Chindia Alert: You’ll be Living in their World Very Soon
aims to alert you to the threats and opportunities that China and India present. China and India require serious attention; case of ‘hidden dragon and crouching tiger’.
Without this attention, governments, businesses and, indeed, individuals may find themselves at a great disadvantage sooner rather than later.
The POSTs (front webpages) are mainly 'cuttings' from reliable sources, updated continuously.
The PAGEs (see Tabs, above) attempt to make the information more meaningful by putting some structure to the information we have researched and assembled since 2006.
Tourists have fun at Laojundong scenic spot in Rongshui Miao Autonomous County, south China’s Guangxi Zhuang Autonomous Region, May 4, 2020. (Photo by Liao Ziyuan/Xinhua)
Footage shows aircraft manoeuvring strangely before emitting bright light and flying away at great speed
Clips of unexplained ‘aerial phenomena’ were recorded by pilots between 2004 and 2015
A screen grab from one of the UFO videos released by the Pentagon on Monday. Photo: US Department of Defence
The US Department of Defence has been watching, and recording, the skies.
The Pentagon released three videos on Monday that depict unexplained “unidentified aerial phenomena” which were recorded by pilots between 2004 and 2015.
In each of the reconnaissance videos, a flying aircraft manoeuvres strangely before emitting a bright light and flying away at great speed.
The Pentagon released the videos “to clear up any misconceptions by the public on whether or not the footage that has been circulating was real, or whether or not there is more to the videos”, spokesperson Sue Gough said. “The aerial phenomena observed in the videos remain characterised as ‘unidentified’.”
The Navy originally verified the videos’ existence in 2019 after they were leaked by To the Stars Academy of Arts and Sciences, a UFO research group started by Blink-182 guitarist Tom DeLonge.
“After a thorough review, the department has determined that the authorised release of these unclassified videos does not reveal any sensitive capabilities or systems, and does not impinge on any subsequent investigations of military air space incursions by unidentified aerial phenomena,” Gough said.
The Navy has previously said that releasing information from top-secret briefings about UFOs would cause “exceptionally grave damage” to US national security.
According to the Navy, two of the videos were taken during training missions over military airspace.
“Any incursion into our training ranges by any aircraft or phenomena, identified or not identified, is problematic from both a safety and security concern,” Navy spokesperson Joseph Gradisher said in September 2019.
Joint mission will send two unmanned probes into orbit around the closest planet to the sun
The BepiColombo standing in position at a test facility in Spijkenisse. Its mission to Mercury is scheduled for launch on an Ariane 5 from Europe’s Spaceport in Kourou, French Guiana on October 20. Photo: AFP Photo
Final preparations were underway on Friday for the launch of a joint mission by European and Japanese space agencies to send twin probes to Mercury, the closest planet to the sun.
An Ariane 5 rocket is scheduled to lift the unmanned spacecraft into orbit from French Guiana shortly before midnight, the start of a seven-year journey to the solar system’s innermost planet.
Mercury is seen in silhouette, lower third of image, as it transits across the face of the sun. Photo: AFP PHOTO / NASA / BILL INGALLS
The European Space Agency says the €1.3 billion (US$1.5 billion) mission is one of the most challenging in its history. Mercury’s extreme temperatures, the intense gravity pull of the sun and blistering solar radiation make for hellish conditions.
The BepiColombo spacecraft will have to follow an elliptical path that involves a fly-by of Earth, two of Venus and six of Mercury itself so it can slow down sufficiently before arriving at its destination in December 2025.
An Ariane-5 rocket is set for launch at the Guiana Space Centre in Kourou in French Guiana. Photo: Kyodo
Newly developed electrical ion thrusters will help nudge the spacecraft, which was named after Italian scientist Giuseppe “Bepi” Colombo, into the right orbit.
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When it arrives, BepiColombo will release two probes – Bepi and Mio – that will independently investigate the surface and magnetic field of Mercury. The probes are designed to cope with temperatures varying from 430 degrees Celsius (806F) on the side facing the sun, and -180 degrees Celsius (-292F) in Mercury’s shadow.
An Ariane-5 rocket is transported to its launch site at the Guiana Space Centre in Kourou. Photo: Kyodo
Scientists hope to build on the insights gained by Nasa’s Messenger probe, which ended its mission in 2015 after a four-year orbit of Mercury. The only other spacecraft to visit Mercury was Nasa’s Mariner 10 that flew past the planet in the mid-1970s.
