PREVIEW: #PRC: #MANUFACTURING: Conversation with colleague Chris Riegel of Scala.com regarding the sharp and sustained downturn in China's manufacturing sector and its role as a driver for the growing unemployment numbers in the country. More details to f
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 1 May 2024
⏱️ 3 minutes
🧾️ Download transcript
Summary
1857 China
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| 0:00.0 | Have you ever felt like escaping to your own desert island? |
| 0:04.0 | Jane Gaskin did exactly that, trading in the family home to begin a new life in the |
| 0:09.1 | tropics. |
| 0:10.1 | But she soon discovers that Paradise has its secrets. |
| 0:13.4 | I'm Alice Levine, and this is the price of Paradise, |
| 0:18.0 | the island dream that ends in kidnap, corruption, and murder. |
| 0:23.0 | Wish you were here. |
| 0:24.0 | Follow the price of Paradise Now, wherever you listen to podcasts. |
| 0:30.0 | This is John Bachelor. |
| 0:31.0 | Conversation with my colleague Chris Regal, the CEO of scholar.com, |
| 0:36.0 | about what's wrong with Chinese manufacturing, what's wrong with the Chinese economy, |
| 0:40.0 | why the unemployment, why the dire situation in housing |
| 0:45.0 | Chris is very careful about how Chinese manufacturing |
| 0:50.0 | succeeded in these previous decades and how it is now failing. It comes down to |
| 0:54.9 | subsidy. There's Chris Riegel, CEO of scholar.com, very familiar with the Chinese |
| 1:00.4 | export only model describing the day it went wrong and continues wrong. |
| 1:07.0 | More of this later. |
| 1:08.0 | Well, John, part of the new twist that the Chinese government is having problems with, the Chinese provide a direct, call it 3% incentive on export-based manufacturing. |
| 1:18.0 | So the Chinese government is actually in effect paying you 3% of your product cost to move that product overseas. |
| 1:26.2 | Since the disruptions in the Chinese economy of the last two years, increasingly the government |
| 1:31.0 | is not able to pay those 3% rebates. |
| 1:34.0 | That makes many Chinese manufacturers either not viable or |
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