Wikileaks Reveals Early Chinese Warning Of Domestic Asset Bubbles, Overcapacity, Bashing Of "Copy And Paste" Educational System

Tyler Durden's picture

Wikileaks' threat to expose Bank of America came and went, and yet all it took for the bank to implode was reality, a little time, and an independent media. That said, Wikileaks has not yet been completely relegated to the compost heap of one time fads. In a blast submission of several thousand cables, Julian Assange tries to regain his one time star status. While we have to go through the bulk, one that caught our attention was a cable from the US delegation in Chengdu, China, where a counsel met with a local representative of the World Bank's International Finance Corporation, for some candid one on one. While the bulk of the exposition, which took place in December of 2009,  is not surprising, there are some frank admissions about the emergence of a Chinese bubble, long before the topic was mainstream (and only fringe investors would consider it), observation that urban housing prices are "here to stay for the coming few years as they are an unavoidable, long-term aspect of the nationwide, structural shift in the population from rural area to urban centers", the realization that the solar industry is plagued by overcapacity and due for a restructuring (many "solar" longs would have been delighted to know this well in advance of the recent decimation in the Chinese solar stock space), but most notable is the Chinese admission that "China will remain a "poor country" for years to come, and can expect to emerge as a "respectable mid-level" country only in another 10-20 years" in order to grow its service sector from the current 30-40% of the economy to a US-comparable 75%, many structural shifts will have to take place. And while such shifts "are already happening to some extent in places like the Pearl River Delta", and "Chinese companies increasingly setting up factories overseas" the biggest impediment is China's "terrible educational system" which "promotes copying and pasting over creative and independent thought." Explaining further, "the normal process undertaken by students when writing as essentially collecting sentences from various sources without any original thinking.  He compared the writing ability of a typical Chinese Phd as paling in comparison to his "unskilled" staff during his decade of work with the IFC in Africa." Well, if China's education system is worse than that of the US, we can probable stop worrying about the dollar relinquishing its reserve status. On the other hand, we would be the first to point out that China, which does not admit defeat, is probably in the early stages of the next bubble: that of importing teachers, educators, professors and generally Ivy League Ph.D.'s. Which is great: take as many as you want. The average tenured Ivy League (not to mention MIT and NYU) professor has already done enough damage to the US - it is only fair that they destroy China next.

From Wikileaks

E.O. 12958: N/A
REF: A) 09 CHENGDU 271, B) 09 CHENGDU 310, C) 09 BEIJING 665
CHENGDU 00000005  001.2 OF 003
1. (U) This cable contains sensitive but unclassified information - not for distribution on the Internet.
2. (SBU) Summary: The head of the World Bank's International Finance Corporation (IFC) office in Chengdu, a PRC national with a patriotic bent, acknowledged that China faces possible asset bubbles, but was confident that China's "strong and technocratic" government would intervene effectively if the signals of overheating became too severe.  Rapidly rising urban housing prices are here to stay for the coming few years, he believes, as they are an unavoidable, long-term aspect of the nationwide, structural shift in the population from rural area to urban centers.  The IFC is trying to push Beijing to address the lack of affordable housing for moderate income households.

China does have overcapacity in several industries, but the emphasis on mega-projects by local politicians, many of whom are engineers, will make reducing overcapacity more difficult.  Over the next 10-20 years, China will need to restructure its economy so that it has a significantly higher share of knowledge-based services, especially research and development.  However China's "terrible" educational system, which promotes copying and pasting over creative and independent thought, is the largest impediment the country faces on this front, our IFC contact said.  End summary.
Asset Bubbles: "Signs Are There", But Government Intervention Will Address

3. (SBU) In a December 17 meeting with Consul General, the head of IFC's Chengdu office, Lai Jinchang, discussed the question of whether stimulus policies have created asset bubbles in the Chinese economy.  Lai noted the "staggering" amount of credit the government injected into the economy in 2009, contrasting the estimates of around 9.3 - 9.4 trillion RMB (USD 1.3 - 1.4 trillion) with the "normal" annual figure of less than 4 trillion (USD 588 billion).  This has certainly caused inflationary pressures - he particularly noted increased prices in iron and steel, petroleum products, electricity, water, edible oil, and produce.  However, Lai, perhaps in part out of patriotism and bureaucratic survival instincts, made the ambivalent prognosis that, although "The signs of an asset bubble are there," the economy was not yet experiencing "genuine" asset bubbles.
4. (SBU) Overall, Lai said he was not worried about the possible emergence of asset bubbles because of the Chinese government's capacity to track the situation and take timely and effective action.  If credit needs to be further reigned, the government will just set a new quota and make it happen.  In particular, he highlighted the December Communist Party of China (CPC) Economic Work Conference, where participants emphasized the need for some cooling down of credit.  He also noted the Central Bank of China's public stance on moderating credit in the coming year.

