Geoffrey Yu, Chatham House: How long will China's soaring growth last?
China's economic miracle is reaching its limits and is in danger of doing more harm than good, writes Geoffrey Yu
China’s economic ascent over the past 40 years is considered one the defining achievements in human history. In less than two generations, an autarky closed to the outside world has managed to insert itself into every facet of modern life. From the simplest manufactured goods to sophisticated hardware, from asphalt roads to nuclear power stations, Chinese companies, predominantly state-owned, have disrupted the global production and investment chain.
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WNU Editor: The central government is stinking rich, but China's debt problem is primarily on the provincial/municipal/and company level. They have been kicking this can down the road for many years, hoping that it will be the next guy's problem. But they are now at the point where some hard decisions will need to be made, and there is going to be blow-back in China when this period of austerity is implemented.
2 comments:
It's worse than that. Most analysts believe the party's economic reports. The fall will be shocking even to the anti -China pundits who predicted a fall several years back.
Xi will likely be replaced before 2020. And by 2025 not the Chinese century will begin but a revival of the American dream. Ironic, but it was China what the US needed, and it will only accelerate under Trump
A little optimistic I think.
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