A female financial tycoon commits suicide, and the internet is abuzz with speculation regarding the growing rift between China and Russia. (Provided by “News Five”)
[The Epoch Times, July 5, 2024] Hello everyone, welcome to News Five. Today’s co-hosts are Tang Hao, Qin Peng, Qin Yue, Jin Shi, and I, Yu Ting. Our diverse perspectives will bring you a rich world of news. Welcome to subscribe and like our independent channel.
Today’s focus: A female top finance student, burdened by a multi-million dollar mortgage, commits suicide. Where is the future for young people? From June to July, China’s financial sector has faced numerous challenges! Construction Bank employees face significant salary reductions; China and Russia’s relationship is increasingly strained; China’s ambitions for maritime power have faltered, and the CCP is now focusing on Central Asian interests, often referred to as “Russia’s backyard.”
Xi and Putin rarely venture abroad, fueling speculation of disputes
We’ll be focusing on a unique summit today. The two-day “Shanghai Cooperation Organization Summit” kicked off on Wednesday, bringing together two individuals who rarely travel: Xi Jinping and Putin. They both traveled to Astana, Kazakhstan to participate in person.
In addition to the two leaders, the meeting includes leaders from a series of Central Asian countries. With Belarus joining the “SCO” at this summit, President Lukashenko also attended.
However, Indian Prime Minister Modi did not attend, sending his foreign minister instead. Indian media reports suggest that Modi will visit Moscow next week.
What are the highlights of this summit? Are they quietly forming a group to counter the Western camp, or is it turning into a dispute over “Russia’s backyard” between China and Russia? We’ll delve deeper into this.
question:
Many people may not understand what kind of organization this is.
Q1. Qin Yue, can you briefly introduce the “SCO”? Who are the members? What are the highlights of this summit?
A: The SCO was established in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan. India and Pakistan also became full members in 2017.
One of the primary aims of the SCO is combating what it calls the “three forces” of terrorism, separatism, and extremism.
China aims to crack down on militants behind Uyghur nationalists advocating for an independent Xinjiang at the United Nations. Russia also desires to prevent armed organizations in Central Asia from launching attacks within Russia. All SCO organizations combat these threats by sharing intelligence and coordinating anti-terrorism operations. This is a foundation of the SCO, along with regional security and economic cooperation.
I identify three highlights of this summit. Firstly, it’s being held in Kazakhstan this year, resulting in a meeting between Putin and Xi in a third country. Secondly, India, Pakistan, and Iran have all joined the SCO, potentially threatening the original unity. India, Pakistan, and China have long-standing border disputes, while original SCO members feel their voice is diminishing, leading to internal hostility and contradictions. Finally, Belarus’s expected membership signifies Russian influence.
Q2. Jin Shi, Putin and Xi Jinping have rarely met in a third country like this, especially considering their last meeting was just over a month ago. What prompted this urgent meeting?
Q3. Tang Hao, the CCP has been actively promoting the expansion of the SCO summit in recent years. Why? Can China and Russia truly organize an anti-Western camp to counter the G7 group?
Q4. Qin Peng, China and Russia’s supposed “unlimited” friendship appears to be shifting into a battle for Central Asia. The CCP seems to be eyeing Central Asia, but will this impact the relationship between the CCP and Russia?
Q5, Jin Shi + Tang Hao, India and Russia historically have had a strong relationship, yet the newly re-elected Indian Prime Minister Modi did not attend the “SCO Summit”. This has been attributed to the conflict along the Sino-Indian border – is this accurate? What other conflicts exist between India and the CCP?
China’s economy seems to be mirroring Russia’s trajectory, heading towards a recession. A highly educated, attractive 30-year-old girl is suspected of committing suicide due to mortgage loans and salary cuts. This has garnered significant attention from the Chinese people. After the break, Qin Yue will take us deeper into this story.
30-year-old girl falls to death, highlighting mortgage pressures
China’s property market is struggling. A recent online report highlights a female employee of CICC, Zheng Moumou, who jumped from a building in Shanghai on July 1st due to salary cuts and overwhelming mortgage pressure. CICC responded that an employee in Shanghai had died but denied the claim that she jumped from a building. (Previous reports:Mainland brokerage firms are now cutting wages, with some CICC employees receiving a 30% discount on their wages）
Reports online state that Zheng Moumou was born in 1994. She holds a bachelor’s degree from Zhejiang University and worked as a general securities business professional. Last year, she purchased a property on Shanghai’s Bund for over 10 million. Looking at the online loan and repayment records, her decision to buy a house was risky, leveraging heavily. The loan term was 30 years, the total loan amount reached 11.77 million, and the monthly repayment was 56,000. She had barely begun repayment when she passed. For the next 29 years, she would have needed to manage this enormous monthly expense, or risk losing her significant down payment. Some online users suggest that Zheng Moumou experienced salary cuts, her husband also faced salary cuts, and she developed signs of anxiety and depression in March, ultimately leading to her death on July 1st.
question:
Yu Ting, Q1: Why has this employee’s fall from a building sparked heated discussions in China?
