"He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
On a serious note, Chine overtaking Japan as the worlds #2 economy was bound to happen, just as China will overtake the US soonish too. I mean 1.5 billion people is one hell of a market, and starting a near zero.. it can only go up!
From water, to zinc, to copper, to steel. If these things rise in price sharply as is likely to happen in the next few years, their economic growth will fall dramatically. Such a dramatic fall in growth could lead to huge changes in China quite possibly political and social ones, not to mention a possible destablization in population because of the severe population control methods instituted in the past.
China’s property market is beginning a “collapse” that will hit the nation’s banking system, said Kenneth Rogoff, the Harvard University professor and former chief economist of the International Monetary Fund....
Chinese authorities intensified a crackdown on property speculation after announcing the economy expanded at an 11.9 percent annual pace in the first quarter, the most since 2007. Measures have included raising minimum mortgage rates and down payment ratios for some home purchases. Officials may also start a trial property tax, according to state media.
The efforts have contributed to a slump in real-estate sales, while prices continue to climb. The value of property sales dropped 25 percent in May from the previous month. The increase in prices, at an annual 12.4 percent in May according to a government survey of 70 cities, was down from a 12.8 percent advance in April.
“You’re starting to see that collapse in property and it’s going to hit the banking system,” said Rogoff, 57, who also serves on the Group of 30, a panel of central bankers, finance officials and academics led by former Federal Reserve Chairman Paul Volcker. “They have a lot of tools and some very competent management, but it’s not easy.”
China Property Market Beginning Collapse That May Hit Banks, Rogoff Says - Bloomberg
Well it's no wonder. We keep buying their crap. Meanwhile their people work for little money, have little savings, and are taken advantage of by the government at every opportunity they have. Typically we'd have sanctions against such countries. But where the hell else will we get lead painted children's toys this cheap!?
You know the time is right to take control, we gotta take offense against the status quo
Originally Posted by A. de Tocqueville
There are a lot of signs that China is about to have a very serious fall in their economy. This will probably be extremely painful and cause social unrest including what will probably be another Tiananmen-type scenario. However, it will be a flash in the pan and likely spark off a new period of reform.
"For what is Evil but Good-tortured by its own hunger and thirst?"
- Khalil Gibran
China's socialized medicine is rather poor and most people would rather go to the private medical centers if they can afford it. Pensions supplied by the government are rather poor, only those that have them from the SOE's they worked for are well taken care off.
Lastly GPD (ppp) is real. The cost of living in parts of China outside the Shanghai, Beijieng, and Hong Kong is drastically lower then that of the US or Canada. In what are the hinterlands of China, Jilin for example apart from hotels, western food like McDonalds, life costs 1/3-1/5 that of Canada. Bus's are $0.20 vs $1.8 CAD ( side note buses running in cities seem to be privately owned), a taxi ride is 1/5 that of Canada.
Will China have a few economic crisis's over the years, of course, will China eventually overtake the US in GDP, yes. I think it will be faster then most predict. This is based on GDP per Capita reasons. Despite a rather high GDP number, per capita it is still quite low and has plenty of room to grow drastically
Conservatives believe the government is incompetent, and seek to elect people who will prove it
Ignorance is Bliss Bliss is the same as happiness US Christian conservatives are the happiest in the US according to studies Do you see a connection?