Understanding China, One Blog at a Time

An American in China

Archive for July 7th, 2011

Chinese Firms Listed in USA Fight Back-

Posted by w_thames_the_d on July 7, 2011


Chinese companies who are not satisfied with monopolizing the ‘poison the world market’, have decided to bilk Americans out of our hard earned cash. And greed being what it is, we blind ourselves to the obvious issues of shitty Chinese quality of all sorts and buy their stock.
So it would come to no surprise that people from China, doing what they do best, allegedly cooked the books and mislead us on the value of their stocks, their loans, their sales, and almost anything related to integrity. So, the people in the US, being a relatively intelligent lot finally got wise and sold their Chinese stocks. The result is that many Chinese stocks were down and there were reports of a loss of around 40% across the board in some index.
The Chinese worried that the jig is up, are fighting back, but backed by a less than worthless educational system which has left them absent the ability to form a logical and cogent thought, their responses are less than useless. For example, according to the Chinadaily one CEO said that reports by Muddy Waters reportlackssupportingmaterial”.
Ironically the dimwit CEO who made this comment was bolstering the claim of Muddy Waters who said that Chinese firms would not allow access to their books by foreign firms and had put up the great wall of deceit and protection (my words) in order to prevent us from finding out their true financial position. Thus, if Muddy has insufficient hard proof, it is due to the lack of compliance by Chinese companies. According to Muddy, “We have identified a number of issues…we believe there is a high risk of material misstatements in the reported fundamentals” Thus all the Chinese company had to to was open up the books in the motherland, which is what the SEC is now seeking, but the Chinese who know how shitty their books are, is not in a hurry to do.
Sadly enough, those of you who have never been to the fifth circle of Dante’s inferno (China) are looking at China as if they operated like civilized humans, as I did before coming. Even my beloved father was telling me that I , who have lived here for less than 5 years and have decent experience with many Chinese companies and some decent contacts, does not know that Chinese quality and standards are good. I find this funny as even my Chinese friends tell me that when I go home and buy them gifts to not buy them something from here, and in a couple of recent surveys by a large consulting companies, 50-70% of the chinese do not trust products made here.
Although I like to joke about China, I truly enjoy the place, but when I talk about their product quality and stocks I truly believe that in general they are malignant. Not all of them of course, but statistics being what they are, why play Russian roulette. What I have learned here is that Chinese companies are not governed by their directors nor laws to an extent that make your humble author comfortable in trusting them. Thus, instead of parsing through the garbage to find the ‘Snickers bar of joy’, I will wait until they have proven themselves as a group to have won my trust.

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Ancient China’s Opium Problem

Posted by w_thames_the_d on July 7, 2011


From  Drugging a Nation The Story of China and the Opium Curse (Samuel Merwin)
Two centuries ago when small quantities of the drug were brought in from Java, the Chinese government objected. In 1729 the importation was prohibited. As late as 1765, this importation, carried on by energetic traders in spite of official resistance, had never exceeded two hundred chests a year. But with the advent of the company in 1773, the trade grew. In spite of a second Chinese prohibition in 1796, half-heartedly enforced by corrupt mandarins, the total for 1820 was 4,000 chests. The Chinese government was faced not only with the possibility of a race debauchery but also with an immediate and alarming drain of silver from the country. The balance of the trade was against them. Either as an economic or moral problem, the situation was grave.
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Photo of Chinese Train Station

Posted by w_thames_the_d on July 7, 2011


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Beautiful Beijing Pic

Posted by w_thames_the_d on July 7, 2011


Photo of Beijing Skyline

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Getting High in Ancient China

Posted by w_thames_the_d on July 7, 2011


From Drugging a Nation The Story of China and the Opium Curse (Samuel Merwin)

sixty-five tons of Indian opium go to China every week.

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China’s Harmonious Invasion of Singapore

Posted by w_thames_the_d on July 7, 2011


I’ve never been to Singapore, but I was told that they have strict laws about not chewing gum in public and littering and I even recall an American guy getting cained for grafitti or something like that, but now Singapore has changed. The following photos show how some people who go to China are changing the landscape there.
I guess they were taken of Chinese mainlanders who have gone to Singapore

Chinese guy bathes Child in public Faucet

Chinese guy bathes his kid in a drinking fountain

photo of Chinese cutting toenails on subway

Chinese woman cutting her toenails on the subway

Chinese woman cutting/cleaning her nails at the dinner table

Chinese woman cutting/cleaning her nails at the dinner table

Chinese hanging clothes form playground equipment

Chinese hanging clothes form playground equipment

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Bottled Water in Beijing Has Scary High Bacteria Count- Come to China, Don’t Drink the Water

Posted by w_thames_the_d on July 7, 2011


The following news item comes from wantchinatimes. WTF is up with China? According to this report, China has some bottled water suppliers who are selling a product with 9000 times the bacteria level considered to be safe. They mention some 31 brands have such shitty quality.

