China's ruling and ruled classes have had an understanding for the last ~2300 years[1]: the legitimacy of leaders depends on the (real or perceived) performance

China's ruling and ruled classes have had an understanding for the last ~2300 years[1]: the legitimacy of leaders depends on the (real or perceived) performance of the leader. Under the CCP, China has had very significant (~8%) economic growth since 1978. The CCP has not really had to deal with a serious and prolonged economic downturn in 45 years, it will be interesting to see what happens if something like real estate collapses and sends China into a extended down market. Uncharted waters. [1]https://en.wikipedia.org/wiki/Mandate_of_Heaven#The_right_to_rule_and_the_right_of_rebellion https://en.wikipedia.org/wiki/Mandate_of_Heaven#The_right_to...