Lai assessed the basic economic policy stance going into 2010 as unchanged, continuing to emphasize a favorable monetary policy, but with the size of the credit expansion significantly reduced.
Overcapacity in Number of Industries:  Local Politicians Contribute to the Problem
5. (SBU) Asked about the European Chamber of Commerce in China's recent report on overcapacity in China, Lai said he had not yet read the report, but agreed that overcapacity was a problem in a number of industries.  He highlighted the bio-energy, wind and solar industries in particular, noting that they had grown rapidly in recent years as a result of a surfeit of subsidies, and would likely face a period of restructuring.  He also expected the industries targeted in the central government's ten-industry stimulus plans (Ref C) to develop overcapacity.

6. (SBU) Regardless of concerns about national overcapacity, local politicians, such as in inland provinces of Southwest China, will continue to rely on investment in large projects to boost local GDP and further their own prestige, Lai said.  He agreed that Leshan in Sichuan, where the city is planning three billion USD investment in transportation and industrial infrastructure (see Ref B) may be such a case.  "They are mostly engineers so they understand mega-projects, but they don't understand the law," Lai stressed, further explaining that he views most Chinese leaders as lacking an understanding of institution building.  However, he said, the emphasis on large projects to boost GDP figures is "not all bad."  After all, "they have been doing it for decades" and there have clearly been some benefits.
Inflated Housing Costs: Here to Stay as Urbanization Continues; Moderate Income Households Most Severely Affected
7. (SBU) While housing prices have certainly seen some increase, this is not a major issue in cities such as Chengdu, Lai felt, as prices generally remain within reason.  Discussing the Beijing and Shanghai markets, he described the housing prices as "a little scary" and in many cases "totally out of reach" for the vast majority of Chinese citizens.  Nevertheless, investment in the hotter housing markets - for those who can afford it -- will likely remain secure for a while to come, he predicted. Although purchase prices often far outstrip realistic rental incomes, the capital gains on most housing purchases will continue to make the purchases worthwhile.  The apparent excess of new empty apartment buildings in urban areas, along with price increases, was not necessarily irrational, Lai asserted.

Rather, he believed these trends to be driven by the long-term process of urbanizing the Chinese population - a process that still has years to go.  Separately, Lai asserted that one problem with including housing prices in China's Consumer Price Index (CPI) is that the commercial housing market was immature and just over a decade old (so that the data was not yet reliable enough for its inclusion in the CPI).
8. (SBU) Overall, he said, the current housing market in China is still manageable for middle and high income households.  Low income households are also managing as they have access to government housing programs whereby they can rent low-cost homes.  However, moderate income households - with incomes too high to qualify for low-income housing but falling short of the middle class -- are falling through the cracks.  The IFC is trying to push the government to address this problem, with a focus primarily on incentivizing commercial developers to build moderately priced housing for this market.  To this end, Lai believes the government should conditionally support developers by providing lower priced land and government subsidies.  In addition, he emphasized the need for mortgage insurance, and more broadly for capital market development in order to broaden mortgage access.
Toward a "Respectable" Mid-Level Economy in 10-20 Years: China Must Shift to Become a Knowledge - and Service-Based Economy
9. (SBU) China will remain a "poor country" for years to come, and can expect to emerge as a "respectable mid-level" country only in another 10-20 years, Lai said.  Successful development over this period will require a structural shift so that Chinese companies' share of the intangible elements of economic output increase significantly.  China's share of the research and development, services, and marketing remains low, he emphasized.  He stressed that the service sector accounts for only 30-40 percent of the economy at present, in contrast to the US at 75 percent, and Europe at 70 percent.  In the coming years, China needs to affect a shift to increase the service sector to at least 60 percent.
10. (SBU) The necessary structural shifts are already happening to some extent in places like the Pearl River Delta, Lai noted, highlighting a transition there from industries requiring low-tech labor, to those that are increasingly skills-based. Citing historical shifts in other Asian economies such as South Korea, he also foresaw Chinese companies increasingly setting up factories overseas, utilizing local labor with Chinese management.  As the Chinese economy shifted to become more knowledge-based, and as Chinese companies increased their overseas presence, the constituency for IPR protection would also expand, he believed.

