Gordon Chang

Long term, if we take a long term perspective, yes, they're growing. Now, even before President Trump took his second office, China's export sector, basically medium and small size factories, a lot of them in the southern portion of the country, were having problems, because they weren't having orders.

Long term, if we take a long term perspective, yes, they're growing. Now, even before President Trump took his second office, China's export sector, basically medium and small size factories, a lot of them in the southern portion of the country, were having problems, because they weren't having orders.

And because they weren't having orders in sufficient quantities, they were not being able to pay workers. And so there were worker protests. then these go back to the beginning of this year. Now, Trump's tariffs and the threat of tariffs have made life much more difficult. We've seen factories close probably in the thousands.

And because they weren't having orders in sufficient quantities, they were not being able to pay workers. And so there were worker protests. then these go back to the beginning of this year. Now, Trump's tariffs and the threat of tariffs have made life much more difficult. We've seen factories close probably in the thousands.

And because they weren't having orders in sufficient quantities, they were not being able to pay workers. And so there were worker protests. then these go back to the beginning of this year. Now, Trump's tariffs and the threat of tariffs have made life much more difficult. We've seen factories close probably in the thousands.

That's true, but I think that it sort of creates an impression maybe a bit larger than it needs to be, because there are tens of thousands of these small factories. So if they lose the thousand or two, it is not something which is going to threaten the security of the regime.

That's true, but I think that it sort of creates an impression maybe a bit larger than it needs to be, because there are tens of thousands of these small factories. So if they lose the thousand or two, it is not something which is going to threaten the security of the regime.

That's true, but I think that it sort of creates an impression maybe a bit larger than it needs to be, because there are tens of thousands of these small factories. So if they lose the thousand or two, it is not something which is going to threaten the security of the regime.

The one thing about protests that we need to keep our eye on is that in the last few hours we've been hearing that in Shenzhen, which is the city across from Hong Kong, there was a protest in front of a bank. And that means, I think, to work back. We know that China's small loans and business loans are in trouble. They've been defaulting at an alarming rate.

The one thing about protests that we need to keep our eye on is that in the last few hours we've been hearing that in Shenzhen, which is the city across from Hong Kong, there was a protest in front of a bank. And that means, I think, to work back. We know that China's small loans and business loans are in trouble. They've been defaulting at an alarming rate.

The one thing about protests that we need to keep our eye on is that in the last few hours we've been hearing that in Shenzhen, which is the city across from Hong Kong, there was a protest in front of a bank. And that means, I think, to work back. We know that China's small loans and business loans are in trouble. They've been defaulting at an alarming rate.

That means probably some of the smaller banks and financial institutions are having problems with liquidity. which means they're probably restricting withdrawals. That would account for the protests in front of the banks. There are also reports, which I think are more speculative, that there are bank protests in Shanghai and Beijing.

That means probably some of the smaller banks and financial institutions are having problems with liquidity. which means they're probably restricting withdrawals. That would account for the protests in front of the banks. There are also reports, which I think are more speculative, that there are bank protests in Shanghai and Beijing.

That means probably some of the smaller banks and financial institutions are having problems with liquidity. which means they're probably restricting withdrawals. That would account for the protests in front of the banks. There are also reports, which I think are more speculative, that there are bank protests in Shanghai and Beijing.

I'm not sure I believe that, but the point is that those are the rumors that are now circulating. They come from manufacturing sources, which I think Normalerweise sind sie ziemlich gut berühmt, ziemlich akkurat. Wir bekommen also eine Bildung, dass nicht nur die Proteste verbreiten, sondern auch generell, jetzt geht es zum Banksystem.

I'm not sure I believe that, but the point is that those are the rumors that are now circulating. They come from manufacturing sources, which I think Normalerweise sind sie ziemlich gut berühmt, ziemlich akkurat. Wir bekommen also eine Bildung, dass nicht nur die Proteste verbreiten, sondern auch generell, jetzt geht es zum Banksystem.

I'm not sure I believe that, but the point is that those are the rumors that are now circulating. They come from manufacturing sources, which I think Normalerweise sind sie ziemlich gut berühmt, ziemlich akkurat. Wir bekommen also eine Bildung, dass nicht nur die Proteste verbreiten, sondern auch generell, jetzt geht es zum Banksystem.

Das kann für China kritisch werden, wenn der Zentralbank die kleineren Institutionen mit Liquidität nicht zerstört. Es gibt Restriktionen, was der Zentralbank tun kann. Das wird also die Herausforderung sein.

Das kann für China kritisch werden, wenn der Zentralbank die kleineren Institutionen mit Liquidität nicht zerstört. Es gibt Restriktionen, was der Zentralbank tun kann. Das wird also die Herausforderung sein.

Das kann für China kritisch werden, wenn der Zentralbank die kleineren Institutionen mit Liquidität nicht zerstört. Es gibt Restriktionen, was der Zentralbank tun kann. Das wird also die Herausforderung sein.