Comments by "红火树 RedFireTree" (@firetree2007) on "Record property slump threatens china's growth target | World Business Watch | WION" video.
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In China, we do not have big slums in cities, we have enough housing for everyone, the problem is those with several flats in big cities with worth more than millions each trying to make more money, the government does not like it, so the government basically does not care. What we have strong as a country is our manufacturing, with is 11 times of India, 2 times of US, and more than the US, Japan , Germany, India combined. With this in our hand, nothing will collapse in China, does not matter so much on so called growth number.
instead, now, the myth bubble of India's fastest growth is bursting, growth already dropped from 8.3% to 6.7%, next year will be lower.
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China's government has shifted its focus, in contrast to India's persistent claims of "fastest growth," which are largely inflated. India's growth is primarily fueled by government borrowing to fund infrastructure projects that do not yield quick returns. As a result, the country now faces a heavy debt burden, including loans from institutions like the Asian Infrastructure Investment Bank (AIIB), which was initially set up to support the Belt and Road Initiative (BRI). Ironically, India finds itself trapped in the very "debt trap" it once accused China of creating. The Indian government is expected to pay $131 billion in interest this year, which constitutes more than 22% of its total $575 billion budget.
Meanwhile, China is now prioritizing productivity driven by advancements in new technologies. While this shift may slow short-term growth, it is expected to lead to stronger, more sustainable growth in the long term.
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Have you noticed that Modi no longer makes the kind of specific promises he did 5 or 10 years ago? None of his big promises were fulfilled, leaving them as empty pledges. For instance, the promise to create 100 million jobs in manufacturing actually saw a decrease from over 60 million jobs to just 27 million. Similarly, the promise to double agricultural workers' wages has not materialized, and instead of raising India's manufacturing GDP from 16% to 22% by 2022, it dropped from 16% to 13%.
Now, the only big goal left is making India a developed country by 2047. However, that's another pipe dream. If India wants to reach China's current GDP of $18 trillion to qualify as a "developed country," it would need to grow at over 7% annually for more than 23 consecutive years. Unfortunately, India's growth rate has already fallen from 8.3% to 6.7%, and it’s expected to drop further next year. So, this last promise of Modi’s will also remain unfulfilled. That's why he is now focused on flying around the world talking about world peace, which no one seems to take seriously.
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