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00:00:00
Welcome to Critical Moment00:00:01
Just today00:00:02
A horrific fire broke out in Hong Kong00:00:04
This is how they described the fire00:00:06
The largest fire in history00:00:07
You can see this fire spreading all the way up00:00:10
It caught fire. At least four people are now reported dead.00:00:13
Many people were injured.00:00:14
And this fire not only claimed lives,00:00:17
It fueled panic.00:00:18
It also revealed the dire state of the Chinese economy.
Because we all know00:00:22
A large part of China's economy00:00:24
is relying on Hong Kong00:00:25
Unexpectedly, this fire00:00:27
has also spread to the entire Chinese economy00:00:30
You see today's Chosun Ilbo00:00:31
It specifically published this event.00:00:33
Its title directly stated:00:00:34
It is the first time in history that the yield curve of Chinese and Japanese government bonds has been inverted.
Is China's Japanization Coming?00:00:40
We all know that Japan had its lost 30 years.00:00:42
The result was that it described it as China's Japanization.00:00:45
It specifically mentions the inverted yield curve.00:00:49
What did this result in?00:00:50
A synonym for deflation.00:00:52
The liquidity released by Japan is helping it escape deflation.00:00:55
And the former global growth engine00:00:57
China has fallen into recession.00:00:59
So this is a very serious matter.00:01:02
So Shi Cong, we never thought of this.00:01:04
We didn't say...00:01:05
Is China the world's second largest economy?00:01:07
Is the economy very good?00:01:08
We just saw the result.00:01:09
The fire in Hong Kong has started.00:01:10
You're relying on Hong Kong today.00:01:11
It's all thanks to its foreign investment there.00:01:13
And then you said it was reported by the Chosun Ilbo.00:01:17
Has China really become like Japan now?00:01:19
Yes, that's right. We just saw this big fire.00:01:21
This fire happened this afternoon.
Tai Po, Hong Kong00:01:24
Four buildings caught fire simultaneously.00:01:27
So far...00:01:28
The fire is extremely devastating.00:01:30
Almost all Hong Kong and Chinese media...00:01:32
Everyone is reporting on this fire.00:01:33
It didn't just burn one building.00:01:35
It burned down in succession.00:01:36
One building on the left, one building on the right, burned in a chain reaction.00:01:38
Everyone is wondering how it could have burned like this.00:01:40
Isn't Hong Kong like this too?00:01:41
So-called advanced places?00:01:42
How could the fire be so severe?00:01:43
So far, there are...00:01:45
It is known that 4 people have died.00:01:46
Then the number of casualties might...00:01:48
It cannot be ruled out that the number could rise further.00:01:50
Then I'll talk about this kind of burning method.00:01:52
Many Hong Kong people said00:01:53
I've never seen anything like it in my life.00:01:54
This house could be burned like this.00:01:55
Okay, so what does this tell us?00:01:57
Many Hong Kong people, when watching...00:01:58
Crying downstairs00:01:59
But to some extent,00:02:01
This is also a reflection of Hong Kong people's current situation00:02:03
It's because Hong Kong's economy is burning up00:02:05
Then why is Hong Kong's economy burning up?00:02:07
Because it's being dragged down by China's economy00:02:08
Or rather, both economies are being dragged down together.00:02:11
We know that Hong Kong used to be called00:02:12
The engine of China's economy.00:02:14
Hong Kong was a very important place to attract foreign investment.00:02:17
Now Hong Kong is struggling to survive. Why?00:02:18
Because China's economy is also not doing well.00:02:19
Okay, so let's look at00:02:20
Why is the Chinese economy not doing well?00:02:22
Today, the Chosun Ilbo published a report.00:02:24
This is a report from South Korean media.00:02:26
What did it say?
For the first time in history, the yield curve for Chinese and Japanese government bonds has inverted.00:02:30
Is China's Japanization coming?00:02:32
We said this a few years ago.00:02:34
China might enter Japan's lost 30 years.00:02:37
Now it's not us talking.00:02:38
This is what the South Korean media said.00:02:40
Okay, so why would the South Korean media say this?00:02:42
He mainly focuses on this chart00:02:44
In this chart, there is a red one00:02:45
The red one represents the yield on China's long-term government bonds00:02:48
The gray one represents the yield on Japanese government bonds00:02:51
Okay, so what does this mean?00:02:53
Simply put, it means my country is borrowing money from you00:02:55
When my country borrows money from you, logically speaking00:02:57
That is to say, the interest rate should be very high when I borrow money00:03:00
If the economy is good, the interest rate is very high00:03:02
But why is the interest rate so low?00:03:03
Because my country doesn't have the money to pay you00:03:05
Or, when I borrow money from someone00:03:08
No one wants to buy
104
00:03:09,533 --> 00:03:10,966 So I need to...00:03:10
My interest rate keeps going down00:03:13
This means that your country's economy00:03:15
has encountered a big problem00:03:16
Look, let us show you00:03:18
This is from 04 09 then 10 1400:03:21
15 19 20 24 and 202500:03:24
Look, during Japan's 30-year period of decline...00:03:26
Look, the government bond yields kept falling...00:03:28
Yes, it kept falling...00:03:30
After hitting rock bottom, it rebounded...00:03:32
Look, after Abe fired the three arrows...00:03:34
It started to slowly rebound.00:03:35
Has Japan now emerged from its lost 30 years?00:03:38
But you see, China's line is like this.00:03:40
You see, it keeps falling, doesn't it?00:03:42
It's a bit like Japan's lost 30 years, falling back down.00:03:46
Now China is also declining.00:03:47
Wait a minute, it's 1.83%.00:03:48
Yes, that's right, it's 1.84%.00:03:49
Yes, so that means...00:03:50
It's only now that the so-called yield curve inversion has appeared.00:03:52
The yield curve inversion means Japan's yield curve...00:03:54
Already higher than China00:03:56
They weren't...00:03:57
It should be said the previous two weeks00:03:58
Weren't they arguing over there every day?00:04:00
Little Japanese, right00:04:01
As a result, the more you curse today, the more you lose to them.00:04:04
That means your government bond yield00:04:06
has already shown an inverted yield curve00:04:08
The inverted yield curve means00:04:09
The economic problems you may be facing now00:04:12
are even more serious than in Japan00:04:14
Okay, let's talk about00:04:15
Let's talk about observing China's economy.
There are the so-called Four Little Dragons.00:04:19
What are the Four Little Dragons?