I think we feel both pity and a sense of shared experience. This girl was only 30, in her prime, a highly educated, beautiful Academic Master. It’s tragic that her life ended so abruptly. “Salary cuts” and a “multi-million dollar” mortgage brought her down. Many people lament that such exceptional individuals can’t withstand these environmental impacts, and many in their 90s and 00s see their own reflection in this tragedy.
China’s economy continues to decline, and every industry is struggling. Real estate, accounting for 70% of household wealth, has become a major issue. Despite the CCP’s recent efforts to save the real estate market, housing prices continue to plummet. Yao Yang, a Peking University economics professor, has predicted a further 40% drop in housing prices. Supply cuts are driving foreclosed homes into the market, and the number of individuals facing legal enforcement is increasing.
According to the CCP’s most recent “untrustworthy blacklist,” the number listed reached 8.59 million last year, nearly doubling compared to the end of 2019.
The stock market further plummeted at the end of June, with 5,000 A-share companies experiencing continued decline, pushing the index below 3,000 points and leaving investors dismayed. Real estate and stock market crashes have significantly diminished household wealth. These economic hardships, coupled with the CCP’s tightening controls, are making life difficult for everyone.
China’s economic recession is a major trend. Despite this, this young woman felt compelled to enter the property market, perhaps swayed by the CCP’s misleading propaganda. It’s truly tragic and regrettable.
Qin Peng, Q2: We know that China’s real estate market is struggling, so why wouldn’t someone in the financial industry be aware of this? How might she still leverage heavily and purchase millions in real estate last year?
Tang Hao, Q3: Xi Jinping is pushing for salary cuts in the financial industry, with experts interpreting this as a shift towards manufacturing. Is this truly plausible?
Jinshi, Q: I saw some comments jokingly saying, “Please pay attention to the mental health of our ‘financial migrant workers’”?
Life always throws challenges our way. But these are like gusts of wind in the journey. We can choose to be a candle, easily blown out, or we can choose to be a burning bonfire, where a wind might cause it to flare even brighter. The fire within us burns stronger, and life’s challenges are temporary. Remember to hold onto your hopes and dreams, and don’t be afraid of facing these obstacles. Thank you for watching this episode of News Five. See you in the next one.
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China and Russia: A “Backyard” Dispute or a New Anti-Western Alliance?
[The Epoch Times, July 5, 2024] Hello everyone, welcome to the News Five. Today’s co-hosts are Tang Hao, Qin Peng, Qin Yue, Jin Shi, and I, Yu Ting. The collision of opinions and diverse perspectives of five people will take you into a rich world of news. Welcome to subscribe and like our independent channel.
Today’s focus: With a mortgage worth tens of millions of dollars, a female top student in finance commits suicide. Where is the future of young people? From June to July, China’s financial sector experienced frequent shocks! An avalanche of salary cuts hit China Construction Bank; the split between China and Russia added new evidence; the ambition of maritime power failed, and the CCP turned to digging into the “Russian back garden.”
Xi and Putin Rarely Go Abroad to Meet: China and Russia’s “Backyard” Dispute
Today we focus on a unique summit. The two-day “Shanghai Cooperation Organization Summit” kicked off on Wednesday, allowing two people who usually stay away from home: Xi Jinping and Putin, to go out of the country and come to Astana, the capital of Kazakhstan, to participate in person.
In addition to the two of them, the meeting also included leaders of a series of Central Asian countries. In addition, because Belarus joined the “SCO” at this summit, President Lukashenko also attended.
However, what is intriguing is that Indian Prime Minister Modi did not come, but sent his foreign minister to attend. Meanwhile, Indian media reported that Modi will visit Moscow next week.
So what are the highlights of this summit? Are they quietly forming a group to fight once morest the Western camp, or will it turn into a “back garden” dispute between China and Russia? Let’s discuss it below.
A Brief Introduction to the SCO:
Q1. Qin Yue, can you briefly introduce the "SCO"? Who are the members? What are the highlights of this summit?
A: The SCO was established in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. India and Pakistan also became full members in 2017.
One of the main purposes of the SCO’s establishment is to combat what it calls the “three forces” of terrorism, separatism and extremism.
For its part, China hopes to crack down on the militants behind Xinjiang’s Uyghur nationalists calling for an independent Xinjiang at the United Nations. Russia also hopes that armed organizations active in Central Asia will not launch attacks on Russia. All SCO organizations fight these forces by sharing intelligence and coordinating anti-terrorism operations. This is a background and foundation of the SCO. In addition to regional security, they also have certain cooperation in economic diplomacy.
I think there are three highlights of this summit. The first highlight is that it will be held in Kazakhstan this year, which means that Russian President Putin will meet with Chinese Communist Party leader Xi Jinping there. Both of them are going abroad to meet in a third country. The second interesting point is that India, Pakistan and Iran have all joined the SCO. This threatens the original unity, because there are long-term border disputes between India, Pakistan and India and China, and the original countries in the SCO also believe that their voice is getting smaller and smaller, so there is internal hostility and hostility in the SCO. Contradiction may be a highlight this time. The third point of interest is: It is expected that Belarus will be admitted as a member of the SCO at this summit. There is no doubt that this is also the result pushed by Russia.
