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China's wealth is possible due the transfer of wealth/jobs from the US to China. Capitalism serves the CEOs and upper class in the US well, but hurts the middle class and the poor.
Huh? Assuming you are not just offering a "hit and run" post for some kind of meaningless glib social statement, that's not really the topic of the thread, we are talking about China's economic downturn, which conflicts with your statement does it not?
China's wealth and success, at least until now, is due to the change of economic model in the late 70s from a centralized planned agricultural economy (i.e. Soviet style communism) to a mixed market-oriented economy, i.e. state capitalism. Again this sort of conflicts with your statement. Come back when you have something to offer to the topic at hand.
They are far too left and the independents and swing voters aren't going to go wit a candidate who supports socialism or other crazy extreme left ideas.
Every single Democratic candidate is to the political Right of the governments of the wealthiest, happiest, and most healthy countries in the world.
Americans want to be wealthy, happy, and healthy personally, but not for their country. They want their success at the expense of their countrymen. The USA is not united, it is dog eat dog.
China's wealth and success, at least until now, is due to the change of economic model in the late 70s from a centralized planned agricultural economy (i.e. Soviet style communism) to a mixed market-oriented economy, i.e. state capitalism.
And this model eventually would hit the ceiling, evidenced by China's neighbours that used to employ it. The difference is that China is already hitting that ceiling now and it's not remotely close to a wealth society unlike Japan in early 90s, which at that time was even wealthier than the likes of the US and Norway. For a developing economy China's growth rate is not outstanding. When Taiwan's GDP per capita was in the 9000s the growth rate was in double digit (or close to it) and very few, if any, suspected the numbers. Throw in the fact that the Chinese population is already aging, that the birth rate is lower than many developed countries, the Red Terror regime, and the tragic gender imbalance, it's hard to be optimistic about the future.
When Japan started to decline its GDP per capita was well above Norway and US and it already was a stable, democratic society. That basis has allowed Japan to remain on top even after 30 years of stagnation. China has none of those. I would say its outlooks are pretty bleak even without the trade war in the equation.
Last edited by Greysholic; 10-28-2019 at 08:18 PM..
maybe the official data is off, but the number of millionaires in china just surpassed that of the US. Middle class in China is booming. they can afford BMW, spend money on overseas vacation, and buy second homes in Europe. and westerners are still fantasizing the collapse of China
Quote:
Originally Posted by gen2010
i don't think you understand China. For most chinese, wealth is not from wage income. It is from housing equity. most families in 1st tier or 2nd tier cities have a least 1 million dollars worth of equity in their real estate holdings. That's why a third of the world's luxury goods are bought by Chinese
In the span of 2 posts we go from boasting about the disposable income of China's middle class, to saying that it's not about the disposable income, it's about the equity in property...
Borrowing money on the inflated value of your house is what made America experience the 2008 collapse. Real estate debt was one of the primary factors in Japan's bubble burst. What makes China so exceptional?
maybe the official data is off, but the number of millionaires in china just surpassed that of the US. Middle class in China is booming. they can afford BMW, spend money on overseas vacation, and buy second homes in Europe. and westerners are still fantasizing the collapse of China
Been there done that. You just described every single Asian society that had experienced what China is experiencing now decades ago, except that China is still much, much poorer on average and has a **** load more people.
Quote:
Originally Posted by gen2010
i don't think you understand China. For most chinese, wealth is not from wage income. It is from housing equity. most families in 1st tier or 2nd tier cities have a least 1 million dollars worth of equity in their real estate holdings. That's why a third of the world's luxury goods are bought by Chinese
Yeah and that's apparently a good thing . Especially when the impending housing market crash strikes.
Even so, America is still a far richer country than China, with 18.6 million millionaires in the U.S. compared with 4.4 million in China. The median wealth of Americans also stands at about $66,000 per person, compared with $21,000 in China, Credit Suisse found.
Every single Democratic candidate is to the political Right of the governments of the wealthiest, happiest, and most healthy countries in the world.
Americans want to be wealthy, happy, and healthy personally, but not for their country. They want their success at the expense of their countrymen. The USA is not united, it is dog eat dog.
Do you want to see the videos of the Chinese fighting at the buffet line, or just the ones of them crapping on the side of the road?
All countries experience economic cycles of up and down. China happens to be in one. Trade disputes with a powerful country like the US can exacerbate the problem. I have to hand it the government of China though. It helped many Chinese citizens become more prosperous. Meanwhile the American government of both parties practically abandon the middle class in America.
Edit: this was posted response to another post which is gone?
One big difference is that the US has had a middle class for generations and has gone through various political shifts which has unfortunately left them squandered. China has had a middle class for about 15 years, and most of that middle class is much never even than that. China has needed to facilitate this to grow it's economy, however now the economy is experiencing problems and it's only a matter of time before the middle class here starts feeling the squeeze.
Every single Democratic candidate is to the political Right of the governments of the wealthiest, happiest, and most healthy countries in the world.
Americans want to be wealthy, happy, and healthy personally, but not for their country. They want their success at the expense of their countrymen. The USA is not united, it is dog eat dog.
China markets a narrative of unity ("wow! Just look at that parade! Amazing!") but society itself, day to day, is quite different, and Western orientalist ideas about collectivism and honor are hokey and outmoded myths that have almost no real footing in day to day life here.
Because China has a Han supermajority and is actively trying to enforce a monoculture, you don't get the same divisions across races and regions you see in the US. also, because it is a one party system, it doesn't behoove them to stir up divisions in the pursuit of votes. But, this doesn't translate into a culture of unity and oneness.
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. Especially when the impending housing market crash strikes.