It's Alibaba.00:04:20
And also JD.com.00:04:21
And also Baidu.00:04:24
Then including Pinduoduo00:04:25
Unexpectedly, you see these four companies00:04:28
They just released their financial reports a while ago00:04:29
Look, Alibaba's profit declined by 72% last quarter00:04:33
Then JD.com decreased by 56%00:04:36
Then, including companies like Baidu:00:04:37
It suffered its worst performance ever, losing 11.2 billion yuan.00:04:40
Then, including companies like Pinduoduo:00:04:42
Pinduoduo's annual growth rate has been quite strong in the past.00:04:44
Its annual growth rate is only 9%.00:04:45
So the stock price plummeted00:04:47
So you need to know from these clues00:04:49
You can know that00:04:50
Actually, from the fact that China's government bond yield is lower than Japan's00:04:54
Plus, the performance of the four major companies is not good00:04:56
You can see that China's economy is indeed00:04:58
It's a bit like this fire.00:05:00
It's already started burning.00:05:02
Shi Cong, this fire has really burned out...00:05:05
Frankly speaking, whether it's Hong Kong or China...00:05:07
His people feel...00:05:09
This is not just a fire. Yes00:05:10
He's even going to burn down the entire economy.00:05:13
Yes, that's right. I'll explain why.00:05:15
Because we know Hong Kong is small and densely populated.00:05:17
So the distance between buildings is relatively small. Yes00:05:20
He said this evening.
It started burning at the sixth building, Hongchang Pavilion.
After it started burning, the result was unexpected.
It spread to the first building, Hongren Pavilion.
Then everyone...
Because it was evening.
Look how it burned.00:05:30
Several buildings were burning simultaneously.00:05:32
This is terrifying. It's like something from the past.
It feels like a chain of ships on fire. Yes, that's right.00:05:35
How could it burn like this?00:05:37
Yes, so what do you all think?
Hong Kong's firefighting standards are not up to par.00:05:39
It should be pretty good, right?00:05:40
So you see, as of now,00:05:42
Four people have already perished in the fire.00:05:43
Then everyone who saw the whole fire scene...00:05:45
How could it have burned like this?00:05:47
Okay There's one more...00:05:48
What's the latest one? Seven buildings. Yes.00:05:51
After the first building, the second building, and the third building...00:05:52
I never thought of seven buildings.00:05:54
Yes, so what does this mean?00:05:55
It's because you're all tied too tightly.00:05:57
A fire broke out when you were too close together.00:05:58
So it's somewhat similar to what we just mentioned.00:06:00
When something happened in Hong Kong and something happened in China.00:06:02
This situation where two things can happen in a chain reaction.00:06:04
Okay, you see.00:06:05
At that time, you saw him constantly trying to save lives, didn't he?00:06:07
They have a lot of this now00:06:08
Including Chinese media00:06:09
Or a situation reported by Hong Kong media over there00:06:11
You see, this is someone who may have unfortunately passed away00:06:14
Related firefighters00:06:16
Then he might be00:06:17
Look, his whole body is blackened by smoke.00:06:20
The situation is very serious.00:06:21
Then look at the overall situation of the fire...00:06:23
It was evening then.
When it was still relatively bright.00:06:26
The initial scene of the fire00:06:28
Now it's evening00:06:30
Look, all the people00:06:31
They could only gather on the overpass and watch00:06:34
Everyone was very sad00:06:35
Look, many people are watching the fire above00:06:38
There are still people praying over there.00:06:39
I don't know what happened.00:06:41
Everyone is praying over there that nothing bad will happen.00:06:43
I have no home to go home tonight.00:06:45
Those are many, many very helpless situations.00:06:47
I think Shi Cong...
224
00:06:47,666 --> 00:06:49,033 This fire really caused00:06:49
The entire Hong Kong population is extremely anxious. Why?00:06:51
Look, he said it was around 6 PM.00:06:53
Many residents are trapped.
228
00:06:55,666 --> 00:06:57,800 That's why we have this photo.00:06:57
Firefighters, why did the fire cause such a commotion?00:07:00
How did you end up dying?00:07:01
You saw Phoenix TV's special report.00:07:04
He said this firefighter00:07:06
was injured after falling from a height.00:07:08
This means you've burned down to the skeleton.00:07:10
Its reinforced concrete is already bent.00:07:13
You did this to save people.00:07:14
We just talked about this.00:07:15
There were still a lot of people there around 6 o'clock.00:07:17
Trapped inside.00:07:18
He went to rescue them, but he didn't step on the right spot.00:07:20
He came down and fell directly from a high place.00:07:23
Then he died.00:07:24
And now the death toll is...00:07:26
We just said seven buildings caught fire.00:07:28
Now 12 people have died.00:07:30
Yes, I think this death toll...00:07:31
May increase further
248
00:07:32,033 --> 00:07:33,100
Because around dusk
249
00:07:33,133 --> 00:07:35,066
Most people are at home cooking
250
00:07:35,066 --> 00:07:36,600
Or preparing dinner
251
00:07:36,600 --> 00:07:38,633
Once those seven buildings catch fire
252
00:07:38,633 --> 00:07:40,766
And the fire spread extremely quickly
253
00:07:40,766 --> 00:07:42,500 So I'm saying that's indeed the case right now.00:07:42
A whole bunch of people are inside. How are you going to run?00:07:45
Right, as Zhaohe just mentioned.00:07:48
There's a firefighter. Wearing this golden suit, right?00:07:50
Then we'll talk about...00:07:51
Actually, Hong Kong's fire service standards are quite good.00:07:53
Look, they're all in gold uniforms.00:07:55
That's all the equipment we see.00:07:57
It's not just gold uniforms.00:07:58
Look, even this oxygen mask.00:08:00
They're even wearing helmets in this situation.00:08:02
They said their golden armor00:08:04
was made in Germany00:08:05
and has owned it since 201100:08:07
When facing a temperature of 1000 degrees Celsius00:08:08
it can withstand approximately 8 seconds00:08:10
1000 degrees Celsius00:08:11
Even if a fire is burning, it can't reach this temperature.00:08:14
So you know, in fact, you see00:08:15
He said each golden suit is worth HK$7,000.00:08:19
And it weighs 3.9 kilograms.00:08:20
And it can withstand flames of 1000 degrees Celsius for 8 seconds.00:08:24
Of course, it contains GORE-TEX.00:08:25
A measure to prevent moisture from entering.00:08:27
Then he said the fire department was dealing with a wildfire.00:08:30
When there is no risk of explosion.00:08:32
If the risk is managed by the supervisor.00:08:33
The inner liner can be removed to reduce thermal pressure.00:08:35
So they actually have00:08:36
a considerable amount of processing procedures00:08:38
So you know, obviously this fire00:08:41
You see, even the firefighters wearing their golden uniforms00:08:44
a situation they probably couldn't control00:08:45
You know how serious the fire was, how terrible it was00:08:48
So, of course, as of now,00:08:50
Hopefully, this fire won't cause more casualties.00:08:53
But I'll say...00:08:54
Let's show you the faces of Hong Kong people.00:08:56
The helpless faces of Hong Kong people right now, right?00:08:59
The helpless faces of many people.00:09:00
Many worried faces00:09:02
Even they are worried00:09:04
Their own future in Hong Kong00:09:05
And you see We specifically chose a photo here00:09:08
This is now
300
00:09:09,433 --> 00:09:11,466 Hong Kong people are now reacting to this disaster00:09:11
Their helplessness. This is my home.00:09:14
And perhaps my family members are inside.00:09:16
The older ones.00:09:17
How am I supposed to escape if this fire continues?00:09:19
Yes, look, and many people are saying...00:09:20
Many elderly people didn't have time to escape.00:09:22
That's why I'm telling everyone.00:09:23
In fact, regarding the potential number of casualties,00:09:25
This situation could potentially increase again.00:09:27
Okay, so why did this situation occur this time?00:09:29
The main reason is because...00:09:30
So far, they00:09:31
are carrying out annual major repairs00:09:33
are spending 330 million00:09:34
Each household will have to pay over 100,00000:09:36
Unexpectedly,00:09:37
Because there are piles of cardboard boxes everywhere00:09:39
The repair work was poorly done.00:09:41
Unexpectedly, this happened.00:09:42
Such a fire situation.00:09:43
So it was another man-made disaster.00:09:46
Causing this entire00:09:47
This so-called Tai Po fire.
