New confederate ramenia wrote:Lydenburg wrote:China and Vietnam are socialist in name only. There are states like Cuba, Laos and North Korea that could qualify as socialist, as could Zimbabwe (all land and industry technically owned by the state or its subsidiaries, etc).
Isn't China investing heavily in Zimbabwe? How does this work in Zimbabwe's economy?
Seraven wrote:
As far as I know, Zimbabwe now also use Yuan, or only using Yuan, as one of their currencies/main currency.
Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts
Wow, China also cancelled Zimbabwe's debt.
It's actually a very interesting story.
According to the last figures I saw quoted China loaned $1.5 billion to Zimbabwe under the guise of reviving the imploded economy. Theoretically Zim can pay them back in exports when they get back on their feet.
But the Chinese were losing hope in getting a return, since most of the money supposed to go into local industry has evaporated into the pockets of President Mugabe and his cronies.
This in turn pissed China off, and they refused to give yet another staggering four billion dollars requested by the Mugabe government in 2014. Word here in RSA is that Mugabe took his begging bowl to Russia and got it from them instead, in exchange for platinum mining rights. This further strained relations with China, since their relationship with Mugabe goes all the way back to the 1970s when they were giving him the lion's share of weapons and training to fight the bush war. A few years ago there was even talk of China building a military base there. Now of course, they think Russia's intruding on a historic Chinese client.
The relations have yet further soured since Mugabe announced he was going to nationalise Chinese businesses in Zim, which he can legally do since the state owns the ground the businesses exist on and has broad nationalisation powers besides.
Then China, at the end of its tether, it seems, finally agreed to cancel Harare's debt - which it hasn't a prayer of repaying in any case - and Zimbabweans are currently adopting the yuan.
Let's just say down here we're all waiting on pins and needles to see what happens next. It's been a fascinating love-hate relationship to watch unfold.


That sounds pretty nice actually. I probably won't follow you (social-security checks won't follow me to Sweden for example
) but I'm glad there are Americans among us that see beyond republican propaganda. I hope Raul Castro lives a long and fulfilling life (though I also hope the lineage is a one-time thing. I can overlook it because he was just as much a revolutionary as Fidel).