India 58.20 2007 est.
32
Argentina 56.10 2007 est.
33
Philippines 55.80 2007 est.
34
Tunisia 55.40 2007 est.
35
Panama 53.00 2007 est.
36
Colombia 52.80 2007 est.
37
Gabon 52.80 2007 est.
38
Albania 51.40 2007 est.
39
Malawi 50.60 2007 est.
40
Pakistan 50.60 2007 est.
41
Kenya 48.70 2007 est.
42
Croatia 47.80 2007 est.
43
Costa Rica 46.60 2007 est.
44
Aruba 46.30 2005
45
Bolivia 46.30 2007 est.
46
Netherlands 45.50 2007 est.
47
Brazil 45.10 2007 est.
48
Ethiopia 44.50 2007 est.
49
Switzerland 44.20 2007 est.
50
United Kingdom 43.60 2007 est.
51
Poland 43.10 2007 est.
52
Vietnam 42.00 2007 est.
53
Sweden 41.70 2007 est.
54
Malaysia 41.60 2007 est.
55
Dominican Republic 41.00 2007 est.
56
Papua New Guinea 40.10 2007 est.
57
Turkey 38.90 2007 est.
58
Montenegro 38.00 2006
59
Thailand 37.90 2007 est.
60
Syria 37.70 2007 est.
61
Bangladesh 37.40 2007 est.
62
El Salvador 37.30 2007 est.
63
Serbia 37.00 2007 est.
64
Cuba 36.80 2007 est.
65
Spain 36.20 2007 est.
66
Finland 35.90 2007 est.
67
Slovakia 35.90 2007 est.
68
Bosnia and Herzegovina 34.00 2007 est.
69
Indonesia 34.00 2007 est.
70
Yemen 33.50 2007 est.
71
Ecuador 33.10 2007 est.
72
South Africa 31.30 2007 est.
73
Bahrain 31.20 2007 est.
74
Macedonia 30.80 2007 est.
75
Peru 29.20 2007 est.
76
Korea, South 28.20 2007 est.
77
Zambia 28.10 2007 est.
78
Trinidad and Tobago 27.90 2007 est.
79
Taiwan 27.90 2007 est.
80
Iceland 27.60 2007 est.
81
Paraguay 27.00 2007 est.
82
Denmark 26.00 2007 est.
83
Czech Republic 26.00 2007 est.
84
Ireland 24.90 2007 est.
85
Saudi Arabia 24.30 2007 est.
86
Honduras 24.10 2007 est.
87
Slovenia 23.60 2007 est.
88
Moldova 23.30 2007 est.
89
Senegal 22.90 2007 est.
90
Mexico 22.80 2007 est.
91
Namibia 22.30 2007 est.
92
Mozambique 22.20 2007 est.
93
United Arab Emirates 21.20 2007 est.
94
Guatemala 20.90 2007 est.
95
New Zealand 20.70 2007 est.
96
Uganda 20.60 2007 est.
97
Tanzania 19.60 2007 est.
98
Venezuela 19.30 2007 est.
99
Uzbekistan 18.70 2007 est.
100
China 18.40 2007 est.
101
Algeria 18.00 2007 est.
102
Lithuania 17.30 2007 est.
103
Iran 17.20 2007 est.
104
Gibraltar 15.70 2005 est.
105
Australia 15.60 2007 est.
106
Cameroon 15.50 2007 est.
107
Nigeria 14.40 2007 est.
108
Romania 13.00 2007 est.
109
Hong Kong 12.50 2007 est.
110
Angola 12.00 2007 est.
111
Ukraine 11.70 2007 est.
112
Qatar 11.00 2007 est.
113
Bulgaria 10.50 2007 est.
114
Kuwait 9.70 2007 est.
115
Kazakhstan 7.70 2007 est.
116
Latvia 7.40 2007 est.
117
Azerbaijan 6.70 2007 est.
118
Luxembourg 6.40 2007 est.
119
Russia 5.90 2007 est.
120
Wallis and Futuna 5.60 2004 est.
121
Botswana 5.40 2007 est.
122
Libya 4.70 2007 est.
123
Chile 4.10 2007 est.
124
Oman 3.70 2007 est.
125
Estonia 3.40 2007 est.
126
Equatorial Guinea 1.60 2007 est.
crobatoOh, and here’s more.
http://www.alternet.org/workplace/102671/financial_crisis_is_highly_unlikely_in_china/
Financial Crisis Is Highly Unlikely in China
By Ying Zhao, New America Media. Posted October 13, 2008.
