COMMENTARY

Peter Burgess

Jin Liqun: Europe induces 'sloth, indolence' The chairman of China's sovereign wealth fund remains sceptical about supporting a European bailout.

As the global financial crisis continues to hit the eurozone, Nicolas Sarkozy, the French president, and other European leaders have been banking on China to step in and wave its magic wand. But is China prepared to bail out Europe?

Al Jazeera's Teymoor Nabili talks to Jin Liqun, the supervising chairman of China Investment Corporation, China's sovereign wealth fund, to find out whether China is willing to invest more money in Europe, in particular in the European Financial Stability Fund (IFSF), which European leaders now want to beef up for future bailouts.

Jin, who has served as China's deputy minister of finance and vice president of the Asian Development Bank, manages $400bn worth of the nation's money through the sovereign wealth fund. He says that unless Europe changes its labour laws and adjusts its welfare system, he does not consider it to be a profitable investment.

'If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.

'Why should, for instance, within [the] eurozone some member's people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard.'

Jin Liqun, the supervising chairman of China's sovereign wealth fund

Source: Al Jazeera

Image Post as PeterBurgess Showing 1-27 of 58 comments Sort by Subscribe by email Subscribe by RSS Real-time updating is enabled. (Pause) 8 new comments were just posted. Show Michelle Black Just now You Euro's should become slave labor like our former comrades in the former PRC. Like Reply Steven Hourihan 20 minutes ago He might have a point about incentivising people to work.....but criticising labour laws...yikes. I don't think returning to Victorian working hours would fly in England. Like Reply David Horan 41 minutes ago Claim: Euro debt crisis caused by socialist labour laws (Jin Liqin). Evidence: Such laws undermine the incentive to work hard which reduces growth and expands goverment spending resulting in the over-accumulation of goverment debt. Counterexample to this claim: Germany (Yes they have a successful economy and a good welfare state (and they also work hard). Both are actually possible). Alternative Explanation (basic sketch): Eurozone debt crisis is the result of poor policy choices made in the last 2 decades which are largely unrelated to Euro labour laws. The main policy changes which contributed to the Euro Debt Crisis are: (1) Adoption of Neoliberal policies in the Anglo-Saxon world and Spain which led to a severe financial crisis that has now transformed into a soverign debt crisis because governments chose to socialize the banking losses leading to a crisis of confidence in soverign debt financing. (2) Creation of the Euro which led to an harmonized interest rate and exchange rate regime across Eurozone member states that suited core countries but undermined growth in peripheral countries (a) largely destroyed the traditional sources of growth for Eurozone's periphery (export led growth based on currency devaluation; Italy and Greece) and (b) spurred and over-heated domestic housing markets resulting in a boom and bust in GDP (interest rate cuts and the 'gold-rush' effect i.e. investment became overly concentrated in a single sector : Spain and Ireland). I'm not a macro economist and obviously this is not a comprehensive explanation. However, I think any explanation of the Eurozone debt crises must adequately address to the role of policy changes mentions in 1 and 2 in causing this crisis. Citing Euro labour laws as a cause seems, to me at least, completely rediculous as this is not one of the main drivers. You might argue that the welfare state is one of the main reasons why European goverments have accumulated such large debts. But what matters is the debt-GDP(income) ratio and if countries are growing then they can accumulate more debt in absolute terms. Finally, welfare programs are not the only source of government debt. Look at America. It has much more flexible labour laws but also a government debt that exceeds 100% of GDP. Individualist_Conformity liked this Like Reply tedpeters 1 hour ago And he means the Germans! He doesn't beleive that the Greeks do any work. Like Reply Ibnbatuta 1 hour ago That “West” mentality is from wealth stolen from people of colour through colonialism - a sort of overseer master vs. slave syndrome. The English, Europeans and US are the masters of that freebees mentality… look at the East English Tea Company treaty with the Chinese in 1884. The West predatory culture is still in play worldwide! Countries around the world needs to trade in their own currencies and in the yuan - instead of only the dollar or Euro. The hard working culture of the Chinese is renowned - kudos to them. Like Reply Maineroad 2 hours ago I absolutely agree with Mr Jin Liqun. Having achieved their goals of equality, fair pay and conditions, workplace safety and fair pension arrangements since the oppression of the 19th and 20th centuries, European labour movements have now set their sights on an improvement of all the above without their members having to work at all. To them, work is anathema. Everything the labour movement has on their wish list involves more pay, less working hours, less unsocial hours, lower pension age, more holiday entitlements, longer sick leave, longer maternity leave, longer tea breaks, the entitlement to carry over unused sickleave from one year to another and longer compassionate leave whilst dragging their feet when negotiating improved productivity and better working practices. Trade union bosses and workers leaders don't have the mental compass or understanding of economics to appreciate the importance of competetiveness in business which would not only attract Chinese investment but the shifting of jobs from China to Europe when China's own unit labour costs approach European levels. This aversion to work, as the Chinese understandably perceive it, does induce sloth and indolence. It is now high time the labour movements in Europe ditched their anachronistic stance and moved into the 21st century. Unfortunately, I don't believe the labour movements has ability to undertake such a seachange in policy and they will therefore drag the workers of europe back into hard times from whence they came! Like Reply Johnny H 2 hours ago Leave Europe to rot. When they were strong they raped the world, now that they are weak they should be left to die 1 person liked this. Like Reply Franksua Ksav'e Ada 3 hours ago Just imagine how the US who said that the only way Europe is going up is by straightening US economy will feel about a Chinese bail out. Remembering currency war ... Like Reply Johan VonDen Clitmeister 4 hours ago also, now that the housing bubble is crashing and with it the finances of most local governments, one would expect a little more modesty. Like Reply Johan VonDen Clitmeister 4 hours ago true, mr jin. but not the whole story. if we had the same trade barriers as your country, you would not have as much to talk about; rather, you would be at home watching factories close and wondering if you could fix the situation by building more empty cities and more bridges to nowhere. Like Reply aa bb 4 hours ago These guys are very crafty and clever in coming up with new ways to steal your money so they can keep the wars going and get their luxury goods and toys. All they have to do is tell you it's for your own good and if you don't give them all your money you will suffer a crisis like you've never seen..blah blah and so forth. And then when a guy like Greece's PM Papandreou tries to involve democracy in the process they hand him his hat and show him the door. At least now with the social medias and the leaks the world is aware and they can't hide their sick games from us anymore. Like Reply John Kleinsteuber 4 hours ago And perhaps, Mr. Jin, the world thinks your intellectual property and labor laws are outdated. Your laws induce theft and corporate espionage rather than hardworking. The system is totally out of whack.This is purely the result of the accumulated troubles of the worn out communist oligopoly, posing as a capitalist, democratic society. Johan VonDen Clitmeister and 1 more liked this Like Reply donalgon 4 hours ago in reply to John Kleinsteuber actually, I think China is a capitalists wet dream. Sisteord liked this Like Reply dave w 5 hours ago The USA needs to end free trade, protect our market, same goes for the Chinese, if you want foreign goods, be prepared to pay a tariff, otherwise build, buy, American in the USA 1 person liked this. Like Reply SHAH 6 hours ago We can see a very bad time for the Anglo who fraud the whole world post WW2.I think we in the third world better today as we dont need much as needed by westener.Whats a pity.I am with dignity and can say what I am eating now no bank loan involve there.Our home is small,many member living together but we are happy.Your Govt and politicians are cheat. 1 person liked this. Like Reply _-_- 6 hours ago Does mr Jin really think we are all that stupid or is he the one who is totally hoodwinked by all the pro-bank propaganda. Europe's problems are not wellfare r worker productivity. It is that bank shenanigans allowed one third to one half of capital in the world to evaporate in 2008. If he manages a sovereign fund he should be well aware of this! So of course there are repercussions in various retirement funds. 