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It’s official: The era of China’s global dominance is over
(www.businessinsider.com)
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this post was submitted on 16 Oct 2023
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The end of China's economic boom, just means they cannot maintain above 10% economic growth anymore.
China has had that for about 40 years now, which is insane compared to anything I know of regarding economic miracles.
Chances are that China will manage to beat the west again on economic growth, because they invest heavily in infrastructure and education.
Yes many countries have tried that, but none have had a 40 year long success story like China. It could easily be argued that in the same period the west too have had policies of economic growth, to sustain these societies. Just not as successful as China.
Yes and contrary to the financial crises where western governments protected the rich mega companies, China does the Opposite, seemingly a lot like Iceland, that during the financial crisis was among the hardest hit, but let the unprofitable institutions collapse, and was among the first to recover.
Yes exactly, a company that China may be better off without. As it engages in wild speculative projects that turn sour. So maybe they are better off just letting it collapse? If it collapses, the equipment and projects will probably be split many ways, the rot removed, and the remaining good projects may continue with other contractors. It remains to be seen how China will manage this. But it's pretty obvious that 40 years of 10% growth will create crazy markets. That may need to be rebalanced and stabilized.
To be honest, this sounds to me more like wishful thinking, than what we can actually reasonably expect will happen.
I am absolutely not a fan of Xi Jinping, and his authoritarian style and recent power grab. I hope he will be replaced soon, and China can continue on a more humane inclusive and tolerant path.
Fr, Evergrande is dying because China recently cracked down on the over-leveraging and financial fuckery. If they wanted to save Evergrande, all they'd need to do is to give them a break on the new rules, but they aren't because they reckon it's worth it to punish Evergrande.
But but but....
We have to throw trillions at them, they are too big to fail, if we don't give them all our moneys, the global economy will collapse. /s
Also we need to give the CEO's who caused this huge bonuses, because they need to make at least as much as a 1000 workers.