Do we Expats in Ecuador need to be concerned about our bank deposits? - SARS 23 MAY 20/20

May 11, 2020, INSIGHT: 'Ecuador—Tax, Labor and Economic Measures to Respond to the Pandemic- ☣️ "The Ecuador government has introduced several tax and economic measures in response to the Covid-19 pandemic. With an Ecuadorean economy which relies heavily on the export market, Diego Andrés Almeida of Almeida Guzmán & Asociados discusses how effective the new measures will be, and what the future may hold.

The Future ⚖️

Alongside Citibank and Lazard Freres, the Ecuadorian Ministry of Finance and Economy, led by Minister Richard Martinez, Vice Minister Fabian Carrillo and Vice Minister Esteban Ferro, is working to renegotiate the national debt.

💰

On May 4, 2020, Ecuador started a period of “social distancing.” ☣️ New labor norms will be put in place in order to mitigate the risk of contagion in workplaces. As one of the three officially dollarized economies in the hemisphere, Ecuador will face a tough challenge as the economy will rely heavily on the export market to keep dollars flowing into the local economy. The Latin American Development Bank has committed to disburse an extra $300 million within the first two weeks of May 2020.

With the extra funds and the passing of new stimulus packages, it is expected that Ecuadorian exporters will be the driving force to rebuild the economy under a “new normal” that will include a change in the composition of GDP. Remittances sent by Ecuadorians working abroad will also continue to be an important force for the economy; however, predictions regarding the amounts are hard to make as the main countries of origin, the U.S., Spain, and Italy, are still suffering the effects of the pandemic.

With almost one year until the next presidential election, Ecuadorian politicians are scrambling to make new alliances........" - 💵 

Planning Points-

Companies doing business in Ecuador will have to work on consensual agreements with their workers to mitigate future risks, at least until a new set of laws is passed, but they should be careful not to impinge upon the constitutional rights of workers, as doing so could only deepen social conflict.

Due to the cash shortage and the impossibility of printing currency because of dollarization, government, banks and companies will have to perform careful planning in order to mitigate risks.

International investors could take advantage of tax benefits: exemptions from income tax, reductions of import duties, application of extraordinary deductions to determine taxable base, among others.

Finally, it will be important to monitor the social unrest that might arise as a result of the passing of new laws and the potential eliminations of the last fuel subsidies in place.

Diego Andrés Almeida is Senior Consultant with Almeida Guzmán & Asociados.

The author may be contacted at: daa@almeidaguzman.com

This column does not necessarily reflect the opinion of The Bureau of National Affairs, Inc. or its owners.

https://news.bloombergtax.com/daily-tax-report-international/insight-ecuador-tax-labor-and-economic-measures-to-respond-to-the-pandemic

'JJinEc' <This (JMHO) does not necessarily reflect the opinion of The FB Group 'Expats Leaving Ecuador' or its owners. - I don't like to give good people bad news, but, since you asked. ...and bare in mind this is just (JMHO) there are other way more qualified Dr's, Lawyers, PHD's, Ecua Natives and dual citizens in this group that have been here for decades who have forgot more about EC than I will ever hope to know. ..so as i say (JMHO) >

>I have a close expat pal that had in excess of $50k in the cuenca coop that went under 5-6 yrs ago. The coop paid the $500 to $5k depositors off first, and He is still waiting and receiving quarterly payments to be made whole to this day in 20/20. 🎰 💸

We will know the bank holidays and economic collapse is close When we see wealthy Ecuas begin to withdraw large amounts and turn around and buy up property's and realty at distressed sale bargain barn prices at a fraction of pre-OCT 2019 Riots prices from property owners that are under duress. 👩‍🏫 > so, i will keep my meager realty listings active for when the time comes Ecuador Real Estate: http://ecuadorrealestate.org

...this gives wealthy Ecuas as a way out to protect their ass-sets from the greedy bankers and GOV grubby little hands. Many wealthy Ecuas keep their big money off shore in Panama, Miami, Swiss, Belgium, etc etc...