5 people liked this. Like Reply Oksana Yonan 7 hours ago China is not a country that has ever had fair labour laws and thus it would be natural for Chinese officials to assume that anything more than the earning of a slave wage rate and their totalitarian run slave factories where workers have zero rights, where employees have to commit suicide before the owners of the factory are willing to even consider giving the workers a wage increase, i.e. case of Apple. Working 12 - 16 hour days and sometimes 7 days a week China has been the norm and thus they became the corporate labor provider: It meets the corporate requirement that labor be paid a bare-bones wages, no benefits and all safety standards eliminated. Chinese 'capitalism' exposes the ruthless brutality inherent in any profit system whose sole focus is profit by any means. Absolution of all employer responsibility! Anything less than that is considered sloth inducement. Wake UP World. The Mega Tyrant has arrived and it's name is China! The fact that western electoral forms of government permits each country and their people the right to self determination does not compute in a Chinese totalitarian perspective. Chinese prosperity has been build on ruthless greed and their willingness to trample all any any basic human rights - hardly a model that the world should consider or adopt. The ruling class has benefited from this system of ruthless exploitation. Not the working individuals in China. China is a masked feudal system presenting itself as the new model of capitalist success! Europes woes have been created by their central Banks and lack of appropriate regulation of their massive Bank holding Companies whose power and political influence exceed the voice of the electorate in each country, The US is in the same pot. junaid naseer and 7 more liked this Like Reply Gamal Akabani 7 hours ago Great interview, congratulations to AJ and Teymoor. 1 person liked this. Like Reply Gamal Akabani 7 hours ago These are financial institutions that think in terms of profit and investment stability. Europe and the USA are bankrupt, China will not enter into any kind of agreement that will not allow it to control its gains and control of markets. Th is very simple, societal problems abound everywhere, including China, but money is money. A good example is WALMART as a financial institution. Like Reply Balther J. Jensen 11 hours ago What we need is to outlaw all forms for 'interest' and 'taxes'. Charging 'interest' and demanding 'taxes' is nothing but criminal, and people doing that should be killed. When governments need the medium of exchange i.e. money, they can just print their own money. It is that simple. We must always remember, that we'll all die at one time or another, and we have no use for money when we are dead. Therefore, we should not exployt and steal from each other now when we are still living. It is only second class people and criminals who steal from each other, like charging 'interest' and 'taxes'. 5 people liked this. Like Reply David Berg Top 100 8 hours ago in reply to Balther J. Jensen This is a simple issue. If you don't approve of paying interest don't ask someone else to loan you money. As for taxes, Evidently you know of nations with a population greater than three persons that is able to provide support of services to its citizens by cheerfully and willingly giving money to do so. Please direct me to this country. I'd like to visit it. Sisteord and 2 more liked this Like Reply 8 new comments were just posted. Show David Berg Top 100 13 hours ago in reply to Balther J. Jensen This is a simple issue. If you don't approve of paying interest don't ask someone else to loan you money. As for taxes, Evidently you know of nations with a population greater than three persons that is able to provide support of services to its citizens by cheerfully and willingly giving money to do so. Please direct me to this country. I'd like to visit it. Sisteord and 2 more liked this Like Reply Thomas LoCurto 15 hours ago Well he is right to a certain extent, you can see a prime example of what he said in Greece. The productivity was/is so low per worker, you had jobs being done by five people in Greece that in Germany are done by two. When you have the impunity of not being able to be fired, your incentive to stay productive disappears. Thought Greece does have so many other problems, tax evasion, corruption, etc, productivity or lack thereof is still huge. Mr. Jin's candor is refreshing. You also have to look at it from the point of view of the Chinese, who are already beginning to see big socio-economic problems, the housing bubble, low domestic consumption, hundreds of millions that still live in abject poverty, etc. Everyone portrays China as Mr. Moneybags with endless money, but that's not the reality, they can't afford to invest huge money in Europe, just to see it disappear with new defaults. Sisteord and 9 more liked this Like Reply Michelle Black 2 hours ago in reply to Thomas LoCurto Do you have some proof of your contention that the Greeks are lazy con artists? People are throwing that around with great abandon. Like Reply Alan Williams 9 hours ago in reply to Thomas LoCurto Perhaps communist China thinks about its poor, but with the state of worker's rights there now, I'm pretty sure capitalist China is in full swing. It's a question of whether one set of millionaires is willing to bail out another set of millionaires where capitalism ran its course. And China's millionaires answer, 'But we haven't had our chance at glory yet.' Sisteord and 4 more liked this Like Reply David Berg Top 100 13 hours ago in reply to Thomas LoCurto Of the numerous responding posts on this subject, yours and three others are the only ones that actually required the ability to think in a rational manner. 