"Terrible" Education System Is Main Impediment
11. (SBU) However, Lai identified China's "terrible" educational system as presenting a serious impediment toward achieving a shift to a more knowledge-based economy.  The current system promotes copying and pasting over creative and independent thought.  Lai said that the system rewards students for thinking "within a framework" in order to get the grade.  He described the normal process undertaken by students when writing as essentially collecting sentences from various sources without any original thinking.  He compared the writing ability of a typical Chinese Phd as paling in comparison to his "unskilled" staff during his decade of work with the IFC in Africa.


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russki standart's picture

Wikileaks is a CIA front.  Nothing of substance was ever released. The above info can easily be collated from public sources. 

Oh regional Indian's picture

Indeed...wikileaks, huge psy-op. As susal, some truth mixed in. But if this is the tell, imagine what is not told?



Michael's picture

Codex Alimenatarious portion moderated out of this discussion.

Very nice.

Enjoy this;

I found something new very interesting. I recommend watching the whole thing. Weekend watching. Pax Americana and the Weaponization of Space


JW n FL's picture

(Reuters) - Some internal Bank of America files obtained by WikiLeaks have been destroyed, according to a former close collaborator of Julian Assange, the whistleblowing website's founder.

In an email to Reuters, Daniel Domscheit-Berg, who last year was fired by Assange as WikiLeaks' co-spokesman, confirmed that he had destroyed "roundabout" 3,000 submissions WikiLeaks received related to Bank of America.

jaffa's picture

In the course of a company doing business, some consumers may take legal action against a corporation to recover money for damages and or to gain media attention and public interest. A consumer lawsuit does many things to a company including damaging its public reputation and causing it to spend a substantial amount of money to resolve the situation. Thanks.
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MarketTruth's picture

China has more 'honor' students than the USA has students. If you have not been to China, they truly value education and your grade means the difference between shame and being respected, as does WHERE you place within your graduating class. In the USA, on the other hand, there is record high school(!) drop out rates in many places.

The USA 'leak' reads like pure propoganda. Reminds me of when Timmy Geithner went to China talking about the 'strong dollar' policy. Chinese students, being far wiser than to believe Tim's bullshit, literally laughed in Timmay's face.

The truth is, the USA knows that Asian countries have a far higher education system and students have drive to succeed. A grade of B is just not good enough in the eyes of their peers, and family shame if the child gets C or below. Meanwhile in the USA a C grade is acceptable... and dropping out of high school in the USA in not uncommon.

russki standart's picture

I agree with you for the most part. The leak reads the standard BS put out by low level functionaries.  One need only compare asian to american standardized test scores to realize just how bad the US system really is. Our universities are good but the secondary school systems are an embarrassment. 

AnonymousAnarchist's picture

ICYMI has been posting some cables worth reading. The most recent details five manslaughter incidents In Iraq.

trav7777's picture

completely wrong- subtracting blacks and hispanics places us ahead of china.

Our system is not bad at all; we just have a large population with hereditably low IQs

Maniac Researcher's picture

Not only did trav7777 not receive any junks for his openly racist comment, "hereditably low IQs," but he has received one +1.

Diversity of opinion in the ZH community, my ass. Your community has a self censoring system to support multiple views? Yeah - I'll believe it when I see it.

Both the article and the comments are full of racist tripe. Unequivocal statements about the Chinese and American educational systems are completely uncited bullshit. [dropping links to conspiracy websites, white supremacy blogs, and Murdoch-owned periodicals do not count for much - sorry]

Remind me why your community thinks it has credibility? You're preaching to your choir - don't delude yourselves into thinking that ideas presented here have much empirical merit.

Stick to being market mini-exploiters like your friends at Goldman Sachs. Being parasitic financial geeks seems to be all any of you are [moderately] decent at. To say the political commentary is lacking is a bit of an understatement.