As the financial crisis in the United States spreads around the world, China appears to be safe.
Editor’s Note: As the financial crisis in the United States spreads around the world, China appears to be safe. With government-owned land, higher quality mortgages, a closed financial system and huge foreign exchange reserves, the country is unlikely to face a similar economic crisis.
As the financial crisis in the United States spreads around the world, investors are scrambling for a safe place to dock their money. They can at least find one — China, where a similar financial crisis is highly unlikely for several reasons.
First, slumps in real estate values, which directly triggered the current credit crisis in the United States, aren’t likely to occur in China.
Unlike most countries in the world, in China, the government owns the land. That means Chinese homeowners spend the majority of their income paying for a house on land they don’t actually own. A homeowner simply buys the right to use the land for a certain period of time — 70 years in the case of residential properties.
The government benefits the most from a booming real estate industry by selling and re-selling land, and it will lose the most if the housing market tumbles. Revenue from auctioning land surpassed 900 billion yuan ($132 billion) in 2007, according to the Ministry of Land and Resources, or nearly 20 percent of the country’s fiscal income last year.
That explains why China has seen several stock market crises in the past 10 years (the most dramatic one is happening now), but not one single crisis in the housing market. It doesn’t mean, of course, that China’s house prices will rise indefinitely, but it does mean that the government has strong incentives to intervene in the market.
The government has powerful means. The most obvious one is a limited supply of land. China has 1.3 billion people living in an area as big as the United States. Over the past few years, new cities have been built and more people have moved to urban areas. But the majority of the Chinese still live in rural areas, and their demand for better housing will provide strong support for the property market.
Spending within their means
Another reason why China won’t suffer the same fate as the United States: Mortgage assets owned by Chinese banks are of a much higher quality. House buyers usually shell out a down payment of 30 percent for their first apartment, and the government requests that buyers of a second home pay 40 percent down. Sub-prime mortgages with zero-down payments are now allowed in China.
And unlike the United States, Chinese homebuyers tend to prepare enough savings for a monthly mortgage payment before they decide to buy an apartment. Allowing spending to surpass savings is seen as an embarrassment in China. The Chinese take advice from their elders seriously: never spend beyond your means.
High down payments and low loan default rates have enabled China’s banks to keep their troubled mortgage assets under control. Troubled mortgage loans in the Industrial and Commercial Bank of China, the nation’s biggest bank, stood at 1.84 percent in the first half of the year, according to Xinhua, China’s official news agency.
Indeed, in China most bad loans come from government-guided lending to state-owned companies. By some aggressive estimates, bad loans could stand above an average of 20 percent in China’s biggest four banks. But an implosion of big banks is also very unlikely. The government has already used its massive foreign reserves to help bail out bad loans for big banks. Allowing its banks to fail, which could create havoc in Chinese society and even endanger the ruling of the communist party, is the last thing the government wants to see.
Ammo for the financial system
Finally, a similar crisis won’t happen in China because the country has a closed financial system and $1.8 trillion in foreign exchange reserves.
The 1997 Asian financial crisis didn’t spread to China because the country maintained its fixed foreign exchange rate. It used its reserves to guarantee that speculators wouldn’t succeed in betting that China would de-peg its currency.
Ten years later, China’s foreign reserves, the biggest in the world, are giving the country more ammunition to fight a similar crisis. In fact, the country is facing a very different dilemma compared with that of most developed countries: a stronger currency instead of a weakening one, and foreign capital inflows instead of massive outflows.
So while China is not likely to see a similar financial crisis, the country has to fight a different set of challenges — how to control inflation when foreign capital is flooding the country as foreign investors bet that the yuan will keep rising — and how to maintain a robust exporting sector when the rest of the world is slowing.
But no matter what happens in China, a credit crunch probably won’t be a concern.
In fact, the country has too much money, and it doesn’t know how to spend the money in a more profitable way. The value of China’s holdings of U.S. bonds is declining, and its initial attempt to direct investments to foreign equities, such as BlackStone, has been a total failure.
U.S. Treasury Secretary Henry Paulson, who is set to look for buyers for the new $700 billion debt, should approach China before that country finds something better to do with its money.
crobatoThose figures depends on who is tracking it or if they actually report it all transactions, selling and buying.