>EC has a tuff time to manage it's affairs in good peak prosperity times of $150 p/b oil, so now in a full blown titts up crisis mode, they will still continue to have trouble to manage their own affairs, 🛢🧯⛽️

...due to the ever evolving perfect storm / that is a current multifaceted group of Ecua-Factors (not just #Covid19) but 4 - 5 - 6 other major catastrophic failure events all coming together in a short time frame 20/20 up until the EC Pres. Sell-lection in FEB 2021> so good luck, God Bless, GodSpeedo, God Save the King at the Presidential Palace next year,> 🤴

<Hope and Pray for the best, but Plan and Prep for the worst, and so forth and so on cause we gonna certainly need it, as an old wise owl lawyer used to say: 🦉 'Govern yourselves accordingly, lol> ⚖️ 🗿> 

 Indian Chief Dan George: Lone Watie: -- "If I figure this right? Get Ready Little Lady, Hell is Coming to Breakfast!" -- The Outlaw Josey Wales (1976) <In regards to ECUADOR SocioEconomic Crunch time frame crisis - AS IN NOW!!!> https://youtu.be/e63Tk-5UKPc  

<......so as i say (JMHO) I am just a humble servant shot out truck driver with half his brains knocked out, so I am keeping this typed version mild, Blind Man artist Ray Charles could see this coming from miles away. I dont wanna be kicked off of facecrack / farcebook, it is so much fun to pass the time while #ShelterInPlace, if you want hear how i really feel about it call me Bat Phone: WhatsApp: 593-98-828-8953,> 

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US ARMY War College 'Strategic Studies Institute' #COVID19 negative effects to Last At Least 1 yr. or more- May 15, 20/20

👨‍🏫 <From the US ARMY War College 'Strategic Studies Institute' (UNCLASSIFIED) PLAN ON #COVID19 negative effects on Latin America to Last At Least 1 yr. or more- "It will likely extend for a year or more and be even more debilitating than now anticipated."> ☣️

'Special Commentary: COVID-19: Shaping a Sicker, Poorer,-More Violent, and Unstable Western Hemisphere- May 15, 20/20 😷 Dr. R. Evan Ellis, "The COVID-19 pandemic will have profound and enduring negative effects on Latin America and the Caribbean, significantly impacting the security, interests, and strategic position of the United States. 

Department of Defense and other US senior leaders should begin planning now to mitigate or manage the consequences.


The effects of COVID-19 on Latin America and the Caribbean, as in many other parts of the developing world, will be far more significant than is commonly anticipated for two reasons. First, the virus will likely play out across the region over an extended length of time owing to a variety of factors discussed later.

Second, the pandemic’s mutually reinforcing health, economic, social, and political effects will combine to wreak far more havoc than anticipated in analyses that only consider disease propagation or effects on commerce. Together, these two dynamics of COVID-19 will leave a Latin America that is far sicker, poorer, beset by crime, violence, social unrest, and political instability than today.
It will also leave a region with expanded People’s Republic of China (PRC) commercial presence and political influence, even while being more resentful of it. 

MORE PROTRACTED, DEBILITATING HEALTH EFFECTS THAN ANTICIPATED-
The public health crisis wrought by COVID-19 in Latin America and the Caribbean will not disappear with the reopening of the region’s economies. It will likely extend for a year or more and be even more debilitating than now anticipated. The great density of commerce-related human interactions between the PRC, Europe, and the United States caused the pandemic to take off there far more rapidly than in Latin America and other parts of the less-developed world. 

The curfews, quarantines, border closures, and other measures adopted by some Latin American countries, as they witnessed the virus ravage Europe and the United States, delayed its spread and created the illusion that it would not affect the region as badly. Such hopes were mistaken......<To READ MORE of this report, e-mail me journeymanjack.com@gmail.com for complete 7 page indepth report in a PDF File format>

DR. EVAN ELLIS is a research professor of Latin American Studies at the U.S. Army War College (USAWC) Strategic Studies Institute (SSI), with a focus on the region’s relationships with China and other non-Western Hemisphere actors, as well as transnational organized crime and populism in the region. Dr. Ellis has published more than 170 works, including: China in Latin America: The Whats and Wherefores (Lynne Rienner Publishers, 2009);

 The Strategic Dimension of Chinese Engagement with Latin America (William J. Perry Center for Hemispheric Defense Studies, 2013); and, China on the Ground in Latin America (Palgrave-Macmillan, 2014). Dr. Ellis has presented his work in a broad range of business and government forums in 26 countries throughout four continents, and has given testimony on Chinese activities in Latin America to the U.S. Congress. Dr. Ellis has discussed his work regarding China and other external actors in Latin America on a broad range of radio and television programs; he is cited regularly in print media in both the United States and Latin America for his work in this area. Dr. Ellis holds a Ph.D. in political science with a specialization in comparative politics.