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Mercury, which is only slightly larger than Earth’s moon, has a massive iron core about which little is known. Researchers are also hoping to learn more about the formation of the solar system from the data gathered by the BepiColombo mission.
Modified version of country’s most powerful rocket carries next-generation capsule designed to take astronauts to its planned space station
It will be able to launch and land with three crew members and up to 500kg of cargo, according to state media
China launched a new version of its heavy-lift Long March 5 rocket on Tuesday. Photo: Reuters
China successfully launched a prototype of its next-generation manned spacecraft – without astronauts – along with a new version of its heavy-lift Long March 5 rocket on Tuesday, its space agency said.
The Long March 5B rocket was launched into low-Earth orbit from the Wenchang Satellite Launch Centre on Hainan Island in the country’s south.
The launch marks a significant step forward for China’s two big space exploration ambitions – building a space station and a mission to Mars.
A modified version of China’s most powerful rocket, the Long March 5B is 53.7 metres (176 feet) tall. It will carry the next-generation crew capsule prototype designed to replace the Shenzhou spacecraft, to transport astronauts to its planned space station in low-Earth orbit.
China aims to launch the core module of that space station designed for three crew members, the Tianhe, in 2021. Beijing has been planning to build its own space station for decades as an alternative to the International Space Station, from which China has been excluded by the United States over security concerns.
China’s space station project has been delayed by problems with its heavy-lift rockets. Photo: Xinhua
The prototype capsule has a different configuration to Shenzhou’s and it will be able to launch and land with three astronauts on board as well as up to 500kg of cargo, according to state news agency Xinhua. That will mean it can be used to transport research specimens and hardware from the space station back to Earth.
While the Shenzhou can ferry three astronauts, the new capsule design will be able to accommodate up to six crew members and, unlike the Shenzhou, it will be capable of carrying them to the moon, according to Chinese media reports.
Its systems, performance in orbit and parachute deployment are among the areas that will be put to the test during the launch.
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The long-anticipated space station project has been delayed by problems in the development of heavy-lift rockets to carry the modules. In 2017, an oxygen supply problem caused the failure of the second Long March 5 launch, and it plunged into the Pacific Ocean shortly after take-off. But in December it successfully carried a Shijian-20 satellite into orbit, while the liquid oxygen-liquid hydrogen engines used in both the Long March 5 and 5B rockets passed testing in January.
China’s other space ambitions include a Mars probe, and landing astronauts on the moon within the next decade. For the Mars mission, the unmanned orbiter and rover Tianwen-1 will be launched by the Long March 5 and it is expected to take up to seven months for the probe to reach the red planet. China would be the third country to do so – after the United States and the Soviet Union.
Zhang Kejian, head of the China National Space Administration, said China was on track to launch the mission this year, with July the likely launch date.
Image copyright AFP / GETTYImage caption The P4 laboratory (centre) in Wuhan is among a handful around the world cleared to handle viruses that pose a high risk of person-to-person transmission
Chinese state media has accused US Secretary of State Mike Pompeo of lying, after he said there was “enormous evidence” the coronavirus emanated from a laboratory in Wuhan.
Mr Pompeo made the claim on Sunday, without going into specifics.
In an editorial on Tuesday, the hawkish Global Times newspaper said Mr Pompeo was “degenerate”.
The World Health Organization says the US claims are “speculative”, and that it has seen no “specific evidence”.
What did Chinese media say?
Editorials in Chinese state media often given an insight into the direction of government thinking, but there has been no official response to Mr Pompeo’s comments as yet.
“Pompeo aims to kill two birds with one stone by spewing falsehoods,” it said.
“First, he hopes to help Trump win re-election this November…second, Pompeo hates socialist China and, in particular, cannot accept China’s rise.”
Media caption “The Chinese Communist Party has refused to co-operate with world health experts” – Mike Pompeo
The editorial admitted there were “initial problems” in China’s response to the outbreak, but claimed “the overall performance is bright enough to outweigh the flaws”.
It also said it was “conceivable that the virus first contacted humans in other places [than Wuhan]”.
The Global Times is not the only Chinese outlet to take aim at Mr Pompeo and the US.
The People’s Daily said Mr Pompeo had “no evidence”, while a piece on the CCTV site accused US politicians of “nefarious plotting”.
What did Mike Pompeo say?
In an interview with ABC on Sunday, Mr Pompeo said there was “enormous evidence” that the virus had emerged from the Wuhan Institute of Virology.