324
00:09:49,366 --> 00:09:50,533 Burned to this state00:09:50
As we just mentioned00:09:51
In fact, many Hong Kong people00:09:52
Feel helpless in the face of this fire. Why?
328
00:09:54,433 --> 00:09:56,633 Because when they see the fire burning00:09:56
Aren't they also feeling the same way about themselves?00:09:58
The current predicament of Hong Kong00:10:00
Why do I say this? Look at what Hong Kong has been doing for some time now.00:10:03
Foreign investment is coming to this place.00:10:04
But what did the Hong Kong Chief Executive say?00:10:07
More than 65% of the foreign investment actually utilized by Beijing comes from Hong Kong.00:10:10
That is to say00:10:11
In fact, China currently has no foreign investment00:10:12
Hong Kong also has no foreign investment00:10:14
Okay, then I'll tell you all00:10:15
In fact, so far00:10:16
To understand Hong Kong's economy, it's very simple00:10:17
You only need to look at the land he bought and sold.00:10:20
Because why? Because Hong Kong is essentially supported by real estate.00:10:23
You see, he said according to official records.00:10:24
The Hong Kong government's revenue from land sales last year was approximately HK$1.742 billion.00:10:27
00:10:32,600
Set a new record for the government since 201200:10:32
An 87% decrease year-on-year00:10:34
So that means00:10:35
Hong Kong is at its most important point for real estate00:10:36
As a result, land sales are not going to happen00:10:38
Good, not only land sales are not going to happen00:10:39
What are their key points? Vacancy rate00:10:41
Because we need to look at Hong Kong00:10:42
Many offices in Hong Kong00:10:43
Okay, so the vacancy rate has reached what?00:10:46
It reached 12.1% in the first quarter of this year.00:10:48
It's the highest in four and a half years.00:10:50
Then another one00:10:51
Regarding private office buildings,00:10:53
The current vacancy rate00:10:54
It has reached an all-time high of 16.3%00:10:58
Previously it was 12%, 14%, 14.9%00:11:00
You see, it's steadily climbing. Yes00:11:02
So you see, in fact, so far in Hong Kong00:11:03
Once we talk about Hong Kong's current real estate market,00:11:06
No one is buying land00:11:07
And the office vacancy rate keeps increasing00:11:09
Okay, so it's not just increasing00:11:10
We're talking about the so-called "Four Heavenly Kings" of Hong Kong in the past.00:11:13
The four major families.00:11:14
One is Li Ka-shing.00:11:16
Then Lee Shau-kee.00:11:17
Then Walter Kwok, right?00:11:19
Then Cheng Yu-tung, these four families.00:11:21
Zhaohe If we consider the times when Hong Kong's economy was good00:11:23
The four major families had no problems00:11:24
But do you know that in May of this year00:11:26
The Cheng Yu-tung family of New World Development, one of the four major families00:11:30
experienced a financial crisis00:11:31
He even had to borrow money from Hong Kong banks00:11:34
You'll then know how the four major families rose to power...00:11:37
Even the wealthy have to borrow money.00:11:38
So you know it's extremely serious.00:11:39
Okay, so why is it like this?00:11:41
Because many financial institutions and state-owned enterprises00:11:43
Withdrawn from Hong Kong in the past few years, right?00:11:45
Then let's look at the past 4 years00:11:46
At least 10 financial institutions have withdrawn from Hong Kong00:11:49
Then the number of licensed banks in Hong Kong00:11:51
From 164 in 201900:11:53
Now it has dropped to 15000:11:55
Then, as many as 16 foreign-owned law firms00:11:58
underwent so-called layoffs or downsizing00:12:00
So you see, many foreign companies have left00:12:02
So the real estate and office buildings that support Hong Kong00:12:06
are all empty, there's no one left00:12:07
So it's no wonder, look at this sentence00:12:09
Let's look at the media's calculation of the total vacant area00:12:12
Equivalent to nearly 12 buildings00:12:15
Phase II of the IFC Mall in Central00:12:18
Simply put, no one's here.00:12:20
No one's renting it.00:12:21
Then isn't that the end of it?00:12:22
Hong Kong's economy is in such a terrible state today.00:12:24
Just now, Brother Shi Cong specifically mentioned00:12:26
Over 65% of Beijing's actual utilized foreign investment comes from Hong Kong00:12:29
If Hong Kong is suffering, then China will definitely be suffering even more00:12:32
Your foreign investment comes from Hong Kong00:12:33
Hong Kong isn't making any money00:12:34
Can China even continue operating?00:12:36
Yes, that's why I said00:12:37
How did foreign capital enter China in the past?00:12:39
Most of it went to Hong Kong.00:12:40
For example, many Taiwanese companies also went to Hong Kong.00:12:42
And then entered China from Hong Kong.00:12:45
But the problem is that now the actual foreign capital...00:12:46
Really not entering Hong Kong00:12:47
Neither entering China00:12:49
So this is a very clear example00:12:52
What's another one?00:12:53
This is an article from Hong Kong. What does he say?00:12:56
Hong Kong's GDP has recovered this year.00:12:58
But Hong Kong's economy is facing...00:13:00
He said it's an illusion.00:13:02
There is a recovery, but it's an illusion.00:13:03
Why is it facing a deep crisis?00:13:04
The first one is very simple. What did he say?00:13:06
The retail industry is facing structural challenges.00:13:08
We all know a place00:13:10
The most important thing is people's consumption00:13:12
He said what people's consumption is00:13:13
People's consumption by region, you see00:13:17
From Shenzhen to Hong Kong00:13:19
Then to Zhongshan and Chongqing00:13:21
In other words, so far,00:13:23
They all go to mainland China to spend their money.00:13:25
Okay, then the other one00:13:26
Mainland spending in Hong Kong can't make up for the shortfall.00:13:29
So that means Hong Kong people now00:13:30
They don't spend money in Hong Kong.00:13:32
He went to China to spend money.00:13:33
Chinese people can make up for you.00:13:35
But the cost of living in China is very low.00:13:36
Didn't we talk about this before?00:13:38
They are all on what they call a military expedition.00:13:41
They don't stay in Hong Kong.00:13:42
They just came to Hong Kong for a short visit and then left.00:13:44
So they won't spend any money at all.00:13:45
So, in essence, Hong Kong's consumption is currently very poor.00:13:48
