Centre for Economics and Business Research says it expects this to happen half a decade sooner than it forecast a year ago

China’s share of global GDP has increased from 3.6% in 2000 to 17.8% in 2019 and will continue to grow, the CEBR said. It would pass the per capita threshold of $12,536 (£9,215) to become a high-income country by 2023.

absolutely insane

        • pinerw [he/him]
          4·
          4 years ago

          China has billionaires too, and their pockets are getting lined off China’s growth as well.

          Your take is skewing just a bit close to the Peter Singer/Malcolm Gladwell bit of “we’ve seen a huge reduction in global poverty in the last century, therefore capitalism is fundamentally fine,” just with the state taking the place of shareholders. You even talk about “pragmatism” the same way they do.

          One of the chief problems with capitalism is the exploitation of the working class, and if you don’t think that’s a central feature of state capitalism too, you really need to examine things a bit closer.

          • Zodiark
            1·
            5 months ago

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            • SankaraIsMyDaddy [they/them]
              2·
              4 years ago

              So China's "state capitalism" is better than the west's "bourgeoisie capitalism", I think most of us can agree on that. But China having billionaires seems indefensible. Is it good that China has billionaires, is it a temporary but necessary part of building communism, or is it something else?

              • Zodiark
                ·
                5 months ago

                deleted by creator

                • SankaraIsMyDaddy [they/them]
                  1·
                  4 years ago

                  It looks like Xi and the CPC reign in billionaires and the party/state still owns the capital goods; the party is zealous about maintaining that control. And as long as the billionaires are just rich but do not own and independently control the capital goods and properties, it keeps China stable.

                  If China owns the "capital goods", why are they allowing billionaires to siphon off so much money? Like, why not just say "hey, these capital goods are owned by China, not you, and we will be taking the profits, not you!"?

                  Hopefully it is a temporary byproduct of building socialism.

                  I sure as fuck hope it's temporary, but I wish there was a bit more certainty about exactly how (and when) China plans on getting rid of all the billionaires.

                  State capitalism is better in the sense of a planned economy under the theoretical Dictatorship of the Proletariat, in comparison to conventionally capitalist governments having state industries and using those profits for investment or dividends rather than reinvestment into the nation or region. e.g: Venezuela vs Norway’s oil industry.

                  Again, I think just about everyone on this site will agree that China's system is much better than bourgeois capitalist nations.

                  • Zodiark
                    ·
                    5 months ago

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              • CEO_of_TrainGang [he/him]
                3·
                4 years ago

                Offering African countries loans on significantly fairer terms than they could get ever get from the IMF is bullying now

                  • CEO_of_TrainGang [he/him]
                    2·
                    4 years ago

                    Thinking that China is a net good for the world isn’t the same as thinking China is a perfect socialist utopia, and your attempt to conflate those two is insanely disingenuous

                    When Western governments/companies do business in Africa, they do so knowing that they have the IMF and the World Bank behind them to pressure those countries into accepting their terms. China literally just doesn’t have that leverage, they couldn’t be “imperialist” even if they wanted to

                  • weshallovercum [any]
                    2·
                    4 years ago

                    I only look at actions, not at words. China doesnt invade other countries, they dont involve in the internal affairs of other countries, they dont engage in unequal exchange and exploitative trade relations. They are a million times better than the US in this regard. They also have a government that genuinely cares about the people, they implement social programs despite there not being any necessity or pressure applied on the government. Imagine that, in the West it is only the unions and political struggle that generate concessions to the working class. In China the government gives social benefits by themselves. There is a massive fucking difference.

                    Honestly, the jury is still out on whether China is actually going to move towards socialism, but based on their actual actions so far, their rise is a net positive to the entire world.