atans1

China humiliates India twice in June

In Banks, China, India on 19/06/2020 at 4:31 am

You would have read in the Indian and international media (China slaps Modi, will Modi just sit down and shut up?) about how the Indian army got beaten up.

But it’s a lot worse for India. It’s the second Chinese humiliation in June. I reported this in early June

OK, OK, I exaggerate, China only rescues Jaguar Land Rover (JLR), a British car maker, part of Tata Motors since 2008.

The Bank of China, Industrial and Commercial Bank of China, Bank of Communications, China Construction Bank (all of which are state-owned) and Shanghai Pudong Development Bank gave a £560m credit line to JLR after the UK govt told JLR to bugger off because its bonds are rated as junk. Like other car makers, JLR is short of cash because of Covid-19 has disrupted the supply and demand for cars.

:Covid-19: China rescues India’s Tata.

The reason why Indian banks couldn’t lend the money to Jaguar Land Rover is because of a very slow-burning crisis in the Indian financial system. A long history of bad lending decisions and poor governance has led to serious problems in India’s banks, shadow banks and mutual funds.

The result? Indian banks had no money to help out Tata Motors. Chinese banks were more than willing to lend, doing their patriotic duty of showing up India’s pretensions of being China’s equal.

Time for Modi to do something rather than bully defenceless Muslims and jobless workers.

Stand up for India, Modi.

Proud ethnic Indians overseas are getting tired of being sneered at by racist ethnic Chinese: “We’re far superior to Indians and what happened on Monday proved it.”

But cows are likely to fly before Modi does anything to make overseas ethnic Indians proud again.

Time to Make India Great Again?

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