Plus, as we just mentioned,00:13:49
The biggest contributor to consumption is foreign investment.00:13:52
Now foreign investment isn't going in.00:13:54
We talked about how many famous brands Hong Kong had in the past.00:13:56
How many law firms? How many foreign companies?00:13:59
Everyone left, right?00:14:00
So this consumption couldn't support it.00:14:02
Then the capital market's recovery was limited.00:14:04
What does this mean?00:14:05
We know that Hong Kong, so far,00:14:07
recently, the stock market has been hitting new highs
463
00:14:08,600 --> 00:14:11,100 Like Taiwan, which recently hit a new high of 28,000
464
00:14:11,666 --> 00:14:13,200 South Korea, and also mainland China
465
00:14:13,200 --> 00:14:16,233 also recently reached new highs in recent years00:14:16
Including Japan, which has also reached a new high00:14:17
But Hong Kong's current figure is 26,00000:14:19
It's still some distance from the historical high of 33,00000:14:21
So it's essentially impossible00:14:23
So if Hong Kong really relies solely on consumption from China00:14:26
to support itself and buy Go to what?00:14:27
It won't be enough at all. Yes, that's right.00:14:29
Because of your most fundamental thing.00:14:30
You don't have foreign investment.00:14:31
So you're basically all empty.00:14:33
Yes. And what's the other one?
477
00:14:34,366 --> 00:14:35,866 Because their current private consumption is insufficient00:14:35
Then you have no choice but to stimulate the economy through the Hong Kong government00:14:39
But the problem is the Hong Kong government doesn't have money.00:14:41
What to do if there's no money? Raise taxes.
481
00:14:43,133 --> 00:14:44,333 That's why I say Hong Kong is currently00:14:44
walking on an economic tightrope00:14:46
Almost facing an unprecedented predicament00:14:48
485
00:14:50,233 --> 00:14:51,166 That's why I told you00:14:51
To some extent,00:14:53
This fire today can also reflect the future economic situation of Hong Kong00:14:55
I'm afraid that after being tied to China
489
00:14:57,533 --> 00:14:59,466 When the Chinese economy was on fire
490
00:14:59,466 --> 00:15:01,133 Hong Kong was also hard to avoid
491
00:15:01,266 --> 00:15:02,233 Guozhen, we just saw
492
00:15:02,233 --> 00:15:04,266 This fire in Hong Kong has really caused
493
00:15:04,266 --> 00:15:05,566 Whether it's Hong Kong or China
494
00:15:05,566 --> 00:15:07,266 This economy has already suffered a major blow00:15:07
You saw Bloomberg also mentioned it00:15:09
China's main bond yields00:15:11
For the first time, they are lower than Japan's bond yields00:15:13
Why are people rushing to report this?00:15:15
They find it hard to imagine00:15:16
It's like when we talk about the Sino-Japanese war, you're still arguing over there.00:15:19
Still complaining over there00:15:20
Your country is so bad00:15:21
As a result, you were immediately surpassed by Japan00:15:24
Yes, now it's China that's falling into00:15:26
The Lost 30 Years
506
00:15:27,566 --> 00:15:29,266 Japan is on the rise.
507 00:15:29,266 --> 00:15:30,366 Things are getting better and better.
508 00:15:30,400 --> 00:15:32,400 What is meant by the "lost 30 years"?
509 00:15:32,400 --> 00:15:33,366 Look at this section.
510 00:15:33,366 --> 00:15:35,966 The period from 2002 to 2024.
511 00:15:35,966 --> 00:15:37,266 Of course, there's a period before that.00:15:37
This is Bloomberg data00:15:38
Japan's interest rates have been very low for a long time.00:15:40
How low?00:15:41
Even at zero, nobody wants to borrow money to invest.00:15:43
Therefore, it's very sluggish, and then there's long-term deflation.00:15:45
So Japan encourages borrowing money.00:15:47
So at one point, they didn't offer interest on deposits.00:15:50
You don't get interest when you deposit money in a bank.00:15:52
So the overall interest rate was very low.00:15:54
Unexpectedly, interest rates in Japan have now risen.00:15:57
On the contrary, there is one country00:15:58
that actually encourages everyone to borrow money to consume00:16:00
that nobody wants to invest00:16:01
so its interest rate00:16:02
China has been suppressing Japan all the way00:16:05
You see, over the past 20 years00:16:06
China's economy is certainly doing very well.00:16:08
It has become the world's second largest economy.00:16:09
But now it's China.00:16:12
Nobody wants to borrow money anymore.00:16:13
Even if they give you money.00:16:14
Zhaohe, do you want to invest? I don't.00:16:16
No, so its interest rate is getting lower and lower.00:16:18
So now there's actually a global trend where00:16:21
everyone is snapping up Japanese government bonds.00:16:23
this means everyone is optimistic about Japan.00:16:25
Japan's future performance will get better and better.00:16:27
So now it's become a term...00:16:30
China is entering deflation00:16:31
Because interest rates are getting lower and lower00:16:33
No one wants to borrow money yet
543
00:16:34,333 --> 00:16:35,466 Prices are getting lower and lower00:16:35
On the contrary, Japan has emerged from inflation00:16:37
Japan's inflation rate has now reached around 3%
546
00:16:40,233 --> 00:16:41,433 Government bond yields are getting higher and higher.00:16:41
Because everyone is borrowing money.00:16:42
And its interest rate is now 0.2%.00:16:45
But the era of zero interest rates is over.
550
00:16:49,033 --> 00:16:50,733 People in Japan are starting to invest.00:16:50
Finally, the era of interest rates has arrived.00:16:52
It's not that it's 0 yuan00:16:53
Why would I buy from you? Why would I lend you money?00:16:56
So this might be a golden cross.00:16:58
The sun is rising in Japan.00:16:59
The sun is setting in the west in China.00:17:01
And there's another piece of evidence.00:17:02
Bloomberg has released an even more drastic statistic this time.00:17:04
Chinese people, especially Chinese people, love to laugh.00:17:07
Americans are heavily indebted; the US is borrowing from the national debt.00:17:09
Trump can't pay off the national debt.00:17:10
Weren't we talking about the US debt problem?00:17:12
And then he compiled this statistic.00:17:14
True National Debt00:17:15
China's national debt has increased by 287% since 200800:17:19
The average annual increase is 15.3% - 13.6%00:17:22
Then the US only saw an annual increase of 7.2%00:17:25
It turns out China borrowed more money than the US.