MsCreant's picture

You dropped this too early in the comments. Read on. These ideas are critiqued.

trav's comments went up later, many have been through and left.

trav knows how I feel about his point of view. We have debated it many times. You pick a thread I am not debating him in to drop in and say no one is challenging him. Am I supposed to call him out every single time? Then I'd do nothing else. Too many around.

I get back to my own uncle who is racist. I have helped ruin more than one Thanksgiving debating him. Finally, you just eat turkey together and love your racist uncle. Part of the family.

Each of us has our weaknesses and faults. Some of them are really explosive faults, no doubt. I agree it is a sucky one, but it does not negate every opinion he has. For some folks here, it does. I don't fault them and I understand why they need to shut him out, they have clear lines in the sand. Too many tragedies have occured justified by the race rubric. I still want to listen, still want to understand "why" they feel like they can generalize characteristics to every member of an entire group when any normally smart person would not do that regarding anything (housing always goes up, that's nuts too, right?).

Freedom of speech, for me, you, and trav.

(and if trav gets too fucking weird, how ever will I get him in my gunsights if you insist on driving him underground?)


Maniac Researcher's picture

Your ideas about free speech are a bit antiquated. Hate speech is an altogether different beast - it actually does manifests violence, disenfranchisement, and exploitation in the real world beyond the internet - on both small and large scales. Denial of this observable phenomenon can really only be construed as ignorance - and an apology for damage already done.

I hate to burst your bubble, MsCreant, but just because you haven't been on the receiving end of hateful attitudes, doesn't make them any less real.

DosZap's picture


Same with India.............and Pakistan.

The Progressives have MURDERED our system.As the famous Marxist opined,(loosley paraphrased) Give me ONE Generation of your children, and you will be destoyed.

We're living proof.

9 of the 10 planks of the Commie manifesto are IN PLACE in America..

macholatte's picture

Give me four years to teach the children and the seed I have sown will never be uprooted.
Vladimir Lenin


A man who has never gone to school may steal from a freight car; but if he has a university education, he may steal the whole railroad.
Theodore Roosevelt

caconhma's picture

Character, in the long run, is the decisive factor in the life of an individual and of nations alike.
Theodore Roosevelt

Lenin was utterly wrong. As soon as the Soviet totalitarian grip was loosened up, the entire system collapsed and communist ideology became a laughing stone.

reader2010's picture

Grades mean nothing, and they can only mean not thinking at all. Eistein didn't get straight As or 4.0 GPA in neither high school nor college. Leonardo Da Vinci, who is generally considered as a rare genius, never did any formal schooling. But, he came up a lot of revolutionary stuff, such helicopters, and deep sea diver suits.  What about examples of Steve Jobs, Steve Wozniak and Bill Gates. What really matters is one's independent/innovative thinking out of the box.  Since the ancient times,  the Chinese never studied out of any intellectual curiosity; rather, they studied to pass the civil service exams so that they could make an easy living. 

DoChenRollingBearing's picture

An interesting response, good for you reader2010.  Indeed, the civil service has been an easy job for centuries. I hope more China experts expound here on this.

apartofthings's picture

DoChen: I will try to give some more background, forgive me if some of this is a little dry, but there's a great deal of history to cover. I've done my best to make it concise and conversational. I'm working from memory here so any inaccuracies are honest mistakes rather than intentional distortions.

The Imperial Examination system in China began around AD 600, in the Sui Dynasty. It was limited to a small number of people, and the purpose was to test candidates' knowledge of the Confucian classics. The goal was to provide astute and orthodox advisors to the emperor. Rather than being manuals of administration, the Confucian classics are books about moral and social philosophy. The sort of thing you might want people whose primary job is politics to be good at. Those chosen were closest to the Emperor, so were some of the most powerful men in China.

During the Song Dynasty (960-1279) the system was massively expanded, and was used to fill more and more positions in the imperial administration. The emphasis was still on the study of the Confucian classics. This started to cause problems, because as I said, the classics were not manuals of administration. Plus, the larger number of applicants and recruits meant that more levels of examination had to be devised. It also meant exams had to become more standardised and questions more obtuse. Since these men were Imperial servants, they were more important than other people, had more power, and were better paid. All on the backs of the peasants and merchant classes.

The rot in this system of government became evident in 1279, when the Mongols swept in and beat the tar out of the Song Dynasty. It is telling that when the new Khans reconstructed the social order, they moved Confucian scholars from the top spot to the very bottom, because they were judged to contribute nothing to society. Ironically, the Mongol period (or Yuan Dynasty) is the source of a lot of great vernacular Chinese theatre, since there were so many out-of-work scholars who needed to eat.