5 people liked this. Like Reply Jim Johnson 11 hours ago in reply to David Berg That's your opinion. Your ability to think (or the lack of it) could be seriously called into question. 4 people liked this. Like Sisteord 16 hours ago Response to Mats Leonard Holvik: Once more: WHO the ... said that 'the welfare state is the problem'??? Aren't you fighting wind mills now? Like Reply Kaze no Kae 16 hours ago Just in case you thought the PRC had anything to do with 'socialism'... 1 person liked this. Like Reply Peter Young 21 hours ago I hope Mr Jin comes to New Zealand. We've got a tax system where single people without children have to pay their money to couples who have children they can't support. This encourages irresponsible people to have more children, and disencourages responsible people from working to save to start a family. As a single person without children, I got so sick of paying my earnings to some couple that I just stopped working. It was too unnatural, and there was no incentive for me to work. David Berg and 6 more liked this Like Reply tomeukring 21 hours ago There is an over simplification, and over generalization going on. However I do understand the temptation from this Chinese man for this type of reaction. And that they want to have a louder and more vocal opinion, to fit their new found wealth. There are definitely certain laws, and systems that need to be reformed across the continent. And you can see in the news of the past year, that retirement age has been raised in a number of places. However saying that a welfare state is the main problem. Is just not the case. There are countries with better protection and welfare systems and are doing economically better than those without. And vice versa. We wouldn't be the continent we are, if we wouldn't appreciate criticism. Europe has recognized that austerity is a large part of the solution. This includes raising retirement age, welfare fee restructuring. subsidies for some things to be reduced and so on. Ironically, welfare checks btw are almost completely and instantly spent in the economy. Usually buying cheap products often made in china. It's really not that bad. In any case you can count on it that Europe will restore balance where needed. And use this 'crisis' as an opportunity. Due to the global downturn, and the fact that several nations had to 'save banks' to prevent repeats of the Lehman Brothers scenario. These are one time things that need to be absorbed. All these things take some time. In general though these laws aren't so much 'outdated', as that they are being stretched while developing nations develop towards similar worker protection and welfare. The line between 'hardworking' and 'being exploited' is not always clear. To put the importance of this fund in perspective, for the record, $400bn(which is already largely invested) is less than a fifth of the public debt of a country like Italy. and a fortieth of gdp of the EU. There really is no problem paying back dept. The problem is that all this doomsday speaking and fud is making it hard to get new loans. Increasing the interest rates on these loans. Since the ECB's main task is to curb inflation, unlike other central banks the ECB can not be forced by a single nation to print as many euro's as would be needed to pay back any loans. This is partly why you are hearing about the debt in the eurozone while other places have higher debt rates. at 85% this is essentially a non-issue and basically more of an early warning system. Greece has isolated itself now, by being completely unreliable. Europe pulls solidarity together a bunch of measures including wiping out half of its debt. And a week later *they* make a complete mess of it. This is a situation specific to Greece. Which got into the eurozone by providing false figures to begin with. junaid naseer and 9 more liked this Like Reply Sisteord 18 hours ago in reply to tomeukring Did anybody say that the 'welfare state is the problem'? It should be possible to be in favour of a welfare state and worried about the abuse of same? (People who cannot discriminate between such elementary logical categories, should perhaps have second thoughts about engaging in political discussions?) ... It seems like a fact of history that a society in the state we - the Western world of the 21st century - are in, is doomed by the laws of history - and inevitably will be run down, probably - in our case - by the Chinese. Which is a descriptive statement, not a normative one. Making such a statement does not imply that one is in favour of the oppression of Chinese workers; the German tribes who ravaged the late Roman Empire, were bad guys, too. And/but they were on the winning side of history. Sad and simple facts? 