Q2. Jin Shi, this time Putin and Xi Jinping rarely went abroad to meet in a third country, and it was only more than a month since their last meeting. Why were they so anxious to meet?
Q3. Tang Hao, the CCP has actively promoted the expansion of the SCO summit in recent years. Why? Can China and Russia really organize an anti-Western camp to fight once morest the G7 group?
Q4. Qin Peng, the "unlimited" friendship between China and Russia seems to be turning into a battle for the back garden. There is no doubt that the CCP "covets" Central Asia, but will it also affect the relationship between the CCP and Russia?
Q5, Jin Shi + Tang Hao, India and Russia have always had friendly relations, but this time the newly re-elected Indian Prime Minister Modi did not attend the "SCO Summit". It is said that it is because of the conflict on the Sino-Indian border. Is this true? What other conflicts exist between India and the CCP?
30-Year-Old Girl Falls to Death Due to Excessive Pressure on Mortgage Loan
China’s property market is bleak. Recently, it was reported on the Internet that a female employee of CICC, Zheng Moumou, jumped from a building in Shanghai on July 1 due to the company’s salary cut and excessive mortgage pressure. CICC responded that an employee in Shanghai had indeed died, but denied the theory of jumping from a building. (Previous reports:Mainland brokerage firms are now cutting wages, with some CICC employees receiving a 30% discount on their wages）
It is reported on the Internet that Zheng Moumou was born in 1994. He has a bachelor’s degree from Zhejiang University and his professional position is general securities business. Last year, she purchased a property on the Bund in Shanghai worth more than 10 million. Judging from the loan and repayment records posted online, her move to buy a house was too risky and the leverage was too high. The loan period was 30 years, and the total loan amount was 11.77 million. The monthly repayment amount was 56,000. , and now it has been less than a year to repay, which means that for the next 29 years, I have to find a way to pay for the huge mortgage every month, otherwise the down payment of millions in the early stage will be wasted. Some netizens pointed out that because Zheng Moumou himself had a salary cut, her husband also had a salary cut. So she began to experience symptoms of trance and depression in March, and fell to her death on July 1.
The Pressure of China’s Economy:
Yu Ting, Q1: Why did the incident of this employee falling from a building trigger a heated discussion in China?
I think on the one hand it’s a pity, on the other hand I feel the same way. A girl who is only 30 years old is in her prime, and she is a highly educated and good-looking academic master. It is really a pity that such an outstanding girl’s life has just begun and ended so hastily. What crushed her was the “salary cut” and the “ten million yuan” mortgage loan. Many people may lament that such outstanding girls cannot withstand the impact of the environment. Many people born in the 90s and 00s have seen their own shadow.
Now, China’s economy continues to decline, and every industry is having a hard time. Let’s just talk regarding real estate. Real estate accounts for 70% of household wealth. But now that the real estate market is sluggish, the so-called big measures launched by the Chinese Communist Party this year to save the real estate market are of little avail, and housing prices continue to plummet. Yao Yang, an economics professor at Peking University, said in July that housing prices will continue to fall. He believes that it will take another 40% drop for housing prices to correct. Under the wave of supply cuts, a large number of foreclosed houses are still flowing to the market, and the number of people subject to enforcement is also increasing.
According to the last official “untrustworthy blacklist” announced by the Chinese Communist Party last year, the number of people on the “untrustworthy blacklist” has reached 8.59 million. This number has increased by nearly half compared with before the epidemic, that is, at the end of 2019.
In addition, the stock market was once once more volatile at the end of June, with 5,000 A-share companies falling and continuing to fall below 3,000 points, leaving stockholders in mourning. Real estate and stock markets plummeted, and household wealth shrank significantly. Coupled with the tightening of various controls by the Chinese Communist Party, people from all walks of life are having a very difficult time.
However, China’s economic recession is a major trend. Under such circumstances, this girl still dares to enter the property market. I wonder if she has listened to the CCP’s false propaganda. It is really sad and regretful.
Qin Peng, Q2: Everyone knows that the real estate industry in China is sluggish. I don’t understand why a woman in the financial industry didn’t know that, but she still used high leverage and bought tens of millions of real estate at this time last year? What do you think?
Tang Hao, Q3: Xi Jinping is pushing for salary cuts in the financial industry. Experts interpret it as a shift to manufacturing. Is this really possible?
Jinshi, Q: I saw some comments jokingly saying, please pay attention to the mental health of our "financial migrant workers" ?
There will always be unsatisfactory times in life. Unsatisfactory things are like a gust of wind in life. If we choose to be a candle, the blowing wind will blow it out. If we choose to be a burning bonfire, a gust of wind may make it go away. The fire is burning more fiercely, and the winds in life are only temporary. Remember to keep the green hills and don’t be afraid of running out of firewood. Thank you for watching this issue of News Five. See you in the next issue.
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