Since we launched this substack, wherever we travel, we always manage to meet some of our local subscribers. JJ, a Malaysian-Chinese business owner, is a paid subscriber of ours and one of the first subscribers I met on one of our trips. Meeting JJ was an eye-opening experience for me and made me appreciate my lack of human-level knowledge of the complex history and cultures of the Chinese diaspora in Southeast Asia.
Thanks for sharing the wonderful experience! Having visited China four times since Jan 2023, including the latest one last month, I noticed that most people I met have rather comfortable lives, even ones who complained quite a lot about downturns of real estate and slower economy. It’s true that money is hard to come now - you have to work harder or longer, or both to get the same amount a few years ago. No easy money anymore. On the same time, quality goods and services are abundant and extremely affordable. For instance, quality hotel services are about 1/2 price or even lower of those in the us for the same quality services, let along those public transportations, food, etc. People focus more on their own daily lifestyle, less obsessed about what happens in the US, as before, seeming that the US is more distant and more irrelevant from them - a subtle phycological change. That shining star may not be that shining after all. Of course, my personal feel could be wrong.
Baiguan, thank you for these authentic snapshots of the real China. You are doing pioneering work in your quest to bring an intercultural understanding of China and its people.
"bad" (collapsing real estate market, etc.) is relative. 塞翁失马 . I would guess that from some audience member's view as investors looking for rent extraction opportunities, it's bad; but as Dr. Michael Hudson would point out in his text book (Super Imperialism: The Economic Strategy of American Empire (third edition) 《金融帝国：美国金融霸权的来源和基础（第三版）》, low cost of housing is a keystone to a competitive economy.
This is a odd travelogue... its a bit jarring to read about the observation of electric cars on the road in one paragraph (legitimate observation) and then the next paragraph reads like a different person touting China's "national champions" and why its necessary for them to thrive in order to "break through sanctions" from the West.
Thanks for sharing the wonderful experience! Having visited China four times since Jan 2023, including the latest one last month, I noticed that most people I met have rather comfortable lives, even ones who complained quite a lot about downturns of real estate and slower economy. It’s true that money is hard to come now - you have to work harder or longer, or both to get the same amount a few years ago. No easy money anymore. On the same time, quality goods and services are abundant and extremely affordable. For instance, quality hotel services are about 1/2 price or even lower of those in the us for the same quality services, let along those public transportations, food, etc. People focus more on their own daily lifestyle, less obsessed about what happens in the US, as before, seeming that the US is more distant and more irrelevant from them - a subtle phycological change. That shining star may not be that shining after all. Of course, my personal feel could be wrong.
Baiguan, thank you for these authentic snapshots of the real China. You are doing pioneering work in your quest to bring an intercultural understanding of China and its people.
Thanks for sharing your experience.
"bad" (collapsing real estate market, etc.) is relative. 塞翁失马 . I would guess that from some audience member's view as investors looking for rent extraction opportunities, it's bad; but as Dr. Michael Hudson would point out in his text book (Super Imperialism: The Economic Strategy of American Empire (third edition) 《金融帝国：美国金融霸权的来源和基础（第三版）》, low cost of housing is a keystone to a competitive economy.
This is a odd travelogue... its a bit jarring to read about the observation of electric cars on the road in one paragraph (legitimate observation) and then the next paragraph reads like a different person touting China's "national champions" and why its necessary for them to thrive in order to "break through sanctions" from the West.