1 person liked this. Like Reply Stanley C 23 hours ago I wonder how Jin Liqun would have feel if the west had not assisted China during WWII due to Mao's 'sloth, indolence'? Doubt he would even be alive today with how methodical the Japanese were 'cleansing' the country. 3 people liked this. Like Reply Harry Zhao 18 hours ago in reply to Stanley C what help?? you mean the pittyful 60 fighter aircraft Americans(no offense to the Flying Tigers) provided or some food donations from the British?? the world watched in cold blood when 300,000 Chinese soldiers dieed when defending Shanghai in 1937. China as the member of the Legue of Nations asked for help but all they got was diplomatic protest from the rich and powerful western nations. it was until the japanese bombed the americans then they started to help not for CHina but for your own sake. so please dont insult the millions Chinese sacrificed their live in the war against japan by taking all the credit. David Berg and 10 more liked this Like Reply Stanley C 1 hour ago in reply to Harry Zhao John Rabe was the chairman of the missionary organization, there were many other people from a host of country's that participated, the U.S. and Britain included Mr. Zhao. You apparently are too daft to realize not only the Flying Tigers, but the Burma Road was built to supply China with weapons, medical supplies and food, because where-ever Mao's thuggery went, they left the countryside in a shambles . There is no 'taking all the credit' as you imply, my original comment was the west assisted. To claim Mao was a 'Communist' is absurd, the fat SOB was hauled around on a litter while he read books and dined on more food in one day than the average 'soldier' ate all week and had his underwear washed by a servant. The murders, robbers and rapists didn't march out of Jingganshan, they were routed out by the locals who were tired of the extortion Mao's band had forced them to endure. You can read these exact words from Dr. Ida Kahn in her mission letters posted from Nanchang, Jiangxi. Why did the Chinese government sacrifice its people and environment for the sake of development, allowing western industry to exploit and pollute China's environment? The same reason why the emperors oppressed its own people, selfish greed. If you took the time to read about my family's 3 generation of missionary work in China, then you would see many of the western hospitals built along the Yangtze and Min Rivers from 1866-1903 were the result of my great great grandfathers efforts; My great grandparents 25 years medical efforts at Yishisan Hospital in Wuhu, Anhui and my great aunts medical teaching in Jiujiang, Jiangxi. That some Chinese ended up destroying during the Taiping and later Rebellions. 'Drowning in greed and laziness'. I'm quite comfortably content Mr. Zhao. The original subject is the European bailout. Like Harry Zhao 2 minutes ago in reply to Stanley C yes Mao was a thug and a robber and a fatty thats why ALL of the peasants followed his leadership and kicked the KMT nationalists to taiwan, yea that makes so much sense. Mao's action in the great leap forward and cultural revolution is up to discussion but during the war against japan his policies and actions drew support from every peasants he encountered. there are also many japanese who worked in the American war effort should I thank the japanese as whole for that?? lol you make too much sense. facts are facts, in the 19th and early 20th century western countries and japan acted like hugery wolves in China, in world war 2 you guys were forced to help China for your own sake, and now you are exploiting Chinese labours and taking credit for the economic growth of China and act as if you helped Chinese economy in kindness when its all about profit and greed. Like Harry Zhao 4 hours ago in reply to Harry Zhao Stanley C oh please, in Nanking the person who saved most Chinese were John Rabe who is affiliated with Nazi Germany, YES a Nazi saved 200,000 Chinese in the Nanking safty zone while americans and British did NOTHING. YES a Nazi saved more Chinese civilians than YOU DID, so please you tried to take all the credit from Chinese and now you are robbing the effort made by a German guy. The communist did what i could and that was guerrilla warfare, which the japanese got so annoyed they enacted the 3 All policy 'burn All, Loot All, Kill All.' and the Nationalist did the most of the fight no one denies that even Hu jintao in a speech in 2004 said it was the combine effort of KMT and CCP that defeated japan, while KMT took on the mission of frontal engagments. no on in China denies the massive effort made by KMT. BTW please dont act as if you western countries helped Chinese economy out of freindship or kindness, the reason Americans and Europeans shifted their manufacturing and investment to China is because of the cheap labour, yes once again westerners are here to exploit NOT to help. Chinese government had the gut to refuse direct foreign invesments in strategic industries and that is why China prosper today while you drown in your own greed and laziness. Like Stanley C 6 hours ago