Sometimes as a rational thinker, I've tried to wrap my head around how China has been able to sustain their economy with an estimated GDP growth of 3.00 percent and per CAPITAL GDP of 18187.98 USD, Especially owing to the fact that, they have to much people heavily dependent on her economy and population of over 1.400 billion people.
I see a lot of countries with much lesser population struggling to sustain their economy at this point, with global inflation, the after effect of COVID-19 other multi-dimensional economic problems. Because I can remember vividly that China, are one of the highest hit of COVID-19 but yet they are still waxing stronger economically.
The other day,
Pawal7777 was talking about recession hitting CANADA, and that's how other countries are having one difficulty here and there economically. So my point is, what economical indices is china adopting to keep their economy afloat?
There's no doubt that the Chinese government had brought hundreds of millions of people out of poverty in the last few decades. In the early years they achieved this by creating many millions of factory jobs which had rather "basic' conditions with health and working hour conditions that would never be accepted in developed countries. However lately they face the typical problem that new generations of workers are wanting to gravitate towards less menial tasks but there does not seem to be capacity to support them. Combined with older generations using property as their main investment/retirement vehicle it creates a rather chaotic situation which may unravel the whole economy.
The new vector of Deng Xiaoping is usurpation of power, curtailment of freedoms, control of the state over private business. This is a new turn in the history of China, but not upward, but downward - i.e. degradation.
The problem is that in China, over the previous decades, people got new opportunities and got used to "almost Western" governance in China. It is silly to deny that over the last 2-3 decades both investor countries and the Chinese leadership from an agrarian country of the third world made China - in fact, the second economy of the world ! But now the process is turning backwards... Investments are leaving, laws are tightening, control and influence of the state on citizens and private business, very much intensified. Plus - COWID and world destabilization have created huge problems for the Chinese economy. And we have yet to hear the "rumblings of China's falling economy" because China is very closed, in terms of inside and critical information. But it is a matter of time. Although, if China manages to "pull the yuan over the heads" of the BRICS members - as the currency of internal settlements in BRICS, and China manages to "dedollarize" their economies - China will be able to save its economy. But the truth - at the expense of the economies of the unfortunate BRICS members.