Blog Posts

• History Begins (Again) for the Pentagon - Geopoliticus - February 22, 2018
-------------------------------------

• The mysterious death of a 35-year-old CDC commander who disappeared in February has been solved- May 23, 2018, 

  

• CDC commander Timothy Cunningham left work on February 12 feeling ill, and was never heard from again.
• He remained missing for more than six weeks before his body was recovered in an Atlanta river in April. He was still wearing his favorite pair of running shoes. 
• The Fulton County Medical Examiner ruled his cause of death suicide by drowning on Tuesday.

---

The mysterious disappearance of Centers for Disease Control and Prevention (CDC) Commander Timothy Cunningham ended tragically last month when a group of fishermen found his body in a muddy spot on the Chattahoochee River in northwest Atlanta, and alerted the police. 

"We may never be able to tell you how he got into the river," Maj. Michael O'Connor of the Atlanta Police Department said when the commander's body was recovered in April. 

The only thing police said they found in Cunningham's pockets at the time were three crystals. He was also wearing his favorite running shoes. But there weren't any running trails nearby, deepening the mystery of how he got in the water in the first place. 

On Tuesday, the public health worker's case was finally solved when the Fulton County Medical Examiner issued its final report. Cunningham's death was ruled a drowning by suicide, the medical examiner's office told Business Insider...." - https://www.businessinsider.com/cdc-commander-timothy-cunningham-death-suicide-2018-5
---------------------------------------------
CUMBAYÁ FRI 22 MAY 20/20 The Ecuador Report #COVID1984 DAY#65 #Quarantine #Quito #BraveNewABNormalWorld

25 views - May 22, 20/20 ☣️ https://youtu.be/FpVfxMWrEDw

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SAT April 23, 20/20 ☣️ 'How Do Repatriation Flights Work? Everything you need to know about these flights,

SAT April 23, 20/20 ☣️ 'How Do Repatriation Flights Work?
Everything you need to know about these flights, from how to get a seat to why they cost so much.- 😷
- "Although the bulk of international routes have been suspended due to the coronavirus, some airlines are still operating sporadic international service, known as a repatriation flight.

These flights, which usually have some very grateful passengers on board, are organized by governments and airlines to bring home citizens who were stuck abroad when COVID-19 travel restrictions went into place. 

Nearly 64,000 Americans have been brought home from 117 countries on these flights so far this year—with more flying back every day. Here’s what you need to know about these unusual flights.
How do you find these flights?

Airlines are adding repatriation flights based upon demand. The U.S. Department of State is also chartering aircraft from U.S. carriers like Delta, United, and American to bring people home. Understandably, tracking down the schedule for these flights is vastly different than the process for regular routes.

Travelers who sign up for the Smart Traveler Enrollment Program (STEP) when abroad can receive notifications about these flights, which generally fill up fast. It is also wise to follow consular offices and the Department of State on social media if you're searching for a flight home in order to get the latest alerts about potential flights.

How do you reserve a seat?

The reservation process can vary, depending on the country or how many Americans need to get home. Americans in India, for instance, have been asked to complete an online form to register for one of the limited charter repatriation flights home. Passengers are being prioritized in order of vulnerability and notified by email to respond within a set time frame if they wish to travel....." - https://www.cntraveler.com/story/how-do-repatriation-flights-work?fbclid=IwAR3csCVoVbp5zT8FxXMQQ_Zt5ZIBMhnx5OFbwKK0rsZZiHIYt4OniPJ2RSg

How Pandemics End An infectious outbreak can conclude in more ways than one, 10 MAY 20/20

How Pandemics End

An infectious outbreak can conclude in more ways than one, historians say. But for whom does it end, and who gets to decide?

When will the Covid-19 pandemic end? And how?

According to historians, pandemics typically have two types of endings: the medical, which occurs when the incidence and death rates plummet, and the social, when the epidemic of fear about the disease wanes.