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2188rank.html
China
$1,534,000,000,000
Japan
$954,100,000,000
Russia
$476,400,000,000
India
$275,000,000,000
Taiwan
$274,700,000,000
South Korea
$262,200,000,000
Brazil
$180,300,000,000
Germany
$136,200,000,000
France
$98,240,000,000
Italy
$94,330,000,000
Thailand
$87,460,000,000
Mexico
$87,190,000,000
Libya
$79,600,000,000
Turkey
$76,510,000,000
United States of America
$70,570,000,000
Poland
$65,750,000,000
Iran
$64,460,000,000
Norway
$60,840,000,000
United Kingdom
$57,300,000,000
Indonesia
$56,920,000,000
Argentina
$46,120,000,000
Canada
$39,310,000,000
Denmark
$34,320,000,000
Saudi Arabia
$34,010,000,000
Philippines
$33,710,000,000
Venezuela
$33,480,000,000
Ukraine
$32,480,000,000
Egypt
$31,370,000,000
Israel
$28,520,000,000
Sweden
$28,020,000,000
Australia
$26,910,000,000
Iraq
$25,660,000,000
Lebanon
$20,550,000,000
Spain
$19,050,000,000
Pakistan
$15,690,000,000
Afghanistan
$8,900,000,000
Syria
$6,039,000,000
Greece
$3,658,000,000
Georgia
$1,361,000,000
Nepal
$963,500,000
China Became World’s Top Gold Producer In 2007
Shu-Ching Jean Chen, 01.18.08, 4:30 AM ET
Popular Videos
Branson’s Mortgage Market Moves
Wrestling And Winning
Flex-Time Lawyer
American Math Chuckleheads
Inside The Forbes 400
Most Popular Stories
Fashion Fortunes
Lords Of Leisure
25 Years Of Wealth
Media Billionaires
The Forbes 400
HONG KONG –
As it has done in many other manufacturing industries, China has made the most of its cost advantage to become the world’s largest gold-producing country, replacing South Africa.
The news was confirmed by London precious metals consultancy GFMS when it announced on Thursday that China’s output for 2007 reached 276 metric tons of gold, or about 9.7 million ounces, a 12% increase over 2006 and slightly ahead of South Africa’s 272 metric tons. The GFMS figure came in slightly higher than an earlier estimate of 260 metric tons for 2007 by the China Gold Association, enabling China, which had been the No. 3 producer behind the United States, to end South Africa’s more than century-long rein at the top of the gold heap.
Chinese analysts had long anticipated taking the No. 2 position from the United States in 2007, but the rapid decline in output in the traditional major gold producer countries has given China the title about two years ahead of its own expectations.
Only last week, the deputy chairman of the China Gold Association, Hou Huimin, said in an interview with the weekly 21st Century Business Herald that he expected China to best South Africa’s production volume in about two years from now, helped by rapid step-up in production volumes by domestic companies–at an annual rate of about 15% in recent years, which ran counter to a global decline of about 3% in 2006.
He bemoaned the lack of scale among Chinese gold producers, whose number has consolidated to fewer than 800 from more than 1,200 in the year 2000. Top among them is the country’s oldest gold producer, China National Gold Group Corp., which boasts 20% of total gold production in China and controls more than 30% of domestic reserves. As well, it controls the first publicly listed gold mining firm in China, Zhongji Gold.
Gold production has been concentrated in the eastern provinces of Shandong, Henan, Fujian and Liaoning. Lately, remoter western provinces such as Guizhou and Yunnan have attracted keen investment from Australia and Canada, but the imbalance between investment for operations and measures to keep in check the pollution generated and to safeguard the natural environment is causing increased resentment among the largely ethnic minority residents of those regions.
China’s relatively small reserves, though, prompted a top mining official to declare to the state news agency, Xinhua News, in December that it was no longer encouraging foreign investment in gold, as it had been doing since 1995.
Many countries, from the United States to Australia to Canada, are more naturally blessed with plentiful gold reserves than China (which has 7% of the planetary total), but it is in China where low costs of labor and production–abetted by rapid capital expansion, and partly a heavy dose of foreign investment–are ideally matched with rising domestic demand as the world’s No. 4 consuming country. Chinese market demand accounts for 9.2% of worldwide gold consumption.