569
00:17:28,533 --> 00:17:31,666 National Debt China is actually in a very serious situation.00:17:31
Then a question arises:
571
00:17:33,266 --> 00:17:35,766 Why did China fall into a lost 30 years?
572
00:17:35,766 --> 00:17:36,933 He gave an example:
573
00:17:37,033 --> 00:17:39,866 For China, if we go back to 1989,
574
00:17:39,866 --> 00:17:41,100 That would be called a short-term crisis.00:17:41
Because China was young then.00:17:43
But now China is in 2025.00:17:45
What problems is China facing?00:17:46
It has a population problem and its economy can't find direction.00:17:49
Its debt is increasing.00:17:50
It has more debt than the US, and its growth is even greater.00:17:52
There are also systemic problems.00:17:53
Because everyone is afraid of getting rich, everyone is afraid to take risks.00:17:57
What is the population problem now?00:17:58
In 1989, China was young.00:18:00
Let's look at the elderly population.00:18:02
China is now the world's largest economy.00:18:05
One of the countries with the largest elderly population00:18:06
Called "aging before becoming rich"00:18:08
You don't have young people to support this debt00:18:11
So China's economy...00:18:12
Isn't that terrible?00:18:13
You borrowed so much money in the past00:18:15
Now these people are all old.00:18:17
They can't produce anymore.00:18:20
Then you can't pay back your money, so you're doomed.00:18:22
So it's called a quadruple collapse structural crisis.00:18:25
What happens in a structural crisis?
598
00:18:27,600 --> 00:18:30,033 All four Asian Tigers have collapsed.00:18:30
China's Four Most Promising Companies00:18:31
The crisis is now spreading here.00:18:34
You know, we all know what Alibaba has been up to lately.00:18:35
Alibaba's AI is really powerful.00:18:37
And then there's the online sales through Alibaba's Taobao platform.00:18:40
Shipments are going worldwide.00:18:42
The revenue is pretty good, of course.00:18:43
Third quarter results announced. Just announced today00:18:45
Revenue for the third quarter, a year-on-year increase of 4.8%00:18:48
Everyone thinks it's pretty good00:18:49
But when you actually see the net profit00:18:51
You'll find that the profit is actually 72% lower, which is astonishing00:18:55
Third quarter profit00:18:56
Your Alibaba Qianwen has been downloaded 10 million times worldwide.00:18:59
So what did Goldman Sachs say?00:19:00
What is Goldman Sachs afraid of now?00:19:01
It's opening high and closing low.00:19:03
Investors are very worried about it.00:19:05
New business has increased concerns.00:19:06
AI and related technologies may actually affect revenue.00:19:10
Although it's improved, costs have increased significantly.00:19:12
And e-commerce as well.00:19:13
It's not as good as everyone imagined.00:19:16
So it became Alibaba.00:19:17
It has truly fallen from Alibaba Cloud to a lower position.00:19:21
Overall net profit decreased by 72%00:19:23
Extremely astonishing00:19:24
And then there's another company even more terrifying called Baidu00:19:26
Baidu, do you know it?00:19:28
Baidu's revenue in the third quarter actually decreased by 7%00:19:31
Becoming 31.2 billion RMB00:19:33
Baidu's revenue has been declining for six consecutive quarters.00:19:35
The key point is that it's been declining for six consecutive quarters.00:19:36
We all know that Google is doing very well in the US right now.00:19:38
Baidu, which was once hailed as the Google of China,00:19:40
Why is it in such a bad state now? Because it can't find its direction in the AI era.00:19:43
So revenue has been declining for six consecutive quarters.00:19:45
Even more frightening is that00:19:46
Its profit is actually negative.00:19:48
What did it lose in one quarter? It lost 11.2 billion yuan.00:19:51
Baidu might be about to collapse.00:19:54
Or something like this is about to happen...00:19:56
He lost 11.2 billion RMB in one quarter.00:20:01
Even six quarters...00:20:02
He can lose so much in just one quarter.00:20:04
Yes, so... Does he still want to play?00:20:05
Yes, so the AI era.00:20:07
Google in the US is surging upwards.00:20:09
But Google and Baidu in China...00:20:11
What happened? A huge problem occurred.00:20:13
Alibaba and Baidu have both collapsed.00:20:14
And it's not just these two that have collapsed.00:20:15
Pinduoduo is very powerful.00:20:16
Pinduoduo claims to be the world's most competitive business player.00:20:19
The most competitive, a representative of China's competitive involution.00:20:22
Of course, we need to look at its revenue.00:20:24
Revenue only increased by 9% in the third quarter.00:20:26
We looked at the third quarter.00:20:27
Do you know how much it increased compared to the same period last year? 44%00:20:31
So Pinduoduo is really good at "buying together" (a form of online shopping), right?00:20:32
The world's best at "buying together" (a form of online shopping), the best at low-price bargaining.00:20:34
Now the entire growth momentum has completely disappeared.00:20:37
Although it hasn't lost money yet.00:20:38
But investors are very clear about this.00:20:40
So his ADRs are listed in the US.00:20:42
Now the entire net asset value has dropped by about 1 trillion RMB.00:20:47
What does this mean? Nobody is optimistic.00:20:49
Pinduoduo, one of China's four Asian Tigers going global.00:20:52
And then there's JD.com.00:20:53
JD.com is also one of the representatives of Chinese companies going global.00:20:55
Let's look at its third-quarter revenue.00:20:57
Its profits00:20:59
Surprisingly, there has been a significant change.00:21:00
Profits have dropped by 55%.00:21:02
Profits are declining.00:21:04
If the accounting standards are revised...00:21:06
Profits will drop by 56%, which is equivalent to a 50% reduction.00:21:08
Of course, what everyone is most concerned about is...00:21:10
JD.com's overall profits will decrease by 56%.00:21:12
What exactly happened?00:21:13
What's most frightening is the new business.00:21:15
His new businesses include food delivery.00:21:16
He's now promoting JD.com's food delivery service.00:21:18
And some other new businesses.00:21:19
Or expanding overseas.00:21:21
The result was a loss of 1.1 billion yuan.00:21:24
JD.com is just reselling other people's products.00:21:26
They actually lost money...00:21:27
The new business lost 1.1 billion.00:21:28
But isn't JD.com focused on the Chinese market?00:21:30
Then they went abroad.00:21:32
After you've finished your expansion, you go overseas.00:21:33
They should be making a profit.00:21:35
So you said he is now00:21:36
New businesses are losing money and being sold off, losing terribly00:21:38
So new businesses00:21:39
Losed 1.1 billion yuan in the third quarter00:21:41
Very good in the same period last year, made 12 billion yuan00:21:44
You know from 12 billion
700
00:21:46,633 --> 00:21:48,733 From earning 12 billion to losing 1.1 billion00:21:48
This is a very big warning sign.00:21:50
A major problem has occurred; prices are dropping sharply.00:21:52
So its profit margin has become negative.00:21:54
So two of the four Asian Tigers have collapsed.00:21:57
If TikTok comes along, it will be even worse.00:21:58
TikTok is completely looked down upon in the US now.00:22:01
We know Trump didn't say he wanted to sell TikTok to the US.00:22:04
Sell TikTok to someone else.00:22:05
The offer price came out.00:22:07
The offer was only $14 billion.00:22:09
Do you know his offer price?00:22:10
How much did everyone originally expect?00:22:11
40 billion US dollars? That's far off.00:22:13
Originally, I quoted you 40 billion US dollars.00:22:16
Then now he only has 14 billion US dollars left.00:22:19
Only a few months ago.00:22:20
So what is TikTok now? Trembling00:22:22
He's still worried00:22:23
Worried about how much I'm still worth
720
00:22:25,566 --> 00:22:27,200 The price keeps dropping00:22:27
Because everyone thinks he makes a good profit selling things00:22:29
But in the AI era00:22:30
Will his revenue still be good?00:22:32
Everyone is very skeptical.00:22:33
So how was this price determined?
