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

  • 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

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

              I don’t know. Perhaps they fear alienating foreign investors if they just start seizing wealth; people will refuse to invest in China and any nation knows that it is forced to pay debts or not jail and seize the wealth of its billionaires/property unless they want to stop borrowing, or have capital flight from their country. China is a developing state still, and they still do need investment.

              Is there a point where you think China could allow too much wealth to accumulate in the hands of billionaires such that it would interfere with implementing communism?

              It is also very likely that the US will break China though.

              Yeah... :sadness: