January 20, 2025 • 7 mins
Chris unpacks China’s questionable economic growth claims and the reality behind their “everything is awesome” narrative. From fake numbers to land-for-debt schemes, discover why China’s economy might not be as strong as it seems. Christopher also dives into the U.S.-China relationship, exploring opportunities for better cooperation amid challenges. www.watchdogonwallstreet.com
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Episode Transcript
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Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
The China foolghazy. Ye, it's a fool gaze. The numbers come. Well,
we've been longtime listeners know this for years and years
and years. We have always made fun of the rosy
rosy rosie Chinese economic numbers. Ken it's a command and
control economy. They just make stuff up, okay, And remember
(00:39):
the Lego movie they had the song everything is awesome anytime,
whether it be the Soviet Union, whether it be North Korea,
everything is awesome. They never tell you the truth about
what's really taking place. And hey, you know what, We've
had our fair share of fugazy numbers here in the
United States as well. But anyway, China. China said on
(01:02):
Friday that their economy, yes, we did it, we hit
we hit the official economic growth target for the year. Right,
Sure you did right, yeah, yeah, yeah again, it's all
you know. Remember, remember Tommy Flanagan, John Lovett, Centate Live
(01:23):
The Pathological liar. He's like, yea ye, that's the ticket. Yeah,
it's the ticket. I get these. We hit our growth
target for two twenty twenty four. That's you know, that's China. Yeah,
Tommy Flannagan, right. Uh, this domestic growth is not good
(01:44):
over the year. Uh. Demand for credit is next to
uh non existent. They've been trying to pump up the
economy with a stimulus ken. A lot of the local
governments in China have resorted to paying their bills with
property instead of cash. They're given away land. Man, what's next, chickens,
(02:13):
egg rolls. I don't know, you tell me. Uh, not good.
Not good. We discussed how China has funded a lot
of their government by selling land anyway, and you take
a look at at some of the data points here.
(02:34):
They they did some trade in stuff there, like cash
for clunkers. Here in the United States, they did a
train in for cars, trade in for household durable items
like ovens, refrigerators, and washing machines. You know, helped out
to some degree. But it's all, Like I said, one
(02:54):
big fat for gazy China is they still are exporting
a lot. They're thirty percent of the thirty of global
manufacturing comes out of China, and they're going to continue
to try to export as much as they possibly can. Again,
it's it's a bit of a cash cow for them.
But they are in trouble. They are in trouble. So
(03:17):
what what should we do? What? Why does this matter
to us? We've had these these China hawks that are
you know, they're prevalent on TV. You know, we were
We've got to be ready to go to war again.
It's which is just we need we need the war.
We're the war with China. Right. I've reminded people this
(03:39):
here on the program. It helps, I mean, the the uh,
the education we get in this country, we don't do
a very good job in understanding other societies. Is something
that you know, we all should do on our own
and picking up a history book from time to time,
(04:00):
and I highly recommend going and just studying the history
of China. They've never in their history ever been in
a power that goes out and invades other countries. That's
not what they do, that's not how they've operated. With
that being said, people are like, well, what about Taiwan. Well, again,
(04:24):
read the story the history of Taiwan. What is Taiwan
Taiwan was part of China. Technically we still say it's
part of China. That's that's our stance as a nation
at this point in time. We both need one another,
really do That's that's just the reality. But both countries
(04:46):
need one another. And to me, I look at this
is an opportunity to improve relations with this country. Who
was it, who who's in Tao was in charge of
this was back in two thousand and eight. It's when
(05:06):
they had the Olympics in China. Remember George W. Bush
went over there. George W. Bush went over there and
he actually wrote about this in his book, and they were,
you know, talking about concerns, and George W. Bush's he told,
you know, who's in Tow's his big concern was obviously,
you know, terrorism and keeping America safe. And Who's in
(05:29):
Tao's concern was, you know, putting more and more people
to work every single year, growing their economy. And he
also matched to him that the Russians suggested to China
the skin in two thousand and eight financial crisis to
put the screws to us, start unloading, start unloading American bonds,
(05:52):
just to cause us a little bit more of pain
and they didn't do it. They didn't do it. And
again some of it could be self obviously in their
best interests as well, because they start selling it, that
word gets out. They own a lot of those bonds too,
they're going to actually hurt their own position. I get that.
(06:12):
The relationship we have with China, and there's no doubt
about it. They've taken advantage of us. But we let
them do it. We let them do it, like Trump says,
to bad deals, stupidity, to restart this relation, put it
on a better footing. I quite frankly think that that's
(06:34):
the smart move. Now the hawks out there, Nope, can't
do that. No, no, why wouldn't you do that? Why
wouldn't you seize this opportunity? Because that's what it is.
And again I'm going to read to you with Donald
Trump tweeted out, I just spoke to Chairman's Jen Ping
of China. The call is a very good one for
both China and the US. It is my expectation that
(06:56):
we will solve many problems together and starting immediately discuss
balancing trade, fentanyl, TikTok, and many other subjects. President Z
and I will do everything possible to make the world
more peaceful and safe, exactly exactly exactly what we want
out of a commander in chief, watchdog on Wall Street
(07:19):
dot Com,
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.