“Remember, China has a history of infecting the world, and they have a history of running sub-standard laboratories,” he said.
Mr Pompeo – a former director of the Central Intelligence Agency (CIA) – said he did not think the virus was man-made or genetically modified.
The Wuhan laboratory is known to study coronaviruses in bats. In April, President Trump was asked whether “lax safety protocols” allowed such a virus to escape via an intern and her boyfriend.
Mr Trump did not confirm the theory, but said: “More and more we’re hearing the story.”
Media caption Donald Trump was recently asked if the virus emanated in a laboratory, rather than a market
Last week, he was asked if he had seen evidence that gave him a “high degree of confidence” that the virus emerged in the Wuhan laboratory.
“Yes I have,” he replied – but said he could not go into specifics.
On Monday, World Health Organization emergencies director Michael Ryan said it had received “no data or specific evidence” from the US about the virus origins.
“So from our perspective, this remains speculative,” he said.
Last week, the US intelligence community said it “concurred” that the virus “was not man-made or genetically modified”.
But it said it would “continue to examine” whether the outbreak began via “contract with infected animals, or if it was the result of an an accident at a laboratory in Wuhan”.
Australian Prime Minister Scott Morrison said on Tuesday that the most likely source of the virus was a wildlife market. However he said he would not rule out the theory that it originated in a lab.
“What’s really important is that we have a proper review, an independent review which looks into the sources of these things in a transparent way so we can learn the lessons,” he told reporters.
Meanwhile, Western “intelligence sources” have told several news outlets there is “no evidence” to suggest the virus leaked from a laboratory.
TAIPEI (Reuters) – Only Taiwan’s democratically-elected government can represent its people on the world stage, not China, its foreign ministry said on Tuesday, calling on the World Health Organization (WHO) to “cast off” China’s control during the coronavirus pandemic.
Taiwan’s exclusion from WHO, due to China’s objections which considers the island one of its provinces, has infuriated Taipei, which says this has created a dangerous gap in the global fight against the coronavirus.
Taiwan has been lobbying to attend, as an observer, this month’s meeting of the WHO’s decision-making body, the World Health Assembly (WHA), although government and diplomatic sources say China will block the move.
Steven Solomon, the WHO’s principal legal officer, said on Monday that the WHO recognised the People’s Republic of China as the “one legitimate representative of China”, in keeping with U.N. policy since 1971, and that the question of Taiwan’s attendance was one for the WHO’s 194 member states.
Speaking in Taipei, Taiwan Foreign Ministry spokeswoman Joanne Ou said the 1971 decision, under which Beijing assumed the U.N. China seat from Taipei, only resolved the issue of who represented China, not the issue of Taiwan, and did not grant China the power to represent Taiwan internationally.
“Only the democratically-elected Taiwanese government can represent Taiwan’s 23 million people in the international community,” she told reporters.
The WHO should “cast off the Chinese government’s control”, and let Taiwan fully participate in fighting the virus, Ou said.
“Do not let China’s improper political interference become an obstacle to impeding the world’s united fight against the virus.”
Taiwan attended the World Health Assembly as an observer from 2009-2016 when Taipei-Beijing relations warmed.
But China blocked further participation after the election of Taiwan President Tsai Ing-wen, who China views as a separatist, charges she rejects.
The United States has strongly supported Taiwan’s participation at the WHA as an observer, another fault line in Washington-Beijing ties that have been already overshadowed by the Trump administration’s criticism of how China and the WHO have handled the outbreak.
China says Taiwan is adequately represented by Beijing and that Taiwan can only take part in the WHO under Beijing’s “one China” policy, in which Taiwan would have to accept that it is part of China, something Tsai’s government will not do.
Taiwan has reported far fewer cases of the new coronavirus than many of its neighbours, due to early and effective detection and prevention work.
Combo photo taken on May 3, 2020 shows Cao Xiongbin checking the temperature of his colleague (left) and posing for a photo at the construction site of the Renhuai-Zunyi expressway in Zunyi, southwest China’s Guizhou Province. Cao, 25, from Jingdezhen of Jiangxi Province, has been working as a staff member on the COVID-19 control and prevention since early time this year. Many young workers have stuck to their positions during Labor Day holiday. (Xinhua/Liu Xu)
Buffett’s Berkshire posted a record quarterly net loss of nearly US$50 billion
Company sells entire stakes in US airlines, Buffett says ‘world has changed’
Warren Buffett speaks during the virtual Berkshire Hathaway annual shareholders meeting. Photo: Bloomberg
Billionaire investor Warren Buffett said Saturday he’s confident the US economy will bounce back from its pummelling by the coronavirus pandemic because “American magic has always prevailed”.
