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Part of China's economic miracle was a mirage. Reality check is next (www.reuters.com)

submitted 1 year ago by [email protected] to c/[email protected]

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Chinese President Xi Jinping's first major reform plans a decade ago were also his boldest, envisaging a transition to a Western-style free market economy driven by services and consumption by 2020.

The 60-point agenda was meant to fix an obsolete growth model better suited to less developed countries - however, most of those reforms have gone nowhere leaving the economy largely reliant on older policies that have only added to China's massive debt pile and industrial overcapacity.

The failure to restructure the world's second-largest economy has raised critical questions about what comes next for China.

While many analysts see a slow drift towards Japan-style stagnation as the most likely outcome, there is also the prospect of a more severe crunch.

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[-] [email protected] 6 points 1 year ago

Do you spew this same kind of garbage when the target of criticism is Neoliberalism, or do you only jump in to defend China? Neoliberalism: Political Success Economic Failure

Is this link also characteristic of fascism?

[-] [email protected] 1 points 1 year ago

I am not defending China, just pointing out a crappy argument.

We're becoming more and more fascist in the west, with politicians like Trump, DeSantis and so on. This article from Reuters is part of this shift to the right and that's why I'm pointing it out. Fascism is a bigger risk to our way of life than China is.

this post was submitted on 05 Sep 2023

184 points (96.0% liked)

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