The Mongol Empire finally retreated in 1368, leading to the establishment of the Ming Dynasty. The scholar classes who the Mongols had shut out got back in with a vengeance, as part of the so-called Neo-Confucian movement. Adherence to Confucian orthodoxy became intense. The exams were fully reinstated, and became even more narrow and obtuse.

While theoretically any male could write the exams and rise up in the imperial civil service, in practice the hours of study required to master vague ideas in thousand-year old books meant that the sons of the rich were most successful. It perpetuated aristocratic social hierarchy, while having a meritocratic face. This bloated, top-heavy state existed until 1909 when the Imperial system was abolished, but by then it was of course too late, and the Empire fell just a few years later.

This was such a stifling intellectual system because Confucianism is very conservative in nature. It emphasises following authority and never questioning it. In an ideal Confucian society, every person knows his or her place, and accepts it humbly. Children obey their parents, peasants obey their lords. Parents and lords take care of those beneath them in a paternalistic fashion. This is why the Ming Chinese, who at one point had a massive navy, scrapped it: it was immoral to go too far overseas, because then you could not properly take care of your parents.


While this system isn't literally in place any more, a lot of the same ideas are. In China, Korea, and Japan, there is an obsession with entrance examinations for every level of schooling. It is harder to get into high school or university than it is to graduate. Then once you are into a top school, you get access to the next top school or job. So it perpetuates the system, giving the children of the rich the best chance to stay rich. I have taught students in China and seen the kinds of questions they get asked on these entrance exams. They literally make no sense, or test some piece of knowledge so obscure it will never be useful.

There is a copy-paste problem in Chinese schooling, that much is for certain. But this is not secret information, like the rest of Wikileaks' stuff. In this case it is the usual attack on China, an attempt to stir up popular anger in the country against the regime. Recall that Ben Ali of Tunisia, Ghaddafi of Libya, Mubarak of Egypt, and Assad of Syria were all targeted in the same major cable dump. Two have been ousted, and the other two are fighting civil wars. The "leaked" cables were the sparks used to light fires of unrest and precipitate these phony colour revolutions. Wikileaks is a front for the US intelligence community, plain and simple.

reader2010's picture

The Chinese are too stupid to understand that education is not about confirming what they already know. It's about proving themselves wrong. It's about taking them to a position where they have not been before.

apartofthings's picture

reader2010, I'm impressed, that is a very well-worded statement on what the true purpose of education should be. As someone who has suffered enough of the American educational system, I also daresay that Chinese aren't alone in their stupidity.

MsCreant's picture

We are a Potemkin culture. China is now too. We work hard to look sucessful rather than cultivating real wealth: wisdom, inner spirit, perserverance and the ability to solve problems. Nice post and answer.

caconhma's picture

If one cannot read and write, the rest is irrelevant.

There are many facets of education. Education is all about learning, not about indoctrination.

Finally, speaking about Chinese pupils IQ, they are doing exceptionally well attending American schools. My university PhD advisor was a Chinese professor (originally from Taiwan). He was an excellent scientist and a highly-capable manager. He was a Dean of School of Engineering at a major US private university.


DoChenRollingBearing's picture

Thanks apartofthings for the detailed reply.

A couple of years ago I finally got around to reading a (fairly short) history of China.  The exams were mentioned in the context you describe, though in less detail.


The future heads to us faster than ever.  I will remain attentive.  Interesting times indeed.

DCCynic's picture

Outstanding, simply outstanding. Thanks for taking the time to do that for us.

apartofthings's picture

Of course. Happy to share.

duo's picture

I went to Chengdu to train some Chinese engineers about 5 years ago.  Driving around Chengdu, it was interesting to see the front of all the buildings finished with neon lights, but if you turned off the street, there were concrete skeletons.  Nothing was finished out.

Oh, and the engineers know about what I learned in high school in the 70's.  There is an optical design program that costs $7500 to buy.   They expected to give me to give them a copy.  I said I couldn't do that.  The engineering manager said he would be fired for paying for software...if you can't steal it, you can't use it.  To this day they may be using the demo version taking screen shots like they were then.