The 89-year-old made the sanguine prediction about the world’s largest economy as his holding company Berkshire Hathaway reported first-quarter net losses of nearly US$50 billion.
Buffett also announced Saturday that his company had sold all its stakes in four major US airlines last month, as the pandemic clobbered the travel industry.
“It turns out I was wrong,” he said of his acquisitions of 10 per cent stakes in American Airlines, Delta Air Lines, Southwest Airlines and United Airlines.
Berkshire Hathaway had paid US$7 billion to US$8 billion, and “we did not take out anything like that,” he said.
Between the purchases that took place over months, and the sale, “the airlines business I think changed in a very major way” and could no longer meet Berkshire criteria for profitability, he said.
Buffett’s announcement may further hurt airlines already pushed to the brink by coronavirus lockdown measures, now looking to the US government for US$25 billion in relief funds.
Berkshire Hathaway, based in Omaha, Nebraska, called its first-quarter setback “temporary” but said it could not reliably predict when its many businesses would return to normal or when consumers would resume their former buying habits.
Warren Buffett (left) and vice-chairman Charlie Munger at the annual Berkshire shareholder shopping day in Omaha, Nebraska in 2019. Photo: Reuters
“We’ve faced great problems in the past, haven’t faced this exact problem – in fact we haven’t really faced anything that quite resembles this problem,” Buffett said in a lengthy speech on the country’s economic history.
“But we faced tougher problems, and the American miracles, American magic has always prevailed and it will do so again.”
“We are now a better country, as well as an incredibly more wealthy country, than we were in 1789 … We got a long ways to go but we moved in the right direction,” he said, referencing the abolition of slavery and women’s suffrage.
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“Never bet against America.”
Buffett is considered one of the savviest investors anywhere. His fortune of US$72 billion is the fourth-largest in the world, according to Forbes, and in normal years, the company’s annual gathering in Omaha is a high-point of the calendar for investors, a “Woodstock for capitalists”.
But the devastating economic impact of the pandemic has hit hard at Berkshire Hathaway’s wide range of investments, and the need for social distancing forced it to hold the annual meeting online.
Buffett addressed his shareholders in a live-stream flanked only by Gregory Abel, who is in charge of Berkshire’s non-insurance operations.
His business partner for six decades, 96-year-old Charlie Munger, did not appear.
China’s first-quarter GDP shrinks for the first time since 1976 as coronavirus cripples economy
Buffett, in a statement, played down his company’s bleak-looking net figure. He said a better measure of the company’s performance was its operating earnings, which exclude investments and are less subject to sharp fluctuations.
By that measure, Berkshire Hathaway saw growth to US$5.9 billion from US$5.55 billion a year earlier.
The brutal drop in the net – to a loss of US$49.75 billion from a profit last year of US$21.7 billion – resulted primarily from the virus-related decline in value of its broad investment portfolio, which ranges from energy to transport to insurance and technology.
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The annual meeting often has an almost carnival atmosphere, as thousands of fans and investors flock to Nebraska to hear from the celebrated “Oracle of Omaha”. Buffett, famous for his relatively modest lifestyle, turns 90 on August 30.
In documents filed Saturday, Berkshire noted that until mid-March many of its companies were posting “comparative revenue and earnings increases” over the same 2019 period.
Many of its companies – including in rail transport, energy production and some manufacturing and service businesses – are deemed essential and are able to continue working amid the far-reaching confinement orders.
But their turnover slowed considerably in April, the company statement said.
Moves taken by those companies such as employee furloughs, salary cuts and reductions, and capital spending reductions are “necessary actions” and “temporary,” it said.
Beijing ‘carefully considering’ unveiling the plane at the Zhuhai Airshow in November at a time of heightened regional tension
H-20 will give China the nuclear triad of submarines, ballistic missiles and bombers
An artist’s impression of what the H-20 may look like. Photo: Weibo
China’s new generation strategic bomber is likely to be ready for delivery this year, but Beijing is said to be weighing the impact of its unveiling at a complex time in regional relations due to the coronavirus pandemic.
Military sources said the Xian H-20 supersonic stealth bomber – expected to double the country’s strike range – could make its first public appearance at this year’s Zhuhai Airshow in November, if the pandemic was sufficiently under control.
