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With home sales crashing, real estate agent Zhang Yonggang is tightening his belt, part of a plunge in Chinese consumer demand in its Economy that is a bigger threat to economic growth than Beijing’s tariff war with Washington.
Zhang, who works in the central city of Taiyuan, said his office sold no apartments last month after Beijing tightened lending controls in July to rein in housing costs and debt. Zhang, 42 and married with a teenage son, said his income has fallen by half from a year ago.
“I have no money to buy a home and no plans to change cars,” Zhang said. “It is definitely the toughest time I’ve ever seen.”
Communist leaders are counting on consumers to power China’s economy, replacing trade and investment. But shoppers, spooked by the tariff war and possible job losses, are cutting spending on cars, real estate and other big-ticket purchases.
Economic warning signs
Economic growth sank to a three-decade low of 6% over a year earlier in the quarter ending in September. That is stronger than most major countries but a strain for Chinese companies that need to repay debt.
Factory activity shrank more than expected in October, according to an official trade group, the China Federation of Logistics & Purchasing. Analysts said that suggested an uptick a month earlier didn’t mark the start of a recovery.
Communist leaders express confidence China can survive President Donald Trump’s tariff hikes on its exports.
On Thursday, the ruling party’s Central Committee affirmed support for private business within an economy dominated by state industry and gave no sign of plans to change economic strategy.
But leaders openly fret over slumping consumer spending and other domestic activity.
Premier Li Keqiang, the top economic official, told local leaders last week to fight “downward pressure” on the economy and “make sure targets for this year are achieved.”
“Many real economic entities are struggling amid weak domestic demand,” the premier said at a meeting with provincial governors, according to a Cabinet statement.
Beijing has tried to stick to plans to nurture self-sustaining, consumer-driven growth instead of resorting to stimulus, which usually means splurging on construction paid for with bank loans. That might re-ignite a surge in debt that forecasters estimate has risen as high as the equivalent of 300% of China’s annual economic output.
“China is willing to accept slower growth, but only up to a point,” Rory Green of TS Lombard said in a report.
If job losses spike, “of course Beijing will have to step in with a major stimulus,” Green said.
Trade war’s uneven effects
Trump’s punitive duties on billions of dollars of Chinese goods in a fight over Beijing’s trade surplus and technology ambitions have battered exporters. But their impact on the rest of the economy has been smaller than some forecasters expected.
And trade overall is stronger than expected. Shipments to the United States fell nearly 11% in the first nine months of 2019, but exports to the whole world were off only 0.1%.
Retail sales rose 8.2% over a year earlier in the nine months ending in September. But some industries suffered painful contractions: Auto sales fell 11.7%.
The pressures are reflected in Anna Li’s dilemma. The 28-year-old employee of an information technology company in Beijing plans to buy an apartment, but first she wants a new job. She has looked since last year and found nothing because companies have cut hiring.
“I used to have a plan to buy an apartment next year, but now it depends on the success of my job hunting,” Li said.
The International Monetary Fund is forecasting annual growth of 6.1% this year, down from last year’s 6.6% and just above the official minimum target of 6%. Next year, the IMF expects a further decline to 5.8%.
Some analysts question whether China really is achieving even that growth and say the real rate may be closer to 3%. They blame flaws in data collection and political pressure to make results look better.
Economic activity might be up to 21% smaller than official data show, according to Yingyao Hu and Jiaxiong Yao at Johns Hopkins University.
Government data assume all investment pays off, but much spending in 2012-17 went into unproductive projects, say Hu and Yao. They cite evidence including satellite photos that show nighttime cities darker than they should be with more activity.
That could mean Chinese debt is higher relative to the size of the economy than thought. That might further depress consumer demand because more national income must be diverted to repay debt.
Xi rolls out welcome mat
Leaders are trying to reassure U.S. and other foreign companies that have postponed or moved planned investments out of China to avoid tariff hikes.
Li, the premier, has told a string of American, European and other visiting business leaders they are welcome despite Beijing’s 15-month-old war with Trump.
Beijing has announced market-opening measures over the past two years including abolishing limits on foreign ownership in securities trading, auto manufacturing and some other industries.
The tariff war has made Beijing determined to adapt to slower growth and less reliance on debt in what it views as a period of strategic competition, said Green of TS Lombard.
Chinese leaders don’t want to use credit-fueled stimulus and “leave themselves vulnerable to future economic and financial sanctions,” he said.
Plus, Green said, Trump is “the perfect scapegoat” to blame for slower growth. (VOA)
The city of Delhi has seen it all; from sultanate rule, to dynasties, and to colonial rule. From monarchy to democracy, Delhi has gone through its phases. But, in order to know and explore the nuances of Delhi, you must read these beautiful books.
1. City of Djinns: A Year in Delhi by William Dalrymple
This book was written while Dalrymple was still flirting with his love for the Medieval India. The author writes, "Moreover the city- so I soon discovered- possessed a bottomless seam of stories: tales receding far beyond history, deep into the cavernous chambers of myth and legend," and just like this, Dalrymple takes you in a tour to discover Discover Delhi.
2. Delhi by Heart: Impressions of a Pakistani Traveller by Raza Rumi
This book explores how the author explores his identity as a South Asian Muslim and how his city of Lahore is a mirror image of Delhi. Rumi, in this book, tries to co-relate the past with the present by comparing its festivals, streets, and markets.