Yesterday I blogged about cancer being the number one cause of death in Beijing, and with quality like this, its no wonder. In addition, maybe the reason I had a month long battle with my lungs was partially due to this type of thing…. maybe I am just a mashochist

from wantchinatimes.com

Local governments including Beijing have enforced inspections on drinking water. Picture: Water sold in barrel containers were previously found to be unsafe by Beijing authorities in 2007. (File Photo/Xinhua)

Local governments including Beijing have enforced inspections on drinking water. …(File Photo/Xinhua)

Posted in China Fact, Photos, Product Quality | 3 Comments »

Oops, Where We Supposed to Tighten Those Bolts? Safety Concerns in China’s Big Bridge

Posted by w_thames_the_d on July 7, 2011


China built a horror story, I mean they built a bridge, an incredibly long bridge and Chinese quality being what it is, they may have cut a few corners. Most of the major news sources are covering a little ‘oversight’ vz a few loose bolts on the guard rails of this bridge.According to the Chinese man in charge, this part of the process that included tightening bolts was the responsibility of a third party….no shit, that was his response…nothing about ‘well let me look into this so the freaking bridge doesn’t collapse or at least so the ‘safety railings’ will be safe. But I guess it may have been close to dinner time so he was busy.
In any event we can see what precision Chinese manufacturing is like as some guy shows that the bolts can be loosened by hand, an oh yeah, some of them don’t even have bolts. This kind of thing, ie having spare parts laying around, after building a model Corvette may not be that big of a deal, but on something this large and of this scale, I’d expect a little more care. Pen me in for a white knuckle 20 mile jaunt across this future calamity.

bridge china
Image: Shanghai Daily

via
http://www.businessinsider.com/worlds-longest-bridge-in-china-has-safety-problems-2011-7#ixzz1RP2p7U00

Posted in Cultural oddities, Product Quality | 2 Comments »

China Covers Up Oil Spill then Blames Foreigners

Posted by w_thames_the_d on July 7, 2011


China has had two pretty bad oil spills over the past year and ever cognizant of their reputation for shitty products, they are, imho looking for a scape goat. The company responsable for the rig that caused the horrible accident is a subsidiary and in China all companies are at least 51% Chinese held, so you figure out who may have been in control. In any event, the Chinese are blaming the foreigners…

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China’s Horrible Great Leap Forward

Posted by w_thames_the_d on July 7, 2011


The following is a sad story from this site. The man talks about the horrible acts of desperate parents who lived in China during the famine plagued ‘Great Leap Forward’.
From here
I could see the worried faces of the families as they chewed the flesh of other people’s children. The children who were chasing butterflies in a nearby field seemed to be the reincarnation of the children devoured by their par ents. I felt sorry for the children, but not as sorry as I felt for their parents. What had made them swallow that human flesh, amidst the tears and grief of other parents-flesh that they would never have imag ined tasting, even in their worst nightmares? In that moment I under stood what a butcher he had been, the man “whose like humanity has not seen in several centuries, and China not in several thousand years”:” Mao Zedong. Mao Zedong and his henchmen, with their criminal political system, had driven parents mad with hunger and led them to hand their own children over to others, and to receive the flesh of others to appease their own hunger. Mao Zedong to wash away the crime that he had committed in assassinating democracy (an allusion to the Hundred Flowers trap], had launched the Great Leap Forward, and obliged thou sands and thousands of peasants dazed by hunger to kill one another with hoes, and to save their own lives thanks to the flesh and blood of their childhood companions. They were not the real killers; the real killers were Mao Zedong and his companions. At last I understood where Peng Dehuai had found the strength to attack the Central Com mittee of the Party led by Mao, and at last I understood why the peas ants loathed Communism so much, and why they had never allowed anyone to attack the policies of Liu Shaoqi, “three freedoms and one guarantee.” For the good and simple reason that they had no intention of ever having to eat their own flesh and blood again, or of killing their companions to eat them in a moment of instinctual madness. That reason was far more important than any ideological consideration.

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