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Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

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Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#21

Post by DubiousPusher »

asdfsfkwqe wrote: post #3

They failed to realize the root cause of all these after school tutoring. There are just not enough proper schools for them to attend. They have to compete for the spot to get an education. And all these elite colleges/high schools are located in Beijign, Shanghai, etc. They usually take in local students first. So you see the problem. They will always be some form of private tutoring as long as there are immensive c…

But why are people so set on getting a fancy "educatiom" at all? I mean, I'm not against it by any means. Education has dome alright by me. But maybe part of the problem is also a divergence in quality of life for the educated or a rampant credentialism whoch tells people their worth is tied to credential attainment?

Obviously educating citizens is good for a nation. And if it is really what people want to do, that's good. But it would also be good to ensure people can make a good living and self actualize without a formal education.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#22

Post by refurb »

tmule wrote: post #20

In America, politicians are controlled by billionaires. This comes at the cost of national interest, given that winner-takes-all systems are gini coefficient maximizers. In China, politicians control billionaires. At least in theory, especially given how much the Chinese political establishment is attuned to the needs of the Chinese commoner, this does protect the national interest.

This is an incredibly generous take on the situation.

In China the corruption of government officials is several orders of magnitude higher. We’re talking wholesale theft of govt assets in the billions of dollars.

Chinese leaders also have a much more tenuous hold on power. They aren’t smacking down Jack Ma because they are looking out for the Chinese commoner (though they might benefit), their top priority is looking out for themselves.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#23

Post by mattmanser »

Danieru wrote: post #18
howtofly wrote: post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

Only if you don't understand what the "tutoring" industry in China truly does. They are all test prep, not general teaching or education but cram schools for scoring better on a specific test. For example they are not allowed to teach calculus, despite calculus making the tests easier, for the exact reason public schools do not introduce it in the standard curriculum. Instead the schools are places to drill test taki…

Because such calculus what?

Why don't they teach calculus, i'm genuinely interested, you've left us hanging!

Edit: thinking on it a little, I'm guessing the missing sentence is 'because such calculus is not on the test'.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#24

Post by Rapzid »

tmule wrote: post #20

In America, politicians are controlled by billionaires. This comes at the cost of national interest, given that winner-takes-all systems are gini coefficient maximizers. In China, politicians control billionaires. At least in theory, especially given how much the Chinese political establishment is attuned to the needs of the Chinese commoner, this does protect the national interest.

In America politicians are influenced by actors and forces that affect their election prospects. This includes companies, billionaires, and yes even voters.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#25

Post by 3327 »

I don’t think its about getting killed. Basically 1.5tn is nothing and worth it compared to the future trajectory of education.

Lets face it - listed tutor education companies are leaches and Xi made a bold and right move.

Im simple terms; education or capital.

China has advantages to their system that they can do broad stroke ro change things.

The US struggles for decades from similar problems.

Only in war time does the Us actually succeed at broad structural change.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#26

Post by JumpCrisscross »

I can't imagine Xi is thrilled with this. More likely: zealous deputies, looking ahead to next year's National Party Conference, are looking to curry favor and build their resumes. When everyone is simultaneously dialing it to eleven in a zero-sum game, fuckups are almost assured.

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#27

Post by reader_mode »

tmule wrote: post #20

In America, politicians are controlled by billionaires. This comes at the cost of national interest, given that winner-takes-all systems are gini coefficient maximizers. In China, politicians control billionaires. At least in theory, especially given how much the Chinese political establishment is attuned to the needs of the Chinese commoner, this does protect the national interest.

Vote with your feet ?

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#28

Post by nabla9 »

Danieru wrote: post #18
howtofly wrote: post #9

In the era of wiki/scihub/libgen, the whole tutoring industry is worthless. They are just making easy money taking advantage of information asymmetry. Generally, easy money will not be allowed in China. Edited: I'm talking specifically about Chinese tutoring industry. One comment below gives a very detailed description, which perfectly explains why I think it's worthless. We are all in the process of a revolution ini…

Only if you don't understand what the "tutoring" industry in China truly does. They are all test prep, not general teaching or education but cram schools for scoring better on a specific test. For example they are not allowed to teach calculus, despite calculus making the tests easier, for the exact reason public schools do not introduce it in the standard curriculum. Instead the schools are places to drill test taki…

China is going trough huge education reform.

Shanghai was leading the way. They gave individual teachers more freedom that allows move away from rote learning (taking lessons from Nordic countries). They also increased teachers’ pay. The results have been amazing. Shanghai ranked first in OECD PISA 2009 and 2012 assessments.

In the latest 2018 assessments Bejing-Shanghai-Jiangsu-Zhejiang areas ranked first. Rest of the China is still behind.

https://www.oecd.org/pisa/PISA-results_ENGLISH.png

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#29

Post by mettamage »

I feel a bit too far removed from this, so my comments might be a bit too curious without considering other perspectives (aka I am a bit naive on this topic).

With that said:

Global investors are getting squashed. But there must be global investors who shorted these stocks or bought put options. Why aren’t they covered in this article?

I’m missing nuance on the investment side. From a political standpoint, I want to follow this more closely. I can imagine that the west might take some inspiration on how to deal with big tech.

Armchair investor and my political pedigree is “I vote” (aka a total commoner).

Re: Xi Jinping’s Capitalist Smackdown Sparks a $1T Reckoning

#30

Post by sebow »

tmule wrote: post #20

In America, politicians are controlled by billionaires. This comes at the cost of national interest, given that winner-takes-all systems are gini coefficient maximizers. In China, politicians control billionaires. At least in theory, especially given how much the Chinese political establishment is attuned to the needs of the Chinese commoner, this does protect the national interest.

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