“When people ask, ‘When will this end?,’ they are asking about the social ending,” said Dr. Jeremy Greene, a historian of medicine at Johns Hopkins.

In other words, an end can occur not because a disease has been vanquished but because people grow tired of panic mode and learn to live with a disease. Allan Brandt, a Harvard historian, said something similar was happening with Covid-19: “As we have seen in the debate about opening the economy, many questions about the so-called end are determined not by medical and public health data but by sociopolitical processes.”

Endings “are very, very messy,” said Dora Vargha, a historian at the University of Exeter. “Looking back, we have a weak narrative. For whom does the epidemic end, and who gets to say?”..... " - https://www.nytimes.com/2020/05/10/health/coronavirus-plague-pandemic-history.html

Which Country Will Be Better after Lockdown Restrictions Lift? The Real ...

FRI 01 MAY 20/20 ⚒ is the Day of the Worker, - May Day, May Day, May Day, May Day,

FRI 01 MAY 20/20 ⚒ is the regular annual Día Internacional del Trabajo / Day of the Worker, which is also known as May Day, there will be the usual marching, drinking, partying, No Social distancing will be respected, if police and troops intervene, it could lead to protesting,....so, they best let them have their fun, for now.

I am like Sgt. Schultz from Hogans Heroes and: "I know Nothing." But, (JMHO) - Correa was just convicted and sentenced to 8 yrs in prison, he is desperate, his time is running out to create turmoil here in EC before the next Pres. Election FEB 2021.

He helped, backed, sponsored & orchestrated a lot of the OCT 2019 Riots. Many of the operators and agent provocateurs were rounded up and arrested.

Correa has a big war chest of stolen money from the EC coffers, maybe in excess of $35 - $40 Billion to work with. Our North and South borders by land, and sea from West, jungles from East can still be penetrated even though we are in a supposed lockdown.

But, do the outside mercenaries and operators want to risk CV19, even if the pay is good, is it worth your life?

I think the severity of COVD19 in EC is dwarfing, and distracting from Correa's movement to create a backed, sponsored civil unrest, at this moment, it is still sort of a shock and awe mode at this time.

There is small out breaks of 'social disobedience' now in GYE & Quito, but, I will be surprised if it will go large scale civil unrest on 01 MAY.

....If, a big 'IF' - [They] = the EC Ministry of Truth, don't get their act together, and start telling some more palatable / believable Lies on 'CV19' Cases & Death Stats and testing / reporting protocols, or God forbid [They] be truthful and forthcoming,...

..if this charade continues, there could be some legitimate, organic riots, that could again be infiltrated, I don't think all of the storm components are ready to go severe this 01 MAY....

but, as we are locked down, and at some point lightened up, and wave 2 comes along and locked down again, and lightened up again, then comes wave 3...etc etc...,

There will be enough dismay and downright rage against [They] before the EC Pres Election to set off the spark, and Correa and his old #35 minions will be there to pour gas on the fire,

....as the planet battles wave after multiple waves for the next 18 - 24 months. Think of it as a Anaconda constrictor snake, each time we get past a wave and come out of lockdown, they will take away a few more freedoms each time~~~ 🐍

...if the food chain continues to break down, like dumping milk and vegetables, and the Agro Sector and Transportation Logistics of Food is not closely watched and monitored, what 'social disobedience' that happened in OCT 2019 will look like a bunch of amateur rookies->

https://www.facebook.com/revolucionariosconrafaelcorrea/

COVID19 History Lesson of Ecuador / China relations, April 21, 20/20.

History Lesson of Ecuador / China relations, April 21, 20/20. ☣️ Thinking About China 'Perspectives on the Pandemic: Why Ecuador Has a Serious Outbreak'-

(Photo: A patient who tested positive to the novel coronavirus is taken on a stretcher into the emergency room of the IESS Sur Hospital in Quito)

“Guayaquil is at this moment a great gray cloud,” María Leonor Inca, an indigenous journalist based in Ecuador, posted on Twitter on April 2.

Guayaquil, the largest city and the main port of Ecuador, has been hard-hit by the CCP (Chinese Communist Party) virus, commonly known as the novel coronavirus. Its mayor also recently tested positive for the CCP virus.

