Chinese Picnic

Chinese Picnic

China’s Business Crash, Profits Down By 80%

China has companies which have suckled the pap of ignorant foreign investors and favorable governmental policies for the past two decades. As such, the chicom firms do not know how to truly compete. Consequently, these firms, when faced with a crisis, shit their collective britches, abscond money and fold.
Major chinese companies will see profits decline by as much as 80%, which means your China stock portfolio is about as worthless as laws in China. If you are hurt by this drop in profits and stock prices, then good for you. You were an idiot to buy anything made in the big stinky anyway.
Excerpt

BEIJING (AP) — Some of China’s biggest companies, from tech giants to airlines and retailers, are warning of unexpectedly sharp drops in profit of up to 80 percent, adding to pressure on Beijing to reverse a painful economic slump.

On Wednesday, Air China Ltd., one of three main government-owned airlines, warned first-half profit will fall by at least half from a year earlier. State-owned ZTE Corp., one of the world’s biggest producers of telecommunications equipment, is projecting a decline of up to 80 percent.

Read more: http://www.businessinsider.com/chinas-biggest-companies-warn-of-profit-plunges-up-to-80-2012-7#ixzz211Vlney2

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