China’s leaders are “bizarrely unwilling” to use more government spending to support consumer demand instead of production, according to Nobel laureate in economics Paul Krugman.
“The fact that we seem to have a complete lack of realism on the part of the Chinese is a threat to all of us,”
Krugman echoed criticism by U.S. economic officials including Treasury Secretary Janet Yellen that China can’t simply export its way out of trouble. The comments come amid renewed concern in the U.S. and Europe over what is viewed as Chinese overproduction and the dumping of heavily subsidized products overseas
China’s whole economic model is not sustainable because of “vastly inadequate” domestic spending and a lack of investment opportunities, he added. Beijing should be supporting demand not more production, he said.
Chinese people have all the same garbage products to consume as Americans. I’m pretty sure they consume movies and fast food just like us. Pretty sure they all have smart phones or computer access as well. They have fast fashion. Like I don’t get what they don’t have and are aren’t spending money on
nothing I said was about having access to things, of course they have access to those things, they literally make them, but you can stimulate demand by giving people more disposable income to spend on shit