Up to 150 corpses, all people who died due to the CCP virus, are picked up daily, Jorge Wated, leader of a government task force, told the El Universo newspaper. With the municipal morgue at capacity, a greater number of bodies may be waiting on sidewalks and inside homes, he added.

Though the country is geographically far from the epicenter of China, why is Ecuador hit hard by the virus?

CCP VIRUS SPECIAL COVERAGE

The Epoch Times editorial article, “Where Ties With Communist China Are Close, the Coronavirus Follows” suggests that “the heaviest-hit regions outside China all share a common thread: close or lucrative relations with the communist regime in Beijing.”

In fact, there are Beijing-friendly elements within Ecuadorian politics.

Strategic Cooperation between Ecuador and the CCP

In January 1980, the CCP established diplomatic relations with Ecuador. China and Ecuador established a “political consultation” system in 1997, held once every two years.

On Nov. 8, 2007, Ecuador ’s El Oro province and China’s Hubei province formally established sister-province relations.

In December 2010, the China-funded Confucius Institute at the San Francisco University of Quito was jointly established with the China University of Petroleum in Beijing.

In January 2015, then-Ecuadorian President Rafael Vicente Correa Delgado visited China, and China and Ecuador established a strategic partnership. In November 2016, Ecuador and China elevated their relationship to a “comprehensive strategic partnership.”

In August 2016, Ecuador and China waived visa requirements for their citizens in a bid to increase two-way tourism. Ecuador was the first Latin American country to do so.

On Dec. 12, 2018, Ecuador’s President Lenin Moreno Garces visited China. According to Chinese state media reports, “the two leaders witnessed the signing of several cooperation documents, including a memorandum of understanding on jointly promoting Belt and Road” (also known as One Belt, One Road), Beijing’s initiative to build infrastructure projects across Latin America, Africa, and central and south Asia.

China welcomed Ecuador to promote cooperation between the two sides in infrastructure, agriculture, information technology, and new energy.

Currently, China is also Ecuador’s third-largest trading partner.

Chinese Companies in Ecuador

According to Chinese media, at present, more than 90 Chinese companies are operating in Ecuador, with projects covering water conservancy and hydropower, roads and bridges, copper mines, public safety, and other fields.

Yachay is 120 kilometers north of the capital of Quito. On Nov. 25, 2015, China Gezhouba Group Company (CGGC) signed a phase I contract to build a Silicon Valley for Ecuador in Yachay. The project includes planning and designing a number of tech research centers, labs, and universities, which would be integrated with industrial parks and tourism development zones. The entire project is expected to last through 2049.

On Aug. 16, 2016, Ecuador’s then-Vice President Jorge Glas inaugurated Ecuador’s first fiber-optic cable plant, built with Chinese assistance, in the southern province of Guayas. Wang Yulin, China’s ambassador to Ecuador also attended the opening ceremony.

The fiber optic plant is the result of a joint venture with Ecuador’s Holding Telconet and China’s Fiberhome Technologies.

This was China’s largest fiber-optic cable plant in Latin America. The total investment was estimated to be $15 million to 20 million. Fiberhome Technology Group accounted for 51 percent of the shares, while Telconet owned 49 percent of shares, according to China’s commerce ministry.

On July 18, 2019, Ecuador President Lenín Moreno attended the first test of 5G, or fifth-generation, technology in Quito, presented by the Chinese telecom giant Huawei and Ecuador’s National Telecommunications Corporation. Moreno praised China’s technological advances at the ceremony.

Canceling Shen Yun Performances

In 2015, the New York-based Shen Yun Performing Arts was set to perform a production of the dance drama “Monkey King” in the capital of Ecuador. However, less than a week before the performance, the Ecuadorian House of Culture suspended activities at the National Theater, impacting Shen Yun performances planned for May 23 and 24, 2015.

Alejandro Nadal, a spokesman for Shen Yun’s presenter in Ecuador, told local press advocacy group Fundamedios.org that the suspension of activities was illegal, as they had all the relevant permits. He said he believed the incident was part of an explicit goal by the Chinese embassy in Ecuador to cancel the performances.

The embassy had allegedly been looking for ways to get the event canceled for the last month. “We have tried telling them in every possible way that they are violating the freedom of expression of the Ecuadorian people, that they are censoring culture in a democratic country and are doing so through a foreign country,” said Nadal.