“The Zhuhai Airshow is expected to become a platform to promote China’s image and its success in pandemic control – telling the outside world that the contagion did not have any big impacts on Chinese defence industry enterprises,” a source said.
But the appearance of the bomber at this year’s air show could heighten tensions by directly threatening countries within its strike range, especially Australia, Japan and the Korean peninsula.
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“The Beijing leadership is still carefully considering whether its commission will affect regional balance, especially as regional tensions have been escalating over the Covid-19 pandemic,” another source said.
“Like intercontinental ballistic missiles, all strategic bombers can be used for delivering nuclear weapons … if China claimed it had pursued a national defence policy which is purely defensive in nature, why would it need such an offensive weapon?”
Tensions in the region have worsened in the past month with a war of words between Beijing and Washington over the pandemic, and both sides increasing naval patrols.
The US defence department has estimated a cruising distance of more than 8,500km (5,300 miles) for the H-20, the last in China’s 20 series of new generation warplanes, which includes the J-20 stealth fighter jet, the Y-20 giant transporter and the Z-20 medium-lift utility helicopter.
The arrival of the H-20 would mark the completion of China’s “nuclear triad” of ground-based intercontinental ballistic missiles, submarine-launched missiles and air-launched weapons.
An H-6K bomber, or China’s B-52, flies over the South China Sea. Photo: AP
Chinese state television has said the H-20 could alter the strategic calculus between the US and China by doubling the strike range of its current H-6K, dubbed the country’s B-52.
The H-20 has reportedly been designed to strike targets beyond the second island ring – which includes US bases in Japan, Guam, the Philippines and other countries – from bases in mainland China. The third island chain extends to Hawaii and coastal Australia.
It will be equipped with nuclear and conventional missiles with a maximum take-off weight of at least 200 tonnes and a payload of up to 45 tonnes. The bomber is expected to fly at subsonic speeds and could potentially unleash four powerful hypersonic stealth cruise missiles.
However, like China’s first active stealth fighter jet, the J-20, engine development of the H-20 bomber has fallen behind schedule, according to sources.
For the J-20, engineers were developing high-thrust turbofan WS-15 engines, but the jet is understood to be using either Chinese WS-10B or Russian-built AL-31FM2/3 engines, which compromise its manoeuvrability and stealth capabilities at subsonic speeds.
Military enthusiasts have speculated the H-20 might use the NK-321 Russian engine but two independent military sources said it would be equipped with an upgraded WS-10 engine.
“The WS-10 is still a transitional engine for the H-20 because it is not powerful enough. The eligible replacement may take two to three years for development,” one of the sources said.
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The second said the speed of the H-20 would be slower than its original design, with some of its original combat capability being reduced.
“That’s why the American air force doesn’t care about the H-20, because it is not strong and powerful enough to cause any challenge to their B-2 and B-21 bombers.”
If the US decided to deploy more F-35 supersonic fighter jets – it has already sold about 200 to Japan and South Korea – it could push China to bring forward the unveiling of the new bomber, the second source said.
“For example, if some US decision makers decided to deploy up to 500 F-35s to Japan, South Korea, and even Singapore, India and Taiwan – making almost all of China’s neighbours in the Indo-Pacific region use F-35s to contain China – that would pushBeijing to launch the H-20 as soon as possible.”
The H-20 is believed to have been in development since the early 2000s. The project to develop a strategic bomber was first announced by the People’s Liberation Army in 2016.
BEIJING (Reuters) – Tang Yue, a 27-year-old teacher from the city of Guilin in southwest China, steam-presses a blue dress and takes dozens of photographs before picking one to clinch her 200th online sale.
For a growing number of Chinese like Tang, hit by job losses, furloughs and salary cuts, the consumer economy has begun to spin in reverse. They are no longer buying – they are selling.
Instead of emerging from the coronavirus epidemic and returning to the shopping habits that helped drive the world’s second-largest economy, many young people are offloading possessions and embracing a new-found ethic for hard times: less is more.
With Tang’s monthly salary of about 7,000 yuan ($988), the self-described shopaholic said she has bought everything from Chanel lipsticks to Apple’s (AAPL.O) latest iPad in the past three years.
But the adrenaline rush that comes with binge-shopping is gone, said Tang, whose wages have been slashed with the suspension of all the classes on tourism management she usually teaches.
“The coronavirus outbreak was a wake-up call,” she said. “When I saw the collapse of so many industries, I realised I had no financial buffer should something unfortunate happen to me.”