Early this month, China opened its first gold futures market in Shanghai, in response to its citizens’ zeal for gold, allowing its producers to hedge risks from the daily price fluctuations. (See: “ Gold Glitters In Shanghai”)
China’s gold producers also gain from the blistering record market price for gold. GFMS predicted gold prices would average $840 over the first half of the year, with still higher prices possible later in the year. “Investor appetite for gold at the moment seems undimmed and this should push gold higher over the year. Predicting the top is never easy but we always thought the $900 barrier could easily fall quite soon and then we have to start viewing $1,000 as a clear possibility for later this year,” remarked Philip Klapwijk, executive chairman of GFMS, speaking Thursday at a seminar in Toronto.
crobatoWhat a fantasy, please do not dream things that are not real, a currency becomes strong only if it is supported by a high degree of circulation and goods produced, the Euro is supported by the largest economy in the world, but not only large in GDP but also in GDP per capita.
The Yuan is supported by the largest monetary accumulation in the entire world. As a totality, the EU’s entire EU’s reserves is only a fourth of China’s.
And once again, GDP is deceptive and distortive. GDP for the most part, also counts government spending and military spending, with the exception of entitlements. Keynesian spending, just to create jobs does not necessarily mean infrastructure investment that can reap dividends along the run. There is an economic difference when you spend 200 million on an F-22 Raptor and 200 million on a factory. The first does not hire people, and the second does.
Does it count savings rate for example? Chinese have the highest savings rate in the world, as much as 40%.
what does it mean? well simple, there is high comsuption is Europe to allow higher prices and salaries then the currency is strong.
Not when what is financing the consumption is credit and debt.
Europe is the one that is doing the bailing out of their own banks. China has its own problems, but they’re not in the stage of bailing out banks like in Europe.
Places where the economy is weak have cheap salaries, therefore do not have high circulation of the local currency, the US dollar has the second largest economy in the world to support it. with one of the highest per capita GDP in the world and is highly used as foreign reseve currency
Gold is mostly in private hands and belongs mostly to European and American bankers in example the IMF.
No. China is the top producer and buyer of gold and silver. Anyone knows why gold and silver prices went high.
You are dreaming if you think the Chinese government has most of the world`s gold, China is basicly as dependant on the federal reserve as the US government to finance its own economy, what the chinese have done is simply extend the US economy into the Chiense economy.
Dreaming?
Face the facts boy.
http://www.globalfirepower.com/list_gold_reserves.asp
To put it in perspective, for every $70 dollars of gold the US has, China has $1500.
Please go ahead and total all the countries there that belong to the EU.
A deal struck by the US and Chinese to benefit only to the rich classes of both countries, Cheap labour for US companies and support to the dollar so China can export cheap goods and get more investment.
No deal is going to be struck. US investments have not paid enough for the Chinese. They will be looking for some extensive Keynesian spending in their own economy, such as more infrastructure building, railway and school construction, plus some military related output.
The problem with china is not if the yuan is overvalued or not, it is simply China can not have salaries like in the US, Japan or Europe.
Once again, you have no idea about PPP, that is, China’s cost of living is far lower than any of them.
The Yuan as the Real or the Peso are weak currencies simple because there is more debt than real money in circulation, if there is more real money and less debt China can afford to pay salaries like the Europeans or Japanese do of USD $20000 or 30000 dollars a year.
Not when you’re backed by nearly 2 trillion in forex reserves, which are actual currency. Plus gold reserves like
http://www.globalfirepower.com/list_gold_reserves.asp
So while you continue dreaming you can not figure out that the US bankers have not wasted time to force China to mutually assured economic destruction.
What is happening now is the Chinese are relatively getting good profits of such system and teh US has gotten into a situation where the US finacial system is inpractical.
Really? Why has China not reached the stage of bailing out banks yet?
definitively i do not see the chinese controlling the western world, it is not like you think, what is happening the western world is modifying the globalization rules and this means, that the west will stablish a new economic system.
China only bargain power is offer cheap labour, threat with nukes and weaponry and try to get a slice of what the west is enjoying.
Then why are different country leaders are asking for China to play a pivotal role in the bailouts? Why is Paulson talking to the Chinese just about every day?
China might try to threat with J-10s and ICBMs but the US has F-22, ICBMs, a larger nuke arsenal, the IMF, the G8 and NATO to bargain.
Irrelevant. Like I said, military spending isn’t income generating.
crobato—PLease delete if any body finds The post offensive or off topic , but my point is war between Europe(islamised) and US is not farfetched
I dont mean that every arab is a bomber, but the new immigrant muslims coming to UK and Europe are nothing like SHeiks in movies. Go the streets of bradford, blackburn , west yorkshire, or Hell even berlin. How fast it is changing. The welcome board to Bradford UK was changed to Bradistan.
