Comments by "RiteMo LawBks" (@ritemolawbks8012) on "DW News"
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@eonglee44 Believe it or not, I have a lot of respect for China, its people, and its history. It's the oldest and probably most-influential country in the world.
During the early 20th century, it went through a period of weakness, colonialism, and instability. It should be strong and rich since it has the largest population, but it's hard to recognize the country and appreciate its history and culture under communism.
It's not my country, but watching films such as The Last Emperor, which was approved by the CCP and permitted to film in the Forbidden City, it becomes obvious how drastically China has changed. It's not just the government, but the culture, heritage, and open practice of religion.
Every country deserves to be rich, but most economist already know communism and centrally planned economies doesn't work in the long run. If they did, the West would have adopted the model. That's why the CCP has allowed private businesses to operate. The problem will come when the inevitable recession and market correction happens in China.
The economies of the US, Japan, South Korea, EU, and UK are free-market economies and work on business cycles. The government only controls regulations, taxes, and fiscal spending. A central bank controls interest rates, money supply, and how to respond to inflation and recession with monetary policy.
Recessions and unemployment are painful, but they're required to make the economies more stable, productive, innovative, and robust.
In the US, people will be homeless, suffer from unemployment, and exposed to violent crime, but they have access to the strongest and most stable economy and currency in the world. They also have the right to petition the government (and sometimes their employers) for change, and exercise free speech.
When the recession happens in China and people are angry and in the streets, what will happen?
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@iggy5347 China’s GDP blackout isn’t fooling anyone
There is diminishing faith in the few economic indicators that, after years of obfuscation, still see the light of day
If you had paid a visit to China’s National Bureau of Statistics in the days following Xi Jinping’s election as general secretary of the Chinese Communist party in 2012, you would have found a cornucopia of economic data.
The number of people employed in the outdoor playground amusement equipment sector, natural gas exports from Guangdong to other provinces, the electricity balance of Inner Mongolia. You name it, they published it, along with more than 80,000 other time series.
But just one year later, those three series and thousands more were no longer updated. Skip to 2016, and more than half of all indicators published by the national and municipal statistics bureaus had been quietly discontinued. The disappearances have been truly remarkable.
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