China’s Steel Industry Bleeds, Prices Collapse, Losses Mount, and Now the Government Gets Gloomy

[DetlefK]

2. The opposite of Wall Street built this. For opposite reasons.

China's government expanded its economy so fast and so much because they wanted to get every chinese citizen a decent-paying job.

Economic and environmental consequences be damned.

Why should every chinese citizen get a job?

Because a citizen with house, job and family is a complacent citizen. Because he has much he could lose.

Economic satisfaction is what binds the Chinese to the communist regime. (In interviews, you always hear the same story how these policies lifted them out of poverty.)

If there were a notable unemployment and poverty, the Chinese would start demanding political change. Just imagine: 10, 20, 30% of the population openly demanding a new economy. And "new" would mean an economy where 90% of corporations aren't owned by the government.