China’s Shoe Capital Wenzhou Is Ruined! No Orders, Widespread Bankruptcy, Bosses Flee Overnight

This footage shows a shoe factory in Wenzhou, China. The factory owner, burdened by ongoing losses and heavy debts, eventually couldn't hold on and fled, leaving a large number of workers without any way to claim their wages.
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[cliffontheroad]

Not my problem. Not one CCP member had any reduction of pay or wages withheld. Their fishing fleets continue to plunder the seas..

[nmaddpnmaddp]

I am Australian, I always buying Adidas, Nike, Puma etc... shoes for our family, in the recent years, like in the past 2 to 3 years I have notice that instead of Made in China from Nike, Adidas etc... shoes, now it is Made in Vietnam.

[UnnamedBridgeburner]

I spoke to my dad not too long ago and we discussed the fall of the Soviet Union. It was a massive event in his life and listening to him describe how it happened and what the news was like in the years leading up to it reminded me of the information coming out of China. It’s sad. People suffering for the decisions they had zero ability to influence is awful.

[RJFP]

You can blame the CCP directly for it’s their policies that have done this to the economy 😢.

[dritand.]

Remember how devasted Chinese people were when US factories were closing in the 90's and early 2000's? Yeah, me neither. All they get from me now is a knowing smile. What goes around comes around...and all that ...payback. Weren't they big enough to not need US dollars anymore?! I thought so. Again, this makes me smile.

[misterbig.]

-Chinese 🇨🇳 property sector, which accounts for 30% of GDP, is crashing.
-Exports and imports, accounting for 37% GDP, are down.
-Foreign investment is falling over 90% compared to it's peak in 2018.
-Foreign visitors are down 96% compared to the pre-pandemic level in 2019.
-Consumer prices are experiencing deflation.
-Youth unemployment hits over 21%, a record.
-It's fast shrinking workforce is 10 years old than neighboring countries.
*Still, China keeps reporting outrageous GDP numbers.* Lol

[glenndallaire]

Lesson? If you are not being paid in a timely fashion, you probably never will be paid, so go find another job ASAP

[dalogan]

I always try to buy made in USA, Japan, EU, UK, Australia or South America, from normal places.

[awsm]

Maybe if China wasn't known for having some of the worst products available. In literally every single market, Maybe more people would be willing to put in orders. But not even Chinese want Chinese products.

[GramGramGenX-lnsc]

When all the shoe factory is closed in New England, nobody cried for us.

[helenrushful]

Get a new leader. One that actually knows how to run an economy and treat citizens like humans.

[benteyssen]

T0xic Tofu-shoes from China? No thanks😆

[iancheng]

Now most shoes are made in Vietnam, Indonesian and Thailand.

[ashcarrier]

If China has enough cash to build aircraft carriers, then they need neither my money or "Developing Nation" status in international trade.

[h.mandelene]

China's "prosperity" turns out to be everybody up to their neck in debt. So much for the economic miracle.

[YokomoHoyo]

Blame communism for chasing away foreign investors.

[TheColonelKlink]

The coming global economic depression will make 1929 look like a bull market.

[jameswalker]

A well researched and thoughtful episode. Warmest compliments. Thank you. :)

[yellowbird]

Many Americans have collections of shoes that they don't even wear. I am one of them. My collection is mostly due to foot problems and an effort to fix it by buying different shoes. I have enough shoes for the rest of my life. Even thrift stores have a good selection of shoes for not much money. People have bought too much when times were good. We are now trying downsize our belongings either by giving them away or selling them. We simply cannot keep consuming endlessly and buying endlessly when we simply don't need more "stuff." People are making do with what they have, shopping more in thrift stores when needed, and doing without. Food, rent, mortgage, utilities, gas, medical, etc. have to come first.

[baahcusegamer]

Peter Ziehan was just this morning talking about China losing its standing as the number one global manufacturer.