3. Delirious Delhi: Inside India's Incredible Capital by DavePrager
This book is quite interesting. The story of this book revolves around the lives of Dave and Jenny who have recently moved to Delhi when their firm began to go down. The city of Delhi in this book is shown through their eyes as they try to make their way in the city that holds together a very large population.
4. The Heart has its Reasons by Krishna Sobti, Translated by Reema Anand, Meenakshi Swami
The original title of this book is "Dil - o - Danish". This book tells the reader about the streets of Old Delhi and almost transport the reader back in the past. This book is basically set in the 1920's, and tells the tale of a man's extramarital affair, his children out of wedlock, black magic, and Chandni Chowk's rich culture of sweets and the perils of being a widow. Interestingly, many have compared the author of this book to Jane Austen.
5. Delhi: A Novel by Khushwant Singh
Who would talk about Delhi and not remember Khushwant Singh? This amazing book is just like a narrative of the author's fulfilled love affair with the city and with a eunuch. The narrator in this book is an aging man who is trying to discover the city. This book is truly a masterpiece, where it takes the readers on the history of Delhi glimpsing at what makes the city what it is– simply beautiful.
There are some of the Indian cities which are older than time. Therefore, we must know which cities are they, and what has been their history!
1. Varanasi (1200 BC–)
Varanasi is one of the oldest cities of India, and has been a center of religious and cultural activity since the Bronze Age. In fact, this city might have been in existence from a very long time, since it finds mention in the Rig Veda. It is believed that the city of Varanasi was thriving for more than 1600 years before the fall of the Roman Empire in Europe. This city is one of the holiest places for Hindus and Jains, and even Lord Buddha gave his very first sermon here in 528 BC. In Hinduism, it is believed that dying in Varanasi brings salvation, which is the reason why the city is always brimming with pilgrims.
2. Ujjain (700/600 BC–)
Ujjain was once considered as one of the most prominent cities in the Middle India. In fact, the name of this city is repeatedly mentioned in the literature of that period, i.e. in the works of stalwarts like Kālidāsa. This city has seen the rise and fall of numerous empires, from the Mauryas to the Avantis, Nandas, and even the Guptas. This city, just like Varanasi, is also considered as one of the holiest cities in India, and hosts one of the officially recognized Kumbh melas, the Ujjain Simhastha Kumbh, in which people across the world take place.
3. Madurai (500 BC–)
Madurai been a major center of culture and trade for more than 2500 years. In fact, the name of this city has been mentioned in the writings of the great traveler, Megasthenes, and has been ruled by several empires from the Pandyas and the Cholas to the Karnata, and finally the British. Interestingly, ‘'Koodal,' was one of its ancient name which means 'a congregation of learned men'. There is no doubt that Madurai was an epicenter of scholars and religious teachers in the southern part of India.
4. Thanjavur (300 BC–)
Thanjavur was formerly known as Tanjore. This city is pretty famous for its Tanjore style of painting, which is a traditional style that is characterised by the use of gold foil, religious imagery, and simple compositions. This city is best known for being the home of the Great Living Chola Temples, which is now a UNESCO World Heritage site. Till date, people across the world visit this place in order to experience its rich history and heritage.
By- Digital Hub
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A decent human hair wig will cost more than one made of synthetic. This is due to the supply of hair. While synthetic fibers are produced as needed, but long hair of women of good quality is in scarce supply. Human hair of the highest quality comes that comes from Eastern Europe, which is very low. The highest synthetic wigs are afro short wigs If you are looking for a human hair wig, the cost is more expensive and usually exceeds five hundred dollars, contingent upon the size. But you can find both kinds of wigs at a discount price from online stores that specialize in discount hair wigs. Cheap wigs aren't at any time inferior in quality; they're just not the latest models. If price is a concern, you should always purchase a high-quality synthetic wig instead of a low-quality human hair wig.
Require a Wig
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Also read: Gemstones: Fashion Statements
In today's society, the wearing of a hair wig has become more common. A hair wig is an easy method to alter your appearance at any time you wish quickly. Women are more drawn to these wigs since they can change their hairstyle with ease. Wigs are usually worn by those who have shed their hair or those who wish to alter their hairstyle to be fashionable.
Human hair wigs on display at a store Image source: Photo by Markus Spiske on Unsplash
There is a variety of hair accessories in the market. They range from inexpensive to costly depending on their materials, style, and quality. If you're in search of a wig, then be sure to keep several factors in mind. First, the wig should be able to fit comfortably on your hair without making you appear odd. Additionally, the color of hair that is a part of the wig must match your physical appearance. Below are various hair accessories utilized by the majority of people.
If you are purchasing a human hair wig, make sure you know the origin of the hair. If you're looking to invest a few hundreds of dollars on a wig, it's recommended to purchase one of European hair. However, if the wig's label reads "human hair wig" without stating the origin for the hair, it's most likely made of Asian hair.
Also read: Latest Monsoon Fashion Trends
Human hair wigs have many advantages:
Human hair wigs last longer than synthetic ones
Human hair is soft and natural to the touch.
Human hair wigs can be dyed and styled as your hair
Human hair wigs "breathes" and your scalp won't sweat more than it does under one
Human hair wigs need to be styled at least once per wash
Human hair wigs are costly
While you can find numerous styles of synthetic wigs, but there aren't all fibers produced in the same way; for example, wigs that are costume-related for Halloween are typically made of lower quality fibers, which are expensive and appear to be the hair wig. For Halloween parties, this is okay, but for everyday use, you'll need a wig that looks like it's been growing around your head. On the other hand, contemporary synthetic materials utilized in top-quality designer wigs look highly practical for those who want to look realistic.
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