Speaker 2 (00:16):
The China foolghazy. Ye, it's a fool gaze. The numbers come. Well,
we've been longtime listeners know this for years and years
and years. We have always made fun of the rosy
rosy rosie Chinese economic numbers. Ken it's a command and
control economy. They just make stuff up, okay, And remember
(00:39):
the Lego movie they had the song everything is awesome anytime,
whether it be the Soviet Union, whether it be North Korea,
everything is awesome. They never tell you the truth about
what's really taking place. And hey, you know what, We've
had our fair share of fugazy numbers here in the
United States as well. But anyway, China. China said on
(01:02):
Friday that their economy, yes, we did it, we hit
we hit the official economic growth target for the year. Right,
Sure you did right, yeah, yeah, yeah again, it's all
you know. Remember, remember Tommy Flanagan, John Lovett, Centate Live
(01:23):
The Pathological liar. He's like, yea ye, that's the ticket. Yeah,
it's the ticket. I get these. We hit our growth
target for two twenty twenty four. That's you know, that's China. Yeah,
Tommy Flannagan, right. Uh, this domestic growth is not good
(01:44):
over the year. Uh. Demand for credit is next to
uh non existent. They've been trying to pump up the
economy with a stimulus ken. A lot of the local
governments in China have resorted to paying their bills with
property instead of cash. They're given away land. Man, what's next, chickens,
(02:13):
egg rolls. I don't know, you tell me. Uh, not good.
Not good. We discussed how China has funded a lot
of their government by selling land anyway, and you take
a look at at some of the data points here.
(02:34):
They they did some trade in stuff there, like cash
for clunkers. Here in the United States, they did a
train in for cars, trade in for household durable items
like ovens, refrigerators, and washing machines. You know, helped out
to some degree. But it's all, Like I said, one
(02:54):
big fat for gazy China is they still are exporting
a lot. They're thirty percent of the thirty of global
manufacturing comes out of China, and they're going to continue
to try to export as much as they possibly can. Again,
it's it's a bit of a cash cow for them.
But they are in trouble. They are in trouble. So
(03:17):
what what should we do? What? Why does this matter
to us? We've had these these China hawks that are
you know, they're prevalent on TV. You know, we were
We've got to be ready to go to war again.
It's which is just we need we need the war.
We're the war with China. Right. I've reminded people this
(03:39):
here on the program. It helps, I mean, the the uh,
the education we get in this country, we don't do
a very good job in understanding other societies. Is something
that you know, we all should do on our own
and picking up a history book from time to time,
(04:00):
and I highly recommend going and just studying the history
of China. They've never in their history ever been in
a power that goes out and invades other countries. That's
not what they do, that's not how they've operated. With
that being said, people are like, well, what about Taiwan. Well, again,
(04:24):
read the story the history of Taiwan. What is Taiwan
Taiwan was part of China. Technically we still say it's
part of China. That's that's our stance as a nation
at this point in time. We both need one another,
really do That's that's just the reality. But both countries
(04:46):
need one another. And to me, I look at this
is an opportunity to improve relations with this country. Who
was it, who who's in Tao was in charge of
this was back in two thousand and eight. It's when
(05:06):
they had the Olympics in China. Remember George W. Bush
went over there. George W. Bush went over there and
he actually wrote about this in his book, and they were,
you know, talking about concerns, and George W. Bush's he told,
you know, who's in Tow's his big concern was obviously,
you know, terrorism and keeping America safe. And Who's in
(05:29):
Tao's concern was, you know, putting more and more people
to work every single year, growing their economy. And he
also matched to him that the Russians suggested to China
the skin in two thousand and eight financial crisis to
put the screws to us, start unloading, start unloading American bonds,
(05:52):
just to cause us a little bit more of pain
and they didn't do it. They didn't do it. And
again some of it could be self obviously in their
best interests as well, because they start selling it, that
word gets out. They own a lot of those bonds too,
they're going to actually hurt their own position. I get that.
(06:12):
The relationship we have with China, and there's no doubt
about it. They've taken advantage of us. But we let
them do it. We let them do it, like Trump says,
to bad deals, stupidity, to restart this relation, put it
on a better footing. I quite frankly think that that's
(06:34):
the smart move. Now the hawks out there, Nope, can't
do that. No, no, why wouldn't you do that? Why
wouldn't you seize this opportunity? Because that's what it is.
And again I'm going to read to you with Donald
Trump tweeted out, I just spoke to Chairman's Jen Ping
of China. The call is a very good one for
both China and the US. It is my expectation that
(06:56):
we will solve many problems together and starting immediately discuss
balancing trade, fentanyl, TikTok, and many other subjects. President Z
and I will do everything possible to make the world
more peaceful and safe, exactly exactly exactly what we want
out of a commander in chief, watchdog on Wall Street
(07:19):
dot Com,
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