I've always been bearish on China's long term because of a few realities people interested tend to gloss over. Ten years ago, China was a nation of 900 million

I've always been bearish on China's long term because of a few realities people interested tend to gloss over. Ten years ago, China was a nation of 900 million rural peasants who were essentially subsistence farmers, with no money at all. Then there was a cohort of about 100 million agricultural farm workers. These were people who _occasionally_ had money. The remaining 300 million consisted of a largely poor underclass, a tiny "middle class" consisting of people with the buying power of less than the American minimum wage worker. Finally an "elite" class of workers who made more than an American burger flipper. Of those who had money, they saved 40% of their income in fear of hard times. Things have changed somewhat, but this heavily uneven and stratified society (of which we Americans increasingly resemble, sadly) continues unabated. I just don't see good economic outcomes from that.