The point we’ve made with China, The Ultimate Crony Capitalist State, is that much of the “growth” the country has seen has been driven by central planning, which in the end is doomed to fail. One can not centrally plan an economy the size of China’s over the long term.
Self dealing. Fiat declarations from on high. Accounting which probably barely passes for accounting. The problems are immense. The Chinese “miracle” isn’t looking so miraculous.
Are we saying that China is now going to revert back to the 3rd World? (Though much of China is still very much 3rd World.) No, definitely not. But we are saying that China faces a systemic crony capitalist problem and that the gaps within the Chinese economy which are filled with lies will and must collapse if China is to go forward in the way China wants to go forward.
Please note that I say how CHINA wants to go forward, not how the Chinese Communist Party wants to go forward.