- 22 Dec 2017 20:07
#14873659
I never underestimate the economic growth in China these decades, but the topic here is when China (the authoritarian with even less freedom than Iran, heavily relying on cheap laborers, facing significant social&environmental crisis) would become a developed country.
I don't know if you ever talked with overseas Chinese, even they(under brainwashing) hardly believe China would be a developed nation any time soon, which is why so many wealthy Chinese chose to live overseas which drives up housing prices in many countries.
Crantag wrote:The Chinese have been subsidizing American consumption of Chinese goods, to the tune according to some, of around $1.5 trillion a year, by way of Chinese savings and through the exchange rate. It is very naive to think this is anything other than a tactical and strategic arrangement, or that it will be enabled to continue, even in the near-to-intermediate future.
The People's Republic of China turned 68 this year. The first 29 years were spent under the regime of Mao Zedong, and laymen seem trapped in this perception, or in a perception of China at the time of Deng Xiaoping's reforms.
However, we are living in the 21st century now. Conspicuously, China joined the WTO in 2001. China's progress over the past 4 decades has forced nothing less than a reevaluation of the naive orthodox theories of economic development and macroeconomics, broadly speaking.
I never underestimate the economic growth in China these decades, but the topic here is when China (the authoritarian with even less freedom than Iran, heavily relying on cheap laborers, facing significant social&environmental crisis) would become a developed country.
I don't know if you ever talked with overseas Chinese, even they(under brainwashing) hardly believe China would be a developed nation any time soon, which is why so many wealthy Chinese chose to live overseas which drives up housing prices in many countries.