Jin Liqun: Europe induces 'sloth, indolence' The chairman of China's sovereign wealth fund remains sceptical about supporting a European bailout. As the global financial crisis continues to hit the eurozone, Nicolas Sarkozy, the French president, and other European leaders have been banking on China to step in and wave its magic wand. But is China prepared to bail out Europe? Al Jazeera's Teymoor Nabili talks to Jin Liqun, the supervising chairman of China Investment Corporation, China's sovereign wealth fund, to find out whether China is willing to invest more money in Europe, in particular in the European Financial Stability Fund (IFSF), which European leaders now want to beef up for future bailouts. Jin, who has served as China's deputy minister of finance and vice president of the Asian Development Bank, manages $400bn worth of the nation's money through the sovereign wealth fund. He says that unless Europe changes its labour laws and adjusts its welfare system, he does not consider it to be a profitable investment. "If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack. "Why should, for instance, within [the] eurozone some member's people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard." Jin Liqun, the supervising chairman of China's sovereign wealth fund http://www.aljazeera.com/programmes/talktojazeera/2011/11/2011114434664695.html LOL! The Chinese look at the European progressives as lazy children. Talk about a biatch slap. _
Well if you met that greasy little turd Sarkozy, and Cameron, who has everything he does because it was given to him by mummy and daddy, would you think differently??? There's nothing progressive about Europe under this lot of aristocratic toff-nosed NWO barbarians. These evil bastards would bring back slavery in an instant given the chance - in fact they're trying to do it already, just they've repackaged it as 'capitalism'!!!
Actually what he's saying is that the disparity between different EU member states is the problem. He's correct and most EU countries agree. PS - Quit the cheap talk, it makes you look, errrr cheap.
Exactly. The "we deserve" mentality exists heavily amoungst the inheritted rich. It is not the sole idea of the poor of social welfare.
The Don is utterly ludicrous. In essence, China wants to become like Europe -- this is a well-known fact and I've posted several threads on this subject before.
China does not want to become a 2nd rate group of nations whose glory days and best DNA transferred West a century ago. The Chinese have manifest destiny in mind and Europe is their first target. Remember, predators eat the soft meat first.
Silicon, You really need to deal with your inferior complex vis-à-vis Europeans immediately. It will give you some peace of mind...
As usual you are right. China has just adopted labour laws that are very similar to Germany's. If this apparatchik stated this in public in China he would be hated. Chinese culture is to work hard and retire early. At the moment the weakness in Chinese economy is the massive corruption. Developing a health system like in Europe would be both better for the economy and more popular than giving it to corrupt bureaucrats to blow in Macau casinos or to inflate speculative property markets in Hong Kong and London. Europe needs no lessons from China in how to run a society. Countries like Germany are the most prosperous in the world.
China also wants to become a economically stagnant, demographically crippled nation? Any more things you want to share with us?
No I think 500 million Chinese people would rather live and work in Rotterdam, Maastricht, Den Haag, Amsterdam, Breda, Oldenzaal, Delft...or all the other nice places there are in the Netherlands than paddling in the rice fields and living in the hovels that they live in now. I am sure they wouldn't want to move to Europe for the Chinese food though. As to demographically crippled, whatever problems Europe has, China's are far worse. What do you think the demographic effects of a one child policy will be? They will envy Europe and they may even welcome muslims at some stage of their economic development. Whose going to wipe your arse then in Holland when you get old?
china is not gonna help europe without some reture benefit. why would they help some lazy people live in a good life, while majority of chinese are struggling everyday.
Work it out. It's not complicated. It will be done out of self interest. Which is why the Chinese official made the comment. He is rather clumsily preparing to lay down terms. A better use of public money than by enriching the billionaires who run the communist party. At least it won't end up in Macau.
That's not true. "If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack." _
As I've said before China has the same labour laws. If you knew anything about China maybe you would know that. If you had experience of working in Europe, re-structuring businesses within the confines of German and French labour laws and also in China with the new labour code introduced in recent years, you would know that. But if you're ignorant of China I suppose you think its reasonable to swallow the communist official's garbage than listen to the citizens of democratic countries like janpor. Also you didn't seem to spot the non-sequitur in the communist apparatchik's comment (although you so readily rush to agree with this agent of Marxist Leninist tyranny): a "welfare" society and poor labour laws are not directly related. In China you can't fire people with service without paying significant compensation which the courts will decide - just as in Europe and certainly not the same as in the USA (where I have also carried out restructuring and have seen the almost zero protection that exists under US labour laws). However you can fall over beggars in the streets and see children begging in every major city. That would make you happy eh Glock. No welfare. Just kids, begging. In China (migrant) workers who move to the cities cannot get adequate healthcare, and they cannot send their children to the local schools. You and the communist you support here can go on and support a backward feudal economy that is now going through its Industrial Revolution and you can prefer it if you wish to prosperous European countries whose expertise and prosperity China still desperately craves. I hope it feels good to support a communist oligarchy who have made themsleves and their families billionnaires on the backs of the people as they lock anyone up who makes the slightest murmur of dissent. This is a negotiating position for when the Chinese loans come to bail out the countries in Europe run by populist weak governments that lack fiscal discipline. It's a sop to Chinese populist opinion who's economic illiteracy will object to Chinese money supporting European governments whose citizens are of course much richer per capita than Chinese. It's politics, from the same cabal that turned the army on the people in 1989.
