Chinese authorities are demanding wealthy individuals and companies double-check their taxes for unpaid liabilities in a move that threatens to further dent investor confidence in the world’s second-largest economy.

If rich people can’t pay taxes, they shouldn’t be investing.

“China’s fiscal deficits have reached a tipping point,” said Gary Ng, a senior economist at Natixis. “There is more urgency to find alternative revenue sources . . . and taxing the wealthy and some companies creates a less direct economic impact on most residents.”

Economists should be sent to Mars tbh

The profits being made on those assets aren’t being kept for Russia to use in the future. They’re now being used to fund Ukraine

Rachel, Where do “profits” on these assets come from? These aren’t corporate bonds but Government bonds. The Governments (US, UK and others) are paying the defence contractors using public money.

If there were no Russian foreign reserves being stolen, would the west not have sent weapons to Ukraine? Of course not! The weapons manufacturers have to make profits, it would come out of a different Government account.

They are making excuses to make it look like the public isn’t paying for it.

🦙Nooo

France’s public-sector deficit is projected to reach around 5.6% of GDP this year and go over 6% in 2025. The EU has a 3% limit on deficits.

oh no, not even Germany follows that deficit limit, its literally a number they pulled out of their asses to fuck up welfare systems. fucking BBC

Oh no not the Putler. Will US sanction Israel then?

I hate ycombinator but here:

https://news.ycombinator.com/item?id=36873927

That video is the kind of shit Hindutva fascists would come up with.

The UK’s aim to develop cleaner energy has taken a step forward after 131 clean energy projects won state subsidy contracts in this year’s auction round — which the government said was enough to potentially power about 11mn homes.

For a Government which harps on about fiscal prudence they sure have the most inefficient ways of funding clean energy, subsidies.

They are already constrained by their self inflicted rules. Capitalists don’t invest unless there is money to be made, it is a simple fact. The subsidies are just incressing capitalist profits.

Alternate way, setup a state owned energy company, hire workers directly. No capitalists parasite middlemen.

IFS or IMF? Because the rhetoric is the same. They claimed a few years ago that UK will be “paying for” COVID for decades, no not because of long COVID but because increased spending during the period prevented complete collapse.

Still a pretty good deal

It’s nice and all but none of the benefits are going to Indian people.

The Indian oil corps (state owned or otherwise) resell it to other countries or sell it domestically at a markup over INTERNATIONAL prices. And the Government adds a tax on top, just pure brilliance.

Capitalists demand “fiscal prudence” so instead of raising taxes on the rich, they squeeze more purchasing power out of the poor. Really stupid.

UK chancellor plans to raise social rents to boost affordable housebuilding

I don’t think I’ve seen any other country whine this much about “public finances”.

Usually Governments of the global south countries say they have to reduce deficits to please foreign investors and the IMF, not because the country is “broke”.

Just pathetic.

They can’t do anything because the Government works for the oligarchs. They can’t increase taxes or raise fiscal deficits because foreign investors might get mad and refuse to lend Dollars to the oligarchs.

So, their solution is denial or using neoclassical garbage to blame welfare recipients for not wanting to work.

i disagree, U.S. is plenty capable, third most populous country, vast resources, its political system needs a purge . i would love to see actual competition between China, Russia and the U.S. it would be the best for the Global South but instead we have the U.S. and the west strangling the Global south through its institutions like the IMF.

USSR helped Global South countries tremendously, something which worried the US and forced it to provide economic aid to its own puppets.

Therein lies the crux of the situation. On one hand she is absolutely right. As in Africa, Global South countries are reacting to economic outreach from China and Russia because a) they need it and America (private nor public) isn’t in the game and b) help from China and Russia doesn’t appear to come with as many strings as U.S. assistance might demand.

it would be funny if they help global South countries build up productive forces, but that goes against everything U.S. is about. America doesn’t even have a domestic Marshall plan.

Kier Stalin, run the fascists over with tanks.

Jk he only uses state violence against anti-genocide protestors.

In May, officials unveiled the biggest rescue package yet. It contains a 300 billion-yuan ($42 billion) central bank fund that attempts to help local governments buy finished but unsold homes and turn them into subsidized housing.

Separately, the IMF warned of “significant downside risks” to China’s inflation outlook, saying “a negative domestic demand shock amid high debt levels could trigger a period of sustained deflation.”

Does it tough? Why would aggregate demand collapse because of real estate developers going bankrupt? They make up a small part of the population and hoard more of their wealth. Also, very funny that IMF only cares about private debt buildup when it affects the .

Where is the concern for a demand shock when you pressure Kenya and Nigeria into raising sales taxes, which has much greater impact on aggregate demand?

yea i know, I was talking from the Israeli Zionist perspective. Of course, a one state solution is the best solution.

i think ‘rational’ is sticking to the two-state solution. ‘Liberal’ Zionism is fading away.