Sharia has become law in Germany. This was the biggest tragedy
Turkey is the only one holding the fort for liberal islamism. Rest of Middle east just follows Strict islamic prinicples.
Really, while in many places like Dubai, are building some of the most cutting edge hotels and office buildings outside of China, and guess what, drive Ferraris, Lambos and Rolls Royces.
Just remember, Saudi Arabia is the original Wahabi state of them all. Look how it turned out.
Can you ever think that why so many muslims come to EUrope and what all the Rights and money etc under Eurpean laws and they are offended at everything. But no Decent European can give in Kuwait, Riyadh. A non-muslim cant even step into mecca or medina.
Because EU politicians are p**sies. China has a far larger Muslim population than any the Muslim population of any European state, and if they get unruly, which they often do, there is nothing that good old communist style oppression can’t handle. Yet for all the boot kicking the Chinese do on their own Islamic population, the country has much better, even rosier, relations to any Islamic country than the US or EU do. Look at the Russians, they also seriously kick the booties of their local Islamists like in Chechnya. But countries like Iran and Syria don’t seem to mind.
crobatoCrobato having curency reserves in Euros or Dollars, does not mean China has a strong currency like the Euro or the US dollar.
Actually if you talk to any banker, they will admit to the Yuan now being the most powerful, and certainly most undervalued currency in the world. That’s why the FDI is non stop, and more money is being poured faster into China from the outside.
Who has more power who issues the bank notes or who uses them?
Obviously the Chinese are addicted to the US dollar to finance the investment they need and get the foreign currency reserves to support their savings.Japan and Europe are different, they can afford to use their national currencies as foreign currency reserves.
Actually, exports for China is less than 20% of GDP, while its nearly 40% for the US. The Chinese have a huge domestic economy of their own, a large part of it unmeasured because its black market.
Unless you have the gold standard and a Per capita GDP of USD $40000 China won`t use the yuan as a reserve currency.
And China is both the largest gold producer and buyer, don’t you know that?
If the Yuan is expensive the export profits disappear because China can not afford to pay salaries equivalent to those in Europe or Japan.
China is highly dependant on the US dollar, China like Mexico are so dependant on the US economy as the US economy on the Chinese and Mexican economies.
China is dependent on keeping the US dollar low and stable.
China can dump dollars its true but this will be a shot on the chinese foot too, a weak US economy means a weak Euro and Yen and at the end no profits and gowth for China this translate in civil unrest and possible independentist movements in China then China only will use its air force to quell rebellions.
China is increasingly moving to the Euro which is a reason why the Euro has gone high in the last few years. Remember, the 2 trillion is foreign reserves worth 2 trillion. It does not say anything its completely made by the US dollar.
We are at the end of the dollar finacial system, but undoutedly it won`t mean the end of the US economy just a simple new arrangemenmt from a monopolar world to a multipolar world.
Both China and Russia now has a new issue to ally about, that is the advocacy for a new global currency. The UK is spouting more socialist rhetoric and France sounding increasing Gaullist. We are heading into a new world order faster than predicted.
crobatoIt appears a whole bunch of aircraft from India has flown in for the Zhuhai air show. I wonder what the Russians are expected to fly in. It seems there is news that a Tu-204 would be going there.
crobatoTalking of possible air wars. How about the US vs Islamic Europe scenario. :diablo::diablo::diablo::diablo:
Going by the rate at which Europe is being islamised United Islamic Euro Air Forces can be expected to go air battle with US forces som where around 2030.
Then kamikaze attacks will be quite common by UIEA. I think US ,Israel, Russia and probably to some extent India will remain Unislamic and rest of the world WIll become Islamic.
One can only guess if Russia will side with US or not in these holy wars. Russia will probably supply weapons to some countries i guess. India will not side with US because of its islamic populations. The Pakistan Air force will have bases in Londonistan and Al Amsterdam and will engage fighters coming from US carriers. I think US will try to nuetralize nukes based in United islamic Kingdom and Francistan. The german technology will greatly help the islamic armies
OH i forgot communist china and Australia. Which side will they take? :diablo::diablo::diablo::diablo:
You seem to think that being Islamic means being Al Qaeda like.
What, Turkey and Malaysia are not Islamic countries? What makes you think that an Islamic country will act like the Taliban and not like Turkey or Dubai?
Today our stereotype of an Arab seems to be a suicide bomber. Not too long ago, it was a Sheik in white robes, cool sun glasses and driving a Ferrari.
Sign In