726
00:22:35,833 --> 00:22:37,466 It was determined by Oracle and Silver Lake Capital.00:22:37
It was determined by Oracle and Silver Lake Capital.00:22:38
So people on Douyin will think...
729
00:22:41,133 --> 00:22:42,600 ByteDance, its parent company00:22:42
Are you insulting me?00:22:43
Feeling insulted or find it funny00:22:45
But do you know how Americans see it?00:22:47
Although your annual income is now00:22:49
It's 10 billion US dollars
735 00:22:51,833 --> 00:22:54,766 But the so-called ratio I gave you
736
00:22:54,833 --> 00:22:56,066 The price-to-sales ratio is
737
00:22:56,166 --> 00:22:58,333 How much price can he multiply by?
738
00:22:58,333 --> 00:22:59,966 It's only 1.4 times.
739
00:22:59,966 --> 00:23:02,266 You know it's much worse than others.
740
00:23:03,233 --> 00:23:05,433 Facebook's parent company, Meta, gives him 10 times.00:23:05
This means that if Facebook does 10 billion US dollars,00:23:07
It could be worth 100 billion.00:23:09
Alphabet, YouTube's parent company.00:23:11
Alphabet is 8 times.00:23:12
That means if they do 10 billion, they could be worth 80 billion US dollars.00:23:14
As a result, he is now completely looked down upon.00:23:16
Only 1.4x will be given to you.00:23:19
He is really humiliating you.00:23:20
You have no value. No value.00:23:22
Because everyone is worried about Chinese e-commerce or online shopping.00:23:25
There might be problems.00:23:26
I might buy your product because my skills aren't good either.00:23:28
The market isn't good either.00:23:29
So Douyin is also trembling.00:23:30
So the Four Asian Tigers have fallen again.00:23:32
But for Taiwan,00:23:33
On the contrary, a crisis is coming.00:23:35
Because China is currently unable to make money.00:23:37
Maybe the Lost 30 Years are coming.00:23:38
So a news story broke.00:23:41
Luckin Coffee might open on Nanjing East Road.00:23:43
They're going to invade Taiwan.
763
00:23:45,166 --> 00:23:46,666 Luckin Coffee, which took down Starbucks00:23:46
So now it's being posted online
765
00:23:48,533 --> 00:23:49,600 News reports are out saying it00:23:49
There's currently renovation work being done next to the Starbucks on Nanjing East Road00:23:52
It could be Luckin Coffee00:23:53
Of course, the Ministry of Economic Affairs will say so00:23:54
We will conduct a thorough review; he hasn't passed yet.00:23:56
But what's the most terrifying thing about him?00:23:57
He now has 30,000 stores.00:23:59
He has 30,000 stores in China.00:24:00
Now he's opening stores all over the world.00:24:02
His turnover is increasing very rapidly.00:24:04
But how did the turnover increase?00:24:05
Actually, it was due to involution.00:24:06
They gave out discount coupons everywhere, 10% to 20% off.00:24:09
So China really has experienced its lost 30 years.00:24:12
But everyone should be wary of a group of so-called involution.
780
00:24:14,866 --> 00:24:16,733 They've involutioned to the point that others can't survive.00:24:16
They've already started heading towards Taiwan.00:24:19
Huizhen, we just heard that.00:24:20
China's economy, Hong Kong's economy.00:24:22
They're already in a terrible state.00:24:23
When the economy is in a terrible state.00:24:24
Everyone will definitely be angry.00:24:25
You have times when you're angry00:24:26
Just treat everyone you have well00:24:28
Let him eat his fill and sleep his fill00:24:29
Then the Chinese government, I don't know what happened00:24:32
Is it because they're too idle or what?00:24:33
They actually did something00:24:35
He said that now whenever someone dies00:24:37
we all have to cremate them00:24:38
OK, no problem00:24:40
They actually did one00:24:41
burying those who had already passed away00:24:44
I want to dig them up00:24:45
This is unacceptable to the residents.00:24:48
They directly said00:24:49
Why don't you just dig up all of Xi Jinping's ancestral graves?00:24:51
You might as well dig them all up!00:24:52
That's digging up people's ancestral graves!00:24:54
There's an irreconcilable hatred between them!00:24:56
So what you see now is...00:24:58
The farmers of Guizhou Province all stood up00:25:00
This small village00:25:02
But everyone was very united
809
00:25:03,366 --> 00:25:04,200 Because what they were thinking was
810
00:25:04,200 --> 00:25:05,766 If I don't stand up today
811
00:25:06,000 --> 00:25:08,466 One day you'll come and dig up my ancestral graves00:25:08
So, there was a new policy00:25:10
It said that all deceased people must be cremated first00:25:13
Many villagers were unhappy00:25:14
They wanted to say that we now00:25:16
Our old custom is burial00:25:18
What do you mean by forcing me to be cremated?00:25:20
And you're stipulating that I have to pay for cremation?00:25:24
You're stipulating that I have to buy an urn?00:25:26
And in the end, do you know what happened?00:25:28
You don't even provide a columbarium.00:25:30
You even want me to buy land to be buried there.00:25:33
What the hell is going on?00:25:34
Scam. Yes, you're right.00:25:35
It's a scam.00:25:36
So they got very angry.00:25:38
Later, after arguing back and forth... They agreed that the policy would be changed to voluntary cremation.00:25:42
But let me tell you, now one household...00:25:46
Your family just had a burial recently.00:25:49
Then dig this one out.00:25:51
Then you need to quickly carry out the cremation.00:25:53
Then the family...00:25:55
Buried recently, pull it out of the grave.00:25:57
You're basically stealing the body! What are you doing?!00:26:00
So they told you not to move00:26:01
Then the family members weren't allowed to wail and cry there00:26:03
But he didn't care00:26:04
Then he started there00:26:05
And he said, "I just want this body today"00:26:08
"I want to go for cremation"00:26:09
So you see, the whole village came.00:26:11
From day to night.00:26:12
Some of them were even so angry.00:26:14
He said if the Communist Party wants to desecrate people's ancestral graves,00:26:18
Then why don't you desecrate President Xi's ancestral graves?00:26:20
He will lead the team.00:26:21
This sentence wasn't something I made up with Huizhen.00:26:25
