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China's economy is transitioning from being manufacturing-based to consumer-based. We all knew it would happen, it's just happening quicker than most assumed.
by Mikeb85 11y ago
China's economy is transitioning from being manufacturing-based to consumer-based. We all knew it would happen, it's just happening quicker than most assumed. The sky is not going to fall.
China will keep on rolling, maybe not growing by 7% each year, but certainly by 3-4%. They've already developed at an astonishing rate, perhaps quicker than any other large nation in world history.
I wouldn't count them out...
- happywolf 11y agoAgree. It is simplistic to conclude China's economy is slumping just because the demand for raw material is falling. There is a finite number of infrastructure a country can build and once these are completed, the demand for raw material will naturally slow down. Growth will be slow, but I won't say it is 'slumping' for now.
- wmil 11y ago> They've already developed at an astonishing rate, perhaps quicker than any other large nation in world history. Although I think that says more about the incompetence of the Mao government. China had a long history of education, commerce, technology, and relative peace. It had no business being that poor.
- Mikeb85 11y agoImmediately prior to Mao however they had colonialism, the Opium Wars, the Boxer rebellion, civil war, invasion by the Japanese and WWII. They were a poor, war ravaged agrarian state. And in ~65 years the world's largest economy.