in reply to Harry Zhao What help? You seem to neglect the missionaries in Nanking who set up the zone where hundreds of thousands of Chinese sought refuge from the Japanese. Mao did more fighting against the Kuomintang during WWII than fighting the Japanese. I had a relative who was a part of the Flying Tigers. Mao is responsible tens of millions more deaths of Chinese than any occupying army in China's history. Did I say that western assistance was what saved China during WWII? Stop trying to alter my comment to fit your opinion. If it wasn't for western nations corporations relocating their industries to take advantage of the pegged RMB to the dollar and the Chinese government willing to sacrifice its people and environment for these businesses to relocate, and western consumers willing to buy cheap products, China's development would not have been so robust the past 30 years. beowulf20 and 1 more liked this Like Jim Johnson 11 hours ago in reply to Harry Zhao You're right. The West should have let the Japanese finish the job and then moved in to defeat them. 1 person liked this. Like Sisteord 20 hours ago in reply to Stanley C ?? Could you elaborate on Mao's 'sloth' during World War II - don't think I get the hang of this? 3 people liked this. Like Reply Stanley C 6 hours ago in reply to Sisteord Read Mao-The Untold Story to understand that all he cared about was securing power while sacrificing multitudes of soldiers during the Long March. Along with murdering millions more during his purges, just to scare the population into obeying his demands. ubscribe by email Subscribe by RSS Real-time updating is enabled. (Pause) 8 new comments were just posted. Show khaixiong 20 hours ago in reply to Stanley C Hahaha... 'Help'? One of the reasons why China was so weak then was because of the West..... My friend go brush up on your history before coming here giving your 'intelligent' views. Sisteord and 7 more liked this Like Reply Stanley C 6 hours ago in reply to khaixiong China was weak due to its annal thought that it was superior to the west and didn't need western products. Its citizens didn't rise against the thousands of years of dynastic rule until western thought had entered China to challenge its rule. China may have invented gunpowder, but it was Europe that perfected it as a weapon. China may have invented many things, but it was the west who made them better. Read Guns, Germs and Steel by Jarad Diamond to comprehend this. You want to blame the British for importing opium, then do so, but the Chinese people deserve equal blame for their desire to consume it. Why, most likely due to how dynastic rule treated its own. Like Heather Inglis 23 hours ago If ever there were a reason to punish those corporations who offshored their manufacturing and the politicians who encouraged them, this is it. In China, there is a growing millionaire class, many the extended family of ruling party members, while the vast majority are not better off - or worse given China's habit of tearing down villages, seizing farm land, and replacing them with shoddy apartment blocks and polluting factories. Sisteord and 9 more liked this Like Reply Ambedkar 1 day ago This is the inevitable effect of free trade with countries where life is cheap - we are forced to destroy hard won labour laws to compete. Time to abandon corporate capitalism and consumerism. junaid naseer and 15 more liked this Like Reply Jim Johnson 11 hours ago in reply to Ambedkar And switch to what? Europe is already socialist. What's YOUR solution, o wise one? Like Reply Strobe Fischbyne 5 hours ago in reply to Jim Johnson Take note: Many Americans don't know that capitalism with social safety nets is still capitalism, showing just how deeply propagandized are the proud minions of hyper-capitalist America. ladoga and 4 more liked this Like Keith Maher 1 day ago This is a frightening example of the success of Chinese Capitalism, unchained as it is from any sort of democratic oversight, and inept as it may be in Europe, we're having to compete with the ultimate expression of a pure capitalist economy, were the welfare of the producing classes is not only seen as unimportant in the goal of maximum profit margins, as it is in the west, but enshrined in law. It'll be interesting to see how China fares when the west is so badly ravaged from economic depression that it can no longer consume its cheaply produced goods. junaid naseer and 22 more liked this Like Reply Sisteord 1 day ago in reply to Keith Maher Like you, I am very much concerned about the state of workers' rights in China. But as a European, I am equally worried about the absence of work ethic that I see among many Europeans. A lot of us take it for granted that we have a right to a life in comfort, and it is frighteningly easy to 'retire' with health problems already in your early fifties. Lots of people who could have done useful work, frolic on the the Spanish beaches and enjoy their sangrias all day long, I have personally observed thousands of them. And by all