We specifically extracted it at a crucial moment.00:26:28
How did he criticize Xi Jinping?00:26:30
Let's listen first.00:26:41
Huizhen, he really did criticize.00:26:42
What did he say directly?00:26:43
You dare to dig up my ancestral graves? Go dig up Xi Jinping's first!00:26:46
This statement actually came out!00:26:48
And let me tell you...00:26:49
They didn't just offer a token gesture of goodwill.00:26:53
No, they really just kept at it.00:26:54
They've been at it from daytime until late at night. It dragged on until nightfall.00:26:58
Because everyone was thinking:00:27:00
Sooner or later, if we didn't stop them today,00:27:01
Sooner or later, it would be our turn to suffer.00:27:04
So they started arguing there.00:27:08
The angry villagers quickly gathered.00:27:10
Then they started arguing...00:27:11
The argument continued until the next day00:27:12
Even that deputy county head00:27:14
You know, that deputy county head00:27:15
He even beat up the deceased's family00:27:16
He said, "Today I'm going to take this body away."00:27:19
I'm going to forcefully implement this policy.00:27:21
I want you to cooperate with this policy.00:27:22
Is there...?00:27:23
Hitting00:27:24
Look, he hit the deceased's family member.00:27:25
That's outrageous. The family member is already dead.00:27:28
You're going to beat up someone's sister?00:27:30
Yes, you're going to dig up the body that's already been buried.00:27:33
You're going to dig it up.00:27:34
Later, after holding on until dawn,00:27:35
That deputy county head almost got beaten up.00:27:37
Then he quickly ran away. Do you know?00:27:39
So later they were very angry, thinking to themselves00:27:42
Now the Communist Party won't let us living people go00:27:44
I didn't expect they wouldn't even let the deceased go00:27:47
Don't underestimate this00:27:48
Do you know, in their rural area00:27:50
They said the front line of the Communist uprising00:27:52
In fact, back then00:27:53
It was the rural uprisings that responded00:27:56
You start now, just this year00:27:58
They said this kind of conflict in the countryside00:28:00
It actually increased by 70%, reaching 6 700 items00:28:04
He said what this represents.00:28:05
It represents your aversion to the Communist Party.00:28:08
Even the fire in the countryside has been ignited.00:28:11
Besides that, what we just talked about was Guizhou.00:28:13
Now let's look further south.00:28:14
Same as November 24th00:28:16
Someone was driving in Beihai, Guangxi!00:28:19
Did you see that car rammed into what?00:28:23
It rammed into the city hall gate.00:28:24
Then the police intercepted it with armed patrol cars.00:28:27
Did you know that? Then the scene was filled with thick smoke.00:28:30
As a result, one of them used a stick to deal with him.00:28:32
They dragged the man in white from the car.00:28:34
They dragged him out of the car.00:28:36
This guy was very fierce. Many people used sticks.00:28:37
Bang...00:28:38
Go knock on him! Get out here!00:28:40
You're so bold as to dare to ram into the Beihai Municipal Government!00:28:44
This is the first time I've seen something like this.00:28:46
What does this mean?00:28:47
He's no longer afraid of death; the officials are forcing the people to rebel.00:28:49
He puts his own survival aside.00:28:52
He's going to target the municipal government...00:28:54
This represents my extreme anger. Officials are forcing the people to rebel.00:28:57
I can't even live like this anymore.00:28:58
What are you afraid of? I'll fight you to the death!00:29:00
I didn't expect this.00:29:01
Until the next day, November 25th00:29:03
No related information came out00:29:06
And on the same day, November 24th00:29:09
A stabbing incident occurred in Nanning, Guangxi00:29:12
It was caused by a food delivery rider
927
00:29:14,266 --> 00:29:16,200 After a conflict with the merchant
928
00:29:16,200 --> 00:29:19,433 He was also slashed by the merchant with a knife
929
00:29:19,433 --> 00:29:22,100 So they say that modern China, from south to north
930
00:29:22,100 --> 00:29:23,533 is full of violence
931
00:29:23,533 --> 00:29:27,866 It's the same from rural areas to relatively prosperous cities
932
00:29:27,866 --> 00:29:28,566 What does this represent?00:29:28
represents the people's anger having nowhere to go00:29:32
And a very crucial thing in the middle is00:29:34
the government, including the Communist Party government00:29:37
their law enforcement methods00:29:39
make it impossible for people to live00:29:41
Since I can't live00:29:43
Then I'll fight you to the death.00:29:45
And also including places like Guangdong Province.00:29:47
Guangdong Province recently carried out a large-scale crackdown on what?00:29:50
Electric vehicles. His crackdown is exaggerated. Do you see it?00:29:52
This is similar to...
945
00:29:53,933 --> 00:29:54,533 Deliveryman00:29:54
The deliveryman argued with him.00:29:56
He said okay, I can't do it.00:29:57
I'm not doing it anymore...00:29:58
Do you know why?00:29:59
Because of the bike he was riding.00:30:01
They said your car00:30:02
does not meet the relevant standards00:30:04
I'm telling you, the regulations have changed now00:30:05
Your...00:30:06
We're going to confiscate your car00:30:07
He got angry and said he was quitting...00:30:09
You guys talk about rules all day long, how am I supposed to...00:30:11
Then others followed suit.
959
00:30:13,566 --> 00:30:14,700 Because they said...00:30:14
I'm telling you, they're doing...00:30:16
You guys are changing the rules all day long.00:30:17
What's the purpose of changing the rules?00:30:18
They're just going to impound our cars.00:30:19
Why are you impounding our cars?00:30:20
I immediately found them at the used car market.00:30:23
You're impounding my cars just to resell them.00:30:25
So you're going to rip us off even more.00:30:27
The people nearby are furious.00:30:29
He even smashed the battery module.00:30:32
This person was very angry and smashed it in public.00:30:34
He was hysterical. He didn't want to...00:30:36
He didn't want to live anymore.00:30:37
He didn't want to do it anymore.
