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I have a feeling that China is in the process of creating a huge unintended consequence... China has a middle class of roughly 450 million people. [0] My guess
by MR4D 8y ago
I have a feeling that China is in the process of creating a huge unintended consequence...
China has a middle class of roughly 450 million people. [0] My guess is that most of those blocked are people from the middle class. (Why bother blocking access to someone who can't afford it anyway?)
If that assumption is anywhere near correct (and it could be wrong), then roughly 5% of the middle class were blocked from significant economic activity.
If this continues, and grows (I'm thinking of that episode of The Orville, where people had social credit scores on their name-tag [1]), then they could easily be blocking 10% or more of their middle class.
This has to have negative economic consequences that impact the GDP of the country at some point. An ironic outcome is that it could cause people to become overly concerned about debt, and stop consuming. If that happened at a large scale, China would face innumerable problems.
[0] - https://foreignpolicy.com/2018/02/01/chinas-middle-class-is-pulling-up-the-ladder-behind-itself/ https://foreignpolicy.com/2018/02/01/chinas-middle-class-is-...
[1] - https://www.imdb.com/title/tt6845666/ https://www.imdb.com/title/tt6845666/