means, I am a hundred percent for a welfare state. But abuse is a harsh reality and a problem we have not come to terms with. That is why we risk being run over by a more hardy and industrious people like the Chinese. It might very well be the fall of the Roman Empire all over again; the decadent over-civilized people being knocked out by unsophisticated barbarians (not that I see the Chinese as barbarians, by all means) with superior guts and energy. And, among other symptoms, they certainly have a mad emperor in Rome these days ... Ari Lee and 18 more liked this Like Reply ladoga 2 hours ago in reply to Sisteord It might very well be the fall of the Roman Empire all over again; the decadent over-civilized people being knocked out by unsophisticated barbarians (not that I see the Chinese as barbarians, by all means) with superior guts and energy. And, among other symptoms, they certainly have a mad emperor in Rome these days ... Maybe you should re-read your history. Germanic tribes conquering western parts of Roman Empire wasn't such a big deal and those areas (including the city of Rome) were conquered back by Justinianus about 100 years later. By the time of Germanic invasions western areas had already become more and more insignificant for the Empire as the new capital Constantinopolis (aka Nova Roma) was the focal point of world trade. Financical and military might of the Empire was concentrated in there. Roman Empire ended in 1453 (or arguably 1461 with the fall of Trebizond) when Ottomans conquered its capital. Destruction was greatly aided by the Crusaders who few hundred years prior (1204) sacked the city and sent Empire into decline. Malgus Khan liked this Like Gary Green 1 day ago Considering the appalling state of workers rights and working conditions in China, Mr. Jin needs to STFU. dave w and 43 more liked this Like Reply Asif Ali Bhatti 7 hours ago in reply to Gary Green he would STFU if you stop begging from China. When you beg you have no choice but to accept the terms. They have taken out 400 million people out of poverty in just 20 years. Time to listen to your masters what ever gary Green you are . Rose Lawson Steinmeier and 5 more liked this Like Reply beowulf20 2 hours ago in reply to Asif Ali Bhatti The unrest in the certain countries located in the western hemishpehere/Europe is also due to trade practices and down the road job losses. Like AaronCull 10 hours ago in reply to Gary Green Mr. Jin explained in the video that the Chinese government is trying hard to bridge the gap between rich and poor that has been growing due to 'outdated' policies. Try finding the same changes in the USA and various European countries - are they willing to redistribute wealth to poorer members of society? Could this be why unrest is continually growing in the west? Sisteord and 3 more liked this Like Reply averii 1 hour ago in reply to AaronCull As if there's no 'unrest' in China. Like Harry Zhao 1 day ago in reply to Gary Green atleast they are hard working, unlike some lazy citizens of some rich country who screwed up the entire economic stabilty of the world because they cant be bothered working and contributing to the world. khaixiong and 23 more liked this Like Reply ladoga 3 hours ago in reply to Harry Zhao 'atleast they are hard working, unlike some lazy citizens of some rich country who screwed up the entire economic stabilty of the world because they cant be bothered working and contributing to the world.' I thought it is the banking sector that has no incentive to avoid taking risks (because losses are socialized to the taxpayers) that caused the economic crisis. Interesting theory you have there though. ;) I find it funny you get likes for such comment. It's these very same 'lazy' citizens you talk about whose money has been used to bail out rich bankers left and right. Like Steven Hourihan 4 hours ago in reply to Harry Zhao The Chinese people may be hard working but the economic stability of the world was screwed up by bankers who weren't properly regulated, not by the lazy and unemployed. Watch Meltdown, episode 1: the men who crashed the world, on this website. 1 person liked this. Like mookins 5 hours ago in reply to Harry Zhao Spain and Ireland were running surpluses before the crash. The debts they're trying to service now,they have because their governments took it on themselves to make good the PRIVATE losses of the banks' 'preferred shareholders'. In other words, the 1%. Mr. Jin statement is just propaganda aimed at his own exploited people, to make them the way they're treated is the way they should be treated. averii and 5 more liked this Like Mads Leonard Holvik 16 hours ago in reply to Harry Zhao Isnt this the same rethoric as we have heard the last 30 years? The poor and lazy are ruining everything? Will the world be perfect if we just get rid of all these lazy people? And the last 30 years the middle class and the poor have become poorer and the rich have become super rich or mega rich. Why is the problem the welfare state? Please explain!