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They switched to a market economy more than 30 years ago. During the Xi tenure, e.g. in the last decade, they seem to be coming back to political control of th
by inglor_cz 2y ago
They switched to a market economy more than 30 years ago.
During the Xi tenure, e.g. in the last decade, they seem to be coming back to political control of the economy. It also seems that their growth is slowing down. Possibly those two developments are related.
The government is notoriously bad at picking winners. For an example relevant to HNers, there was a government-run precursor of the Internet in France, called Minitel. It was an interesting technology, but horribly overpriced and unable to develop with the times.
- foldr 2y agoGrowth inevitably slows as an economy develops. China is still growing faster than the US.
- inglor_cz 2y ago"China is still growing faster than the US." The bigger picture is not favorable to China. Especially the high unemployment among the young is troubling. China no longer publishes data on youth unemployment, the last known figure was 23 per cent. This would be comparable to Spain or Italy, mostly sclerotic economies of the troubled southern wing of the EU.
- gruez 2y agoThey started publishing figures again, after they "improved" the methodology https://www.atlanticcouncil.org/blogs/econographics/youth-unemployment-in-china-new-metric-same-mess/ https://www.atlanticcouncil.org/blogs/econographics/youth-un...
- foldr 2y agoSure, it's a complex picture. But you mentioned growth, and China's economic growth is still pretty high.