Sunday
The media is belatedly acknowledging that there are major problems with China’s economy.
The nonsense that China would be the next economic superpower has been with us for decades. Australian P.M., Malcolm Frazer, was waffling on about it over 40 years ago.
For what should be obvious reasons, it is not possible for a centrally planned economy to succeed. The freeing up of the Chinese economy by Deng Xiaoping in the 1980s was what brought about the boom. Xi’s re-centralizing of the economy was what began its collapse. Now that it is collapsing, the regulation/centralization will become even worse. For all their different brand names, politicians are united in the belief that they have a wisdom superior to that of the marketplace. Deng was an exceptional man.
The world will be a different place without the export giant that is China.
Xi will come to regret engineering his current term as president.
However, in the world race to the economic bottom, I suspect that all ruling politicians will come to regret their incumbency. Peak regulation is in the process of collapsing everything everywhere, though at different speeds.