There is no guarantee that the nascent minimalist trend will continue once the coronavirus crisis is fully over, but if it does, it could seriously damage China’s consumer sector and hurt thousands of businesses from big retailers to street-corner restaurants, gyms and beauty salons.
To be sure, there are signs that pent-up demand will drive a rush of spending as authorities reopen malls, leisure venues and tourist spots. In South Korea, the first major economy outside of China to be hit by the virus, people thronged malls this weekend to go “revenge shopping” to make up for time lost in lockdown.,
There are some signs that a similar trend will take hold in China, where some upscale malls are starting to get busy, although luxury firm Kering SA (PRTP.PA) – which owns Gucci, Balenciaga and other fashion brands – has said it is hard to predict how or when sales in China might come back.
A recent McKinsey & Co survey showed that between 20% and 30% of respondents in China said they would continue to be cautious, either consuming slightly less or, in a few cases, a lot less.
“The lockdown provided consumers with a lot of time and reasons to reflect and consider what is important to them,” said Mark Tanner, managing director at Shanghai-based research and marketing consultancy China Skinny.
“With much more of their days spent in their homes, consumers also have more time and reasons to sort through things they don’t feel they need – so they’re not living around clutter that is common in many apartments.”
#DITCHYOURSTUFF
Tang made a spreadsheet to keep track of her nearly 200 cosmetic products and hundreds of pieces of clothing. She then marked a few essentials in red that she wanted to keep. In the past two months, she has sold items worth nearly 5,000 yuan on second-hand marketplaces online.
Bargain-hunting online has become a new habit for some Chinese as the stigma that once hung over second-hand goods has begun to fade.
Idle Fish, China’s biggest online site for used goods, hit a record daily transaction volume in March, its parent company Alibaba (BABA.N) told Reuters.
Government researchers predict that transactions for used goods in China may top 1 trillion yuan ($141 billion) this year.
Posts with the hashtag #ditchyourstuff have trended on Chinese social media in recent weeks, garnering more than 140 million views.
Jiang Zhuoyue, 31, who works as an accountant at a traditional Chinese medicine company in Beijing – one of the few industries that may benefit from the health crisis – has also decided to turn to a simpler life.
“I used to shop too much and could be easily lured by discounts,” said Jiang. “One time Sephora offered 20% off for all goods, I then bought a lot of cosmetics because I feel I’m losing money if I don’t.”
Jiang, the mother of a 9-month-old baby, said she recently sold nearly 50 pieces of used clothing as the lockdown gave her the opportunity to clear things out. “It also offered me a chance to rethink what’s essential to me, and the importance of doing financial planning,” she said.
Eleven Li, a 23-year-old flight attendant, said she used to spend her money on all manner of celebrity-endorsed facial masks, snacks, concert tickets and social media activity, but now has no way to fund her spending.
“I just found a new job late last year, then COVID-19 came along, and I haven’t been able to fly once since I joined, and I’ve gotten no salary at all,” said Li, who said she was trying to sell her Kindle.
Some are even selling their pets, as they consider leaving big cities like Beijing and Shanghai where the high cost of living is finally catching up with them.
NO RETURN TO OLD WAYS?
As the coronavirus comes under control in China, the government is gradually releasing cities from lockdown, easing transport restrictions and encouraging consumers to venture back into malls and restaurants by giving out billions-worth of cash vouchers, worth between 10 yuan and 100 yuan.
But many people say they are still worried about job security and potential wage cuts because of the struggling economy. Nationwide retail sales have plunged every month so far this year.
Xu Chi, a Shanghai-based senior strategic analyst with Zhongtai Securities, said some Chinese consumers may prove the ‘21 Day Habit Theory,’ a popular scientific proposition that it only takes that long to establish new habits.
“We believe people’s spending patterns follow the well-known theory, which means most people in China, having been cooped-up at home for more than a month and not having binge-shopped, may break the habit and not return to their old ways,” Xu said.
Jiang said she was determined not to return to her free-spending ways and planned to cook more at home.
“I’ll turn to cheaper goods for some luxury brands,” she said. “I’ll choose Huawei’s smartphone, because (Apple’s) iPhone has too much brand premium.”
Tang, who has recently used 100 yuan of shopping coupons to stock up on food, is going to hold the purse strings even tighter.
“I’ve set my monthly budget at 1,000 yuan,” she said. “Including one – and just one – bottle of bubble tea.”
Image copyright AFP / GETTY
CHINDIA ALERT: You'll be living in their world, very soon 