After the Mid-Autumn Festival, the first trading day (September 18th) saw the Shanghai Composite Index continue to decline, dropping below 2700 points at one point, hitting a new low in over seven months. Thousands of stocks in the overall market also fell. Some investors expressed their despair as the index plunged from below 2800 points to below 2700 points in just half a month, with no clear bottom in sight, leading to a sense of complete collapse.
In the backdrop of China’s economic slowdown and nationwide consumption downgrade, this year’s mooncake market faced a “chill”. Corporate gift-giving nearly came to a halt, affecting the sales of Maotai liquor and cigarettes that traditionally accompany mooncakes. A small vendor who has sold mooncakes for ten years described this year as the worst.
The news of a BYD employee in Shenzhen, Guangdong Province jumping to death on September 18th has drawn widespread attention.
In a striking revelation, it was reported that the average retirement pension for government workers in Chengwu County, Shandong Province is nearly 43 times that of regular residents, sparking public outcry.
An associate professor at the Southwest University of Political Science and Law, 38-year-old Zhang Qile, passed away recently.
Reports emerged that Volkswagen, in collaboration with its Chinese partner SAIC, plans to shut down a factory in China, possibly closing more plants in response to the slowdown in demand for fuel-powered vehicles.
In a significant move, the Federal Reserve announced a 50-basis-point rate cut on Wednesday, September 18th, the first in four years. With almost all Fed officials, barring one, agreeing to the rate cut.
The lesser-known story of the initiator of the demolition movement, Jiao Xinxin, who was arrested by the Chinese Communist Party (CCP) across borders a year ago, while another co-initiator, Feng Ye, managed to escape to the United States after facing numerous challenges. He expressed gratitude for divine intervention that opened a way for him, protesting against the CCP’s violation of international law and the cross-border suppression of dissenters.
During the Mid-Autumn Festival holiday, despite intensified promotions and discounts by Chinese real estate developers, the sales area for new homes decreased year-on-year by 30%, raising concerns about the outlook for the traditionally strong fall sales season. Among the top-tier cities, Guangzhou witnessed the most significant drop, plunging by 65%.
Ahead of the 75th anniversary of the establishment of the People’s Republic of China, the CCP is intensifying suppression of Tibetans in several provinces and regions. High-ranking officials from the CCP’s Political and Legal Affairs Committee, Supreme People’s Procuratorate, and Supreme People’s Court have recently visited Tibetan areas. Tibetan exiles reported a sense of crisis within the CCP, with enforced indoctrination of Tibetans, indicating a dire situation. Scholars pointed out that CCP’s oppression of Tibetan people has never eased.
Chinese car owners are complaining about rising insurance premiums, indicating that electric cars may not be as cost-effective as promoted by the government, igniting increasing dissatisfaction among consumers.
Kurt Campbell, the US Assistant Secretary of State, remarked on Wednesday, September 18th, that China’s challenges to the US surpass those of the Cold War era. He also lamented Beijing’s support for Russia’s defense industry, which stems directly from the Chinese leadership.
As the real estate crisis worsens, the phenomenon of “He Gang housing prices” has spread to the south, posing a new threat to the already struggling Chinese economy as buyers turn to He Gang in hopes of purchasing affordable homes. Amid the continued spread of the real estate crisis in China, the rising prices in “He Gang” are moving southward.
Two Canadian parliamentarians testified that they became targets of Chinese hackers in 2021 for collaborating with international legislators to oppose human rights abuses by the CCP.
Amid China’s economic downturn, which has become increasingly apparent, the financial industry, considered a source of innovative economic growth, is witnessing five ominous signs, including bank layoffs, pay cuts, and a mass exodus of top executives. Experts warn that the financial environment in China is severe, with economic prospects becoming even more challenging. They recommend that Taiwanese industries continue reducing their reliance on China to minimize the potential impact of financial crises.