974
00:30:38,733 --> 00:30:39,633 Because you can do whatever you want anyway.00:30:39
You all have reasons to cause me trouble00:30:42
So they were immediately surrounded by the police00:30:45
After being surrounded, I'll tell you00:30:46
All the other delivery drivers were involved00:30:48
There's also this kind, directly in public00:30:50
They directly snatched the car in front of the police.00:30:53
You took my car, who cares?00:30:54
Because he just made up an excuse.00:30:56
You don't meet the new rules, you don't meet the new standards.00:30:58
Your car will be impounded.00:31:00
After impounding it, he won't wait for you.00:31:01
He immediately resold it.00:31:02
So everyone else felt the same way.00:31:07
Everyone jumped out and said, "Give it back to him..."00:31:08
Without this vehicle, how are they supposed to live?00:31:10
So the other delivery drivers ignored the police's warnings.00:31:14
Hurry up and tow this car away, you know?00:31:16
So, to put it another way00:31:17
They've hit a key point00:31:19
It's that your government, in order to skin and pluck,00:31:22
In order to collect extra money00:31:25
They're just making trouble for delivery drivers.00:31:27
This is a related electric vehicle regulation.00:31:30
It's changed every 3 days and every 5 days.00:31:31
It's been changed until later.00:31:32
It's until everyone really can't make a living.00:31:34
And now...00:31:35
Now delivery drivers not only have their vehicles...00:31:38
This so-called tool for making money has been taken away...00:31:40
Now delivery drivers are really suffering...00:31:43
It's too much...00:31:44
Even delivery drivers can't keep up with the demand.00:31:46
Yes, they said, you know?00:31:47
How much is one order now? One yuan per order.00:31:49
And you have to run up five floors.00:31:51
Two orders in Jiangsu, 2.2 yuan.00:31:53
Then two orders from Guangdong were 2.6 yuan each.00:31:54
2 yuan, 3 yuan, look, all these people have collapsed.00:31:58
What collapsed?00:31:59
He said we should go on strike.00:32:00
He said, "If you do this, do you want us to live?"00:32:02
I'm telling you, I ran for 5 hours.00:32:03
I earned 30 yuan. I earned this 30 yuan.00:32:06
Just a pack of cigarettes costs 20 yuan, and a drink of water costs 5 yuan.00:32:09
I even lose money on a meal. What was the point of running?00:32:12
Then everyone went on strike...00:32:13
But the strike... It's okay, you can.00:32:15
There are plenty of people who want it.00:32:16
So you know what?00:32:17
They just said that our lives are really...00:32:19
We really can't go on living like this. It's so miserable.00:32:23
They even said, you know what?00:32:24
Have you thought of a way to make money?00:32:26
What can you do?00:32:27
Look at this now.00:32:28
He was riding and crying. He was wailing.00:32:30
Because it was snowing all over, it was freezing cold.00:32:33
Then he was still in a hurry00:32:34
He cried very loudly00:32:36
Then in this freezing cold00:32:38
You're freezing to death00:32:40
And you still have to deliverDescription:
Hong Kong's Century-Long Fire Triggers Economic Crisis? The Pearl of the Orient's Flames: "Sino-Japaneseization" Enters a Lost 30 Years! Is Hong Kong's Economy Plunging into an Abyss Along with China? The First-Ever Inversion of the China-Japan Bond Yield: "Sino-Japaneseization" Begins! A devastating fire in Hong Kong, engulfing eight floors, has claimed 13 lives! Flames erupted from the building's rooftop like a volcanic eruption, leaving residents in despair and tears. Hong Kong's First Alarm in 17 Years! "Golden Suit" Blocks 1000-Degree Temperatures for 8 Seconds... 37-Year-Old Firefighter Dies in the Line of Duty! Buildings Burn from Bottom to Top, Deaths and Injuries Soar! 1900 Units Burned Down, "People Still Inside," Elderly Unable to Escape! Is the Pearl of the Orient's Flames a Sign of Hong Kong's Economic Downturn? Eight-Story Chain Burning "Hidden Man-Made Disaster," Involving Engineering Problems? Hong Kong's "Economic Illusion" Leads to a Series of Financial Crises for the Rich! Four Major Hong Kong Families Fall... Forced to Borrow Money from Banks! Foreign capital has fled Hong Kong, leaving the city virtually empty and wealthy owners unable to collect rent! The vacant area is equivalent to "12 Central Finance Centres"! Hong Kong's "economic bubble" has led to a series of financial crises among its wealthy owners! Four major Hong Kong families have fallen into ruin, forced to borrow money from banks! Hong Kong's stock market and GDP recovery are just an illusion! Foreign capital is gone and won't return... even Chinese "flooding" is useless! Did the Hong Kong fire of the century trigger an economic crisis? The Pearl of the Orient is engulfed in flames, marking the beginning of a lost 30 years of "China-Japanification"! The lost 30 years of "China-Japanification" have begun! For the first time, Chinese and Japanese government bond yields have experienced a death cross, with the East rising and the West falling! Debt "far exceeding that of the US," yet unable to repay! China is "aging before it gets rich," trapped in a quadruple structural crisis! China's "Four Asian Tigers" have all collapsed! Alibaba's financial report unexpectedly collapses... its net profit drops by 72% year-on-year due to its AI efforts! The financial report of China's AI internet giant has shocked Wall Street! Baidu's shocking financial report: a massive quarterly loss of 11.2 billion RMB! Are Chinese tech giants' financial reports all the worse? Pinduoduo becomes "Pin Shao Shao," its net worth drops by 1 trillion RMB… JD.com's profits decrease by 56%!? Is TikTok worthless after selling to the US? Its valuation once reached 40 billion… Vans estimates it's "only 14 billion RMB left," infuriating China!? Luckin Coffee "flees to Taiwan"? Facing difficulties in the Chinese market, it seeks "survival" in Taipei; the Ministry of Economic Affairs urgently denies approval! Chinese people surround high-ranking officials, shouting: "Dig up Xi Jinping's ancestral graves!" Guizhou forcibly promotes cremation, "digging up ancestral graves" to compete on cremation KPIs! Chinese people "drive to show their loyalty," risking their lives to crash into government buildings! Guangxi police "smash cars and arrest people," information urgently censored across the internet! Guangzhou confiscates electric bikes, officials force people to rebel! A large number of delivery drivers "smash batteries" on the spot, surrounding police and seizing vehicles! Delivery drivers "risking their lives to deliver food" are forced into desperate measures!? During a blizzard, delivery drivers are reportedly running against traffic and speeding to make a living!
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