Gordon Chang

And especially if you were to look at the Chinese economy and its real estate, because they exaggerate their gross domestic product numbers, it's even smaller than that. But the other thing is that China is the trade surplus country. Last year, its merchandise trade surplus against the U.S. was $295.4 billion. Trade surplus countries have no ammunition in trade wars. Trump knows that.

And especially if you were to look at the Chinese economy and its real estate, because they exaggerate their gross domestic product numbers, it's even smaller than that. But the other thing is that China is the trade surplus country. Last year, its merchandise trade surplus against the U.S. was $295.4 billion. Trade surplus countries have no ammunition in trade wars. Trump knows that.

So, China's only hope is to try to convince parts of the American public to work on Trump. But if that doesn't work, and I don't think it will, Trump is going to hit these guys, as he should, no question about it. All right.

So, China's only hope is to try to convince parts of the American public to work on Trump. But if that doesn't work, and I don't think it will, Trump is going to hit these guys, as he should, no question about it. All right.

So, China's only hope is to try to convince parts of the American public to work on Trump. But if that doesn't work, and I don't think it will, Trump is going to hit these guys, as he should, no question about it. All right.

It's probably the property sector, which is completely overbuilt. In September 2023, a former senior statistics official in a public forum said that China had enough vacant apartments for 1.4 billion people. But he admitted he might be wrong and the number of vacant apartments be sufficient for 3 billion people. There's just no way to get out of that in the near future.

It's probably the property sector, which is completely overbuilt. In September 2023, a former senior statistics official in a public forum said that China had enough vacant apartments for 1.4 billion people. But he admitted he might be wrong and the number of vacant apartments be sufficient for 3 billion people. There's just no way to get out of that in the near future.

It's probably the property sector, which is completely overbuilt. In September 2023, a former senior statistics official in a public forum said that China had enough vacant apartments for 1.4 billion people. But he admitted he might be wrong and the number of vacant apartments be sufficient for 3 billion people. There's just no way to get out of that in the near future.

It's just a question of supply and demand, which, although China exercises a lot of control over the economy, supply and demand still works in China. So, that's probably their weakest link. But there are a lot of other weak links, Mike.

It's just a question of supply and demand, which, although China exercises a lot of control over the economy, supply and demand still works in China. So, that's probably their weakest link. But there are a lot of other weak links, Mike.

It's just a question of supply and demand, which, although China exercises a lot of control over the economy, supply and demand still works in China. So, that's probably their weakest link. But there are a lot of other weak links, Mike.

I think he has less ability to change than he once did. I don't think he's the all-powerful supremo that he was, let's say, four or five years ago. And we're seeing signs in the Chinese political system of real instability. So, for instance, at the top of the Chinese military, the People's Liberation Army propaganda organs are now praising what they call, quote, collective leadership.

I think he has less ability to change than he once did. I don't think he's the all-powerful supremo that he was, let's say, four or five years ago. And we're seeing signs in the Chinese political system of real instability. So, for instance, at the top of the Chinese military, the People's Liberation Army propaganda organs are now praising what they call, quote, collective leadership.

I think he has less ability to change than he once did. I don't think he's the all-powerful supremo that he was, let's say, four or five years ago. And we're seeing signs in the Chinese political system of real instability. So, for instance, at the top of the Chinese military, the People's Liberation Army propaganda organs are now praising what they call, quote, collective leadership.

That is a direct challenge to Xi Jinping. And that means that a lot of the turmoil that we see in the upper ranks of the military, this could very well be the foes of Xi Jinping actually purging Xi Jinping's people. We don't know that yet because it's obscure. But the point is, these things don't happen in periods where Xi Jinping would be the supreme leader.

That is a direct challenge to Xi Jinping. And that means that a lot of the turmoil that we see in the upper ranks of the military, this could very well be the foes of Xi Jinping actually purging Xi Jinping's people. We don't know that yet because it's obscure. But the point is, these things don't happen in periods where Xi Jinping would be the supreme leader.

That is a direct challenge to Xi Jinping. And that means that a lot of the turmoil that we see in the upper ranks of the military, this could very well be the foes of Xi Jinping actually purging Xi Jinping's people. We don't know that yet because it's obscure. But the point is, these things don't happen in periods where Xi Jinping would be the supreme leader.

So I'm not sure he has that same sort of strategic autonomy that he did when China was obviously successful and he was getting all the credit for it.

So I'm not sure he has that same sort of strategic autonomy that he did when China was obviously successful and he was getting all the credit for it.

So I'm not sure he has that same sort of strategic autonomy that he did when China was obviously successful and he was getting all the credit for it.