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> All the while Beijing did everything in its power to enrich the Chinese worker i am not sure that the CCP is doing anything to enrich the average worker, and
by chii 2y ago
> All the while Beijing did everything in its power to enrich the Chinese worker
i am not sure that the CCP is doing anything to enrich the average worker, and in fact, is probably doing the very opposite - making sure the chinese currency is constantly and artificially debased to make export more competitive. This results in lower wages for the workers. It is why there's low demand for goods/services in china.
The money being earned by these exports is kept mostly by the gov't - to be spent on whatever they think has priority, which mostly have been on infrastructure, supporting industry the party deems important etc.
- DiogenesKynikos 2y agoThe average income in China has doubled over the last decade. Much of China's exports comes from private companies, so no, the government does not keep the money. Even state-owned enterprises have their own balance sheets and don't just transfer everything to the government. And finally, China's currency has actually been overvalued at various points. The central bank has intervened in both directions, not just to suppress the value of the currency.