China has a ‘rule of law’ - as many countries are purported to have. The problem is that many of these countries - there is cronyism, thuggery and a willingness to not really enforce laws.
In one of the 2 books I mentioned earlier, I recall reading about the problems in a South American country (Columbia or Venezuela - the discussion was that some land could be made into ‘coffee plantations’ and would yield a much greater profit for the owner than if cocoa plants were grown for illegal drugs. The problem is that many people who might try to buy the land and put in the time and capital (and sweat and work effort) - have seen similar efforts ‘rewarded’ by confiscation as someone else might find an old obscure document (wait for the ink to dry) ...with establishes a BETTER claim to the property - and the property AND all efforts expended - get legally stolen. Without MEANINGFUL and HONEST rule of law - no one expends much effort, when the government enables to well connected to ‘legally’ steal things.
And the government and