Genuine (but rather ignorant) question, what are the thoughts in China with regards to eventually deaccelerating economic growth? I might be coming at this from the wrong way because everywhere I’ve lived a “increase in GDP” usually correlated with an actual worsening of the overal community’s conditions and that is probably different in China. Do they have any long term plans in discussion about a “constant GDP per capita” or anything of the sort eventually rather than constant growth?
Edit: man, can’t even be free from libs over here…
Obviously anything anyone responds with is going to be heavily biased and opinionated. So what I’m writing is purely my own opinions.
I think you are correct. China is in a period of GDP growth for the sake of growth and is having issues with community conditions. For example, while their GDP is still shooting up and their productivity is growing, their not really creating jobs. There’s 20% youth unemployment. Most of these jobs are taken by AI or automation. So I think this is definitely causing the issues you’re describing.
However, unlike other countries, China keeps an iron grip on it’s economy. It’s actively doing things like fining billionaires and redistributing the fines into community growth. It’s also reigning in corporations and forcing large companies to support the communities.
However, this kind of heavy handed actions has traditionally lead to financial crisis. It’s why we generally don’t like industrial policy. On the other hand, with every other country doing it’s own industrial policy now, I would bet on China since they have the most experience with it.
IMO, China’s going to do alright, only because everyone else is going to do worse. It’s a race to the bottom with China having the most experience with this kind of governance.
Genuine (but rather ignorant) question, what are the thoughts in China with regards to eventually deaccelerating economic growth? I might be coming at this from the wrong way because everywhere I’ve lived a “increase in GDP” usually correlated with an actual worsening of the overal community’s conditions and that is probably different in China. Do they have any long term plans in discussion about a “constant GDP per capita” or anything of the sort eventually rather than constant growth?
Edit: man, can’t even be free from libs over here…
Obviously anything anyone responds with is going to be heavily biased and opinionated. So what I’m writing is purely my own opinions.
I think you are correct. China is in a period of GDP growth for the sake of growth and is having issues with community conditions. For example, while their GDP is still shooting up and their productivity is growing, their not really creating jobs. There’s 20% youth unemployment. Most of these jobs are taken by AI or automation. So I think this is definitely causing the issues you’re describing.
However, unlike other countries, China keeps an iron grip on it’s economy. It’s actively doing things like fining billionaires and redistributing the fines into community growth. It’s also reigning in corporations and forcing large companies to support the communities.
However, this kind of heavy handed actions has traditionally lead to financial crisis. It’s why we generally don’t like industrial policy. On the other hand, with every other country doing it’s own industrial policy now, I would bet on China since they have the most experience with it.
IMO, China’s going to do alright, only because everyone else is going to do worse. It’s a race to the bottom with China having the most experience with this kind of governance.
But I could be wrong, no one knows.
So true. They should trust the anarchy of the markets more or the local communes of bean growers to meet the needs of >1B people.