sylwanin @sylwanin: "👮‍♂️ China Public Servant System..."

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👮‍♂️ China Public Servant System and the Surge in Applicants 💭 Once considered a stable and prestigious career path .. 🔻 China's slowing economic growth has led to tighter government budgets. Local governments, in particular, are facing significant financial difficulties due to reduced revenue from land sales, a major source of income, and increased debt burdens. This has resulted in salary cuts, delayed payments, and reduced benefits for public servants. 📚 Public servants in China are facing rising workloads and pressure. With fewer resources and more responsibilities, many are overworked and under-compensated. 💸 The Chinese government's increasing focus on anti-corruption campaigns and political loyalty has added another layer of pressure on public servants. This environment of heightened scrutiny and accountability has made the job less attractive, particularly for younger generations. 💨 Despite the perception of job security, public servants in China are not immune to layoffs, particularly at the local government level. As local governments struggle to manage their finances, some have resorted to reducing staff or freezing hiring to cut costs. 🔎 Despite the challenges, the allure of a government job remains strong in China. Then why so many people continue to pursue careers in the public sector, even as the system shows signs of strain ? 👨‍💼 For many, a government job is still seen as more stable and secure than a position in the private sector. Even with the recent challenges, the public sector is less susceptible to the abrupt layoffs and business closures that can occur in the private sector, particularly in uncertain economic times. 🏆 Public servants in China have traditionally enjoyed high social status and respect. Many people, especially in smaller cities and rural areas, still view a government job as a prestigious career that can elevate their social standing. 🧐 Despite recent cuts, public servants often receive benefits that are not available in the private sector. These can include housing subsidies, medical insurance, and a pension. For many, these benefits outweigh the lower salaries and increased workloads. 🌈 The private sector in China has been hit hard by the economic slowdown, leading to layoffs, wage cuts, and increased job insecurity. Many private companies, particularly in sectors like real estate, technology, and education, have faced regulatory crackdowns and market downturns, making government jobs more appealing by comparison. 🥇 In Chinese culture, a government job is often seen as a “golden rice bowl,” meaning a secure and reliable source of income. This cultural belief continues to drive interest in public sector jobs, even as the realities of these positions become more challenging. 📝 China's local government debt situation with official estimates placing the total debt at around $6T. According to reports from Goldman Sachs, the actual figure could be much higher when accounting for hidden debt, at around $14T. Official Debt: The $6T figure is reported by local governments. This includes bonds and other financial obligations that are transparently recorded and monitored. Hidden Debt: Closer to $14T, includes off-balance-sheet liabilities, such as loans taken by local government financing vehicles (LGFVs) and other quasi-governmental entities. 🟠 High levels of debt can stifle economic growth by diverting resources away from productive investments. The need to service this debt can also lead to austerity measures, reducing public spending and potentially slowing down the economy. 🔒 The uncertainty surrounding the true level of local government debt may undermine investor confidence in China’s financial markets. This could lead to higher borrowing costs for both the public and private sectors. 🚨 For investors, understanding the full scope of China’s debt problem is crucial, as it may influence investment decisions and risk assessments in the region. However, put in contrast with US debt .. Nothing is that simple 🇨🇳 $14T 🇺🇸 $38T Looking at Debt as a Percentage of GDP 🇨🇳 88% 🇺🇸 120% source: statista.com What do you think ? Would you rather have confidence in US at 200% ratio or china at 100% ratio ? ✅ Like & Follow for more ✅ Copy for china insights Bonne journée ☕️ $HKG50 $CHINA50 $2318.HK (Ping An Insurance) $3988.HK (Bank of China) $0941.HK (China Mobile) $KWEB $MCHI

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HKG50

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Bank of China

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China Mobile

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MCHI

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