Communism is opposite of feudalism, Capitialism is the one that is really similar to feudalism. Many high ranking and powerful Chinese officals are die hard capitalists, which is many ordinary Chinese people don't support and don't like where the country is heading. Yet, they are still expecting asking poor Chinese to give them money.
The Marxist theory of the CCCP, which is classical, is that this is the capitalist phase of history - under communist Party management - which supercedes feudalism, and in a hundred years or so it will give way to socialism. In practice the rule of the Chinese Communist party under Maoism has resulted in the continuation of feudalism to the present day when it is in the process of being overthrown by capitalism. Actually this Marxist analysis holds very good. Capitalism, as Marxists would argue, is acting as a revoultionary force and is transforming the lives of feudal peasants for the better as it did in the West in the nineteenth and twentieth centuries. In China, due to outside Western assistance, this transformation is happening twenty times faster. Don't you get it? If your customers have a liquidity crisis, which will kill perfectly competitive industries in Europe as a domino effect takes hold, then it is in your interests to support your customers with a short term loan. Otherwise the orders dry up and your people are at best back in the fileds on ten cents a day or at worse a mass of discontented unemployed. Do you really think that China is going to just give money away to Europe to be nice? It will all be in China's interests. I live in China. My living depends on Chinese consumption. It is in my interests that this support is given, at the right time, under the right conditions. I don't support the singer, but I do support the song.
Mao broke and destroyed feudalism in China, He hated everything that's related to feudalism, he loathed the old China. There are no continuation of fedalism to the present day China because of Maoism, blame Deng Xiaoping if today's China look like feudalism because he lead China to the opposite road of Mao's China 30 years ago, open up China and let a small group of people to become rich first, which is capitalism and capitalism is similar to feudalism. Communism can be a revolutionary force to overthrown the feudal lords and transform the lives of feudal peasants for the better but it failed except for Mao. Both ---isms are nothing but excuses for revolution between classes. . How do the Western "assistance" help the factory workers (many of them were peasants) in China? Do you consider earning couple dollars a day is a better life? I disagree, I think it is in China's best interests to use that money to further develop economy within China, instead of give it to Europe or America. And do you really think that the Western "assistance" to China you mentioned above is because they are nice? Well, many people's living depends on Chinese consumption as much as American consumption and European consumption.
Another nonsense from you. The Chinese don't even have the concept of manifest destiny in their vocabulary. Only American imperialists and predators like you can have such evil in mind, swallowing meat, bones, dung, filth and everything. Manifest Destiny was the 19th century American belief that the United States was destined to expand across the continent. It was used by Democrats in the 1840s to justify the war with Mexico; the concept was denounced by Whigs, and fell into disuse after the mid-19th century. Using an analogy, isn't it stupid for a person not to shoot a bird on a tree a few metres away but instead shooting one that is hidden from view behind a building a few hundred metres away? In its current dilemma, Europe needs no enemy to target it. It is shooting itself in the foot. Please refer to the following link: Manifest Destiny http://en.wikipedia.org/wiki/Manifest_Destiny
The big question is not whether China is prepared to bail out Europe, but whether it can succeed to do so. China will reap much goodwill and future benefit in Europe if it can play the "white knight" successfully. Unfortunately, the chance is that it will end up like Don Quixote falling flat on the ground in the process of charging at a windmill. In the current crisis, no country has the magic wand to save Europe from its financial crisis. Taking an analogy, if you can save a drowning person in the pool, you will be praised as a hero. However, if you are drowned together with the victim, you won't get any pity at all but be condemned as an idiot. Let those people, who are talking so much about supporting a European bailout, assess the situation with the professional eyes of a banker. If Europe can be bailed out so easily, all the bankers in the world will make a rush for it. Investing more money in Europe now is akin to dumping money into a bottomless pit. If China makes a huge financial loss in the process, the consequence will be disastrous both for the country and the government. There will be a big backlash from the Chinese populace, causing an eventual downfall of the CCP.