We tried to co-engineeer products to no avail.  We essentially built a prototype, dropped it on their desk, and said "copy it", and they did...well.

sleepingbeauty's picture

This echos my experience. I worked at a telecommunications company that was desperate to get into China. They were told that if we gave them stuff for free we could convince them to buy our stuff. They took the free stuff and didn't ever buy. I don't have any support for the fact that they copied, but I would say that they failed to grasp that you need to invest in infrastructure in order to grow.

It was like top level people worked at the level of low level bureaucrats. No vision.

Taku's picture

You are spot on. Many of the youths there are smart, well educated (barring 'professional' students) and ambitious. For those that want truth, it is due to their academia. Just as powerful, and even more corrupt than Ivy West. The young learn to adapt and survive within their SNAFU system. Resources per capita for the masses are limited. Given the freedom (if that ever happens), and opportunity, they would be amazing innovators, as I'm certain any people would be.

ToNYC's picture


The State-total control authorities determine the correct answers. In USA, a Steve Jobs is allowed to win without following their right answers. Japan, not much different; learn the "Right" answers quickly in else but the Natural Laws of science or lose for life.

A recipe for mediocrity Sold to You, mate.

ElvisDog's picture

I experienced the cut-and-paste phenomenon first hand. I occasionally write research papers on fluid dynamics. I picked up a paper once on a similar topic written by a researcher or student from a Chinese University. There were passages in the Chinese paper that were lifted word-for-word from one of mine. They didn't even bother to change the wording around a little bit.

jaffa's picture

An academic discipline is a branch of knowledge which is formally taught, either at the university, or via some other such method. Each discipline usually has several sub disciplines or branches, and distinguishing lines are often both arbitrary and ambiguous. Thanks for sharing.

Party with Berlusconi's picture

Your broad supposition comparing the US with China is a bit misleading. The Chinese do value education, what they know if it, and in the context of what is Chinese education. The have enormous discipline and an unrelenting sense of hard work. The part about brute memorization and cut and paste is absolutely true. Chinese elementary and middle school education completely avoids stimulating creative interests. There are 40+ kids to a class and discipline and routine are the preferred path to success. The "young pioneer" program doesn’t want inquiring minds but rather competent followers. How do I know this? I have a Chinese 11 year old, my nephew, living in my house. He has been here for 4 years. I have observed him, his friends, and his school. I have been to the school and have talked to the principal and teachers. Even in creative pursuits, the arts for example, the discipline and routine are tantamount to creativity. It is just beginning to change, in urban centers, with limited internet sharing, among the more educated college aged students and a few individualist Illuminati.

Leraconteur's picture

There are 40+ kids to a class...


There are 55 to 72 kids to a class. 40 would be a VERY small class.

max2205's picture


Atomizer's picture

Timmah the Keebler Elf (Chocolate Chip Graham Cracker Czar) will unleash another Cash Management Bill (CMB) this week to save the world from doom. Twinkle Toes-in-Chief will tell the peasants to grease up & support the new progressive job plan.

Pure comedy. Enjoy the game




Yen Cross's picture

  Speaking of  " Leaks" Cognitive dissonance...   Well written post.


   Apps. for the post/facto recognition ( been busy)...

john39's picture

Wiki leaks has already been outed as a mossad psy-op.

dwdollar's picture

It may have started as Mossad, but it's now in partnership with other western intelligence agencies.  Expect the non-western 'leaks' to intensify and virtually replace all else.

That aside, I do agree with this assessment on China.

Spastica Rex's picture

Your mom is a Mossad psy-op.

e_goldstein's picture

and your mom is USSA psyops, what's your point?

Spastica Rex's picture

Arne Duncan, the Broad Foundation, and Michelle Rhee are feverishly working to upgrade the American public education system to match China's.

e_goldstein's picture

3 Bitches for 50 "dollars?" Can't beat that with a stick.

ToNYC's picture


Don't fail to keep them below decks so they they can feel the drum beat and row properly or die poorly. One's own drummer is not an option in their win. Please bring extra available women, mother China shorted the mix, oops! Wiki means work hard for the good of the State and don't disturb the workers with the smile of one who dreams their own rules.


oddjob's picture

 Copy and paste education , how very Spalding like.

nmewn's picture

...(many "solar" longs would have been delighted to know this well in advance of the recent decimation in the Chinese solar stock space)...

My condolences to anyone who followed Leo the Solar Pied Piper down the emotional bagholder path.