business

China's economy grows 8.1% in 2021; slows in second half

5 Comments
By JOE McDONALD

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With Xi using Covid Zero to support restrictions on assorted industries, border blocks, tourism blocks and new restrictions on imports, China seems to be moving towards a shiny, modern version of North Korean Juche.

This has not worked well in NK. Is China big enough for it to work there? Can China produce everything China ever needs? Not sure. Whether it could work or not is a different question to whether the transition from a globalised hub to an insular, isolated nation with a new Great Wall around it, trapping its citizens inside, is doable.

There will be widescale asset damage to ordinary Chinese people on a scale not seen since the Cultural Revolution. The Chinese press will ignore it, as the Western press have largely ignored the damage from tourism, cultural and event blocks during the pandemic. The Chinese will do what Western media outlets have done, running stories of people happily embracing their new simpler, low-profit lives of cheery serfdom, having kissed their careers goodbye. But there will be an awful lot of victims.

A lot of Western governments will be watching with interest, as they increasingly adopt Chinese-style policies, overtly or covertly, going forward.

-2 ( +1 / -3 )

The first part of your comment on the Chinese economy was insightful

A lot of Western governments will be watching with interest, as they increasingly adopt Chinese-style policies, overtly or covertly, going forward.

But this is an overstatement after all the west is a mixed bag of command control economies like the French to the *Laissez*** Faire** approach of the US, very hard to make an overarching statement that categories them all. I don't see a Chinese style authoritarian economic approach being adopted 'willy nilly' anytime soon, unless you prefer to live in the anarchy of a post apocalyptic society which is also highly improbable right now.

-2 ( +0 / -2 )

China's GDP increased from about $15 trillion in 2020 to almost $18 trillion in 2021, an increase of $3 trillion a year, equivalent to 60% of Japan's total GDP. And GDP per capital also jumped 20% to $12500. Wow

2 ( +2 / -0 )

Is China big enough for it to work there? Can China produce everything China ever needs? Not sure. Whether it could work or not is a different question to whether the transition from a globalised hub to an insular, isolated nation with a new Great Wall around it, trapping its citizens inside, is doable.

Read more news please.

The Chinese are buying and selling goods with the rest of the world at a record level last two or three years and China has been the world's largest trading country for many years.

2 ( +2 / -0 )

*But this is an overstatement after all the west is a mixed bag of command control economies like the French to the *Laissez*** Faire* approach of the US, very hard to make an overarching statement that categories them all.

I read that when China was liberalizing its economic sphere they paid attention to the policies of Singapore and Lee Kwan-Yew.

They found that an authoritarian capitalism was more stable and profitable to a society than either Neo-liberal free-market capitalism or communism.

When China overtakes the US in a couple of years we may see such a debate become widespread.

1 ( +1 / -0 )

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