Debt Hits 500%, Another Major China’s City on the Verge of Bankruptcy! Same for 80% of Cities

On February 26th, Gancheng Wang, a current affairs commentator on X, exposed in a tweet that Chen Min'er, the Secretary of the Tianjin Municipal Committee, personally revealed the financial woes of Tianjin, admitting to a staggering debt ratio of 500% and acknowledging the city's bankruptcy situation. Chen Min'er, a member of the CCP's Politburo, assumed his role as Tianjin's Municipal Committee Secretary at the end of 2022 and immediately implemented three major policies: 1) halting the issue of supplemental savings funds to civil servants (a unique benefit in Tianjin compared to the national average, even exceeding the income of employees in general enterprises); 2) significantly reducing civil servants' performance bonuses; and 3) downsizing the civil servant workforce to cut fiscal expenditures. Chen had previously adopted similar measures in Chongqing. Individuals either accepted the situation or it led to mass resignations. Chen targeted civil servant salaries as his first order of business upon taking office.
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[darkfan]

As long as the police and military are paid and are happy, the ccp will remain in power.

[TT-dpqh]

Corruptions are the main reason. They also rely on the westerners' factories to boost those cities. Now, factories are short and debts are high from those cities too.

[EllieMaes-Grandad]

No wages for months, can't get savings out of banks, how do people manage to live? Time for answers to this, not repetitions of the allegation.

[michaelbizon]

The USSR did not fall because "the people" rebelled. It collapsed under the weight of compounding inefficiencies, leaving the Soviet citizens as surprised as the West with it's suddenness.

[deneenduranceau]

At yet they talk about war but they can't even feed their own people

[OrdainedPrepper]

This is an example of prosperity with Chinese characteristics.

[wheezysqueezebox]

Salary cuts, unpaid salaries, massive debts, tofu dregs high rises, the iron rice bowl has rusted, those, who enriched themselves, through corruption, have left...

[auggieeast]

So much waste in Tianjin, like the 128 floor skyscraper that was never finished, for almost a decade. Plus an entire district planned to be like Manhattan, but now is a ghost city. Billions of yuan down the toilet.

[georgeorwell]

Isn't that the goal of communism.... "shared misery"?

[Curtislow]

After watching these video for months, one thing sticks in my mind, is the blank/void look on the faces of the bureaucrats when in session. I reminds me of a body without the spark of life.

[paulrose]

The only way out of bankruptcy is for municipal leaders to give back the money they embezzled!

[wanderingdog]

Time to start operating those Money Printing Machines NON Stop. that will fix the economy.

[powershift]

Xi's "Common Prosperity" on full display. 😮😮😮😮

[paulcusack]

Observe This…………
Everything is going to get a lot worse!!!
Corruption, Corruption,

[randalsaladbar]

2nd largest economy in the world, and all the money is gone.
Reminds me of the boxing announcers saying....Let's get ready to rumble!!

[retrogametech]

Hahaha if I don’t get paid for last week I wouldn’t work the next that’s slavery

[dxer]

just when you think it couldn't get any worse 🙃

[denisegroce]

The mayor of this city is still getting paid, while his employees don’t get their salaries. Pure evil.

[taterkaze]

Preferential treatment for state-owned companies hobbles economic progress. Egypt and Iran are examples. Private enterprise will never have equal standing in China because the CCP won't allow it.

[EllieMaes-Grandad]

The more we hear about this problem, the less we hear about its effects; past time that we did. If numbers are so bad, how come nobody (such as CO) has collated them on a national basis?