China – Leading the World Again
Channel: Rey Lags
Date: 2018-12-31

How Is China Leading the World

Two centuries ago China was the biggest economy in the world. Twenty years from now it will be again.

If the question were to be posed “which country has done best by its own people over the past three decades?” the answer would have to be China. A growth rate of 15% per annum, year after year for over twenty years, is phenomenal but yet that is what the Chinese have done.

It had been argued by economists that consistent growth at this level was inherently impossible but China has proven them to be wrong.

Western economic sages predicted that China couldn’t possibly maintain the pace of its economic growth because it would lead to unsustainable inflation. It would lead to internal conflict as the disparities in wealth between the eastern seaboard and the western provinces increased. Society would tear itself apart. Increased personal wealth would inevitably lead to demands for western style personal “freedoms”, leading to mass emigration of the rich if refused.

None of these things happened. All the predictions were wrong.

In terms of the scale of this achievement no other country can come near China. The fact that economic growth started from a low level, indeed a profound third world base, is sometimes cited as a reason why its accomplishments over the past three decades should be discounted.

The reverse is true. It is the reason why Chinese achievements should be celebrated.
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