Comments by "" (@advancetotabletop5328) on "China’s Overseas Tourists Plummet by 99%; Xi Jinping’s Chinese Dream Is Shattered" video.
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Speaking of Japan, Money and Matters (?) argued that China will have a decades-long recession, much like Japan is having. While China has progressed from an agricultural economy to an industrial one, the corrupt CCP is tied to industrial companies, hence all the spending on infrasctructure, to meet GDP targets. Because China has not progressed to a service economy, all the money is spent by building companies, and we excessive building and the current RE bubble. Without a service economy, the economy has less domestic consumption (I remember reading that China was supposed to be independent of needing to export goods b/c it would have domestic consumption), which results in China‘s reliance on exporting good for their economy. But, thanks to CoVid and concerns about a recession, their customer’s demands have lowered, while China has failed to increase domestic consumption and even will not publish unemployment data, and is currently undergoing deflation.
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