What did China achieve the last several decades?
In an earlier data dump I asked about China's true economic progress:
Is this a Potemkin Country? When the facade crumbles, what will be left? Russia is a shadow of its former apparent Soviet self on GDP. I don't think China is anywhere nearly as bad as the USSR. But how bad is it?
This analyst
notes the overstatement of the USSR's economy during the Cold War. The
analyst notes the same problem of defining China's economy. He thinks
China will likely muddle through their problems, as serious as they may
be. He observes of the recent news:
Evergrande’s problems, like those of other developers, began when the government cracked down on the same leverage and speculation it encouraged for years. That’s how central planning works. The plan can change.
Xi wants those companies to pay for the sins of the companies and local governments that encouraged the empty buildings in empty cities seemingly everywhere in China. Chinese home buyers will be protected, which addresses my question of how they would react to losing everything. They won't face that and potentially take their anger out on the Chinese Communist Party.
The problem shouldn't spread to the world, the author says. And when it unfolds China will likely still be there, neither on the path to global dominance nor collapse.
There is limited comfort for me in that if what remains is still an aggressive communist state. Because even a regional power with that outlook is dangerous globally, in effects. Location, location, location, eh?
Anyway, read it all.