According to Shen Yun Performing Arts, theater venues where the company performs have often been pressured by local Chinese officials to cancel Shen Yun’s performances. This was the first time Shen Yun was canceled in Latin America.

The CCP has extended its censorship overseas, and the Ecuadorian government succumbed to its demands.

Ecuadorian officials instead attended performances organized by the Chinese embassy, such as a February 2016 Lunar New Year presentation with an arts group from Henan province in China, and a January 2020 gala at the Chinese embassy for commemorating 40 years of diplomatic relations between the two countries. Many top Ecuadorian officials attended, including the ministers of culture, national defense, and education.

Dam and Hydropower Station

The Coca Codo Sinclair Dam is a hydroelectric project under CCP’s Belt and Road Initiative in Ecuador. The dam was built some 75 kilometers (46.6 miles) east of the capital Quito, on the Coca River. It is the largest energy project in Ecuador.

The dam was constructed by state-owned Sinohydro Corporation for $2.25 billion. The Chinese would provide Ecuador with a $1.68 billion loan to cover 85 percent of the roughly $2 billion price tag, with 6.9 percent interest.

The project has been criticized for cost overruns, technical flaws, and corruption. Ecuador also faces a huge budget deficit because of loans it received from China. Interest alone would require that Ecuador send an annual paycheck of $125 million to China for 15 years.

A full power test failed when the dam opened in 2016.

The New York Times reported about the dam’s many problems in a December 2018 report. “This giant dam in the jungle, financed and built by China, was supposed to christen Ecuador’s vast ambitions, solve its energy needs and help lift the small South American country out of poverty… Instead, it has become part of a national scandal engulfing the country in corruption, perilous amounts of debt — and a future tethered to China.”

It also said: “Nearly every top Ecuadorean official involved in the dam’s construction is either imprisoned or sentenced on bribery charges. That includes a former vice president, a former electricity minister and even the former anti-corruption official monitoring the project, who was caught on tape talking about Chinese bribes.”

In an LA Times report, the newspaper obtained a 2018 report issued by the Ecuador government controller’s office, which said the project’s Chinese contractor ignored a stipulation in the contract—that the dam be built according to rigid standards set by the American Society of Mechanical Engineers.

The government report also revealed shady practices by Sinohydro Corp., according to the LA Times, including the project’s “irresponsible and incomprehensible” use of substandard building materials and construction methods, including inferior welds. “The Chinese used bad-quality steel and fired inspectors who said to change it,” former energy minister Fernando Santos told LA Times.

However, the CCP has avoided talking about the project’s flaws and the corruption behind the dam. It has lauded the “success” of the project, calling it a landmark project for Chinese companies.

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Views expressed in this article are the opinions of the author and do not necessarily reflect the views of The Epoch Times." - https://www.theepochtimes.com/perspectives-on-the-pandemic-why-ecuador-has-a-serious-outbreak_3317932.html

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#Coronavirus #Wuhan #TheEpochTimes 'Yet the heaviest-hit regions outside China all share a common thread: 'Like Ecuador' close or lucrative relations with the communist regime in Beijing.
'Hardest Hit Coronavirus Regions Reveal Intimate Ties With Beijing-
•Mar 15, 20/20 ☣️ 😷 'Declassified With Gina Shakespeare'

"In the final weeks of 2019, a novel coronavirus outbreak occurred in the city of Wuhan, in central China. As the world welcomed a new decade, the Chinese Communist Party (CCP) opted to suppress information about the emerging crisis until it could no longer remain hidden.

Nearly two months after mainland Chinese authorities acknowledged the outbreak and the existence of the contagious virus, the crisis has spread round the globe, assuming epidemic proportions in multiple regions. The number of infected beyond China’s borders is now in the tens of thousands, with more than 1,000 having succumbed to the virus. The stock market has plunged as experts warn of a possible economic recession.

A variety of factors have facilitated the rapid spread of the coronavirus, officially termed SARS-CoV-2, and the disease that it causes, COVID-19. Globalization has brought the peoples of the world into closer contact, increasing the risks of a worldwide pandemic.

Yet the heaviest-hit regions outside China all share a common thread: close or lucrative relations with the communist regime in Beijing." - https://www.youtube.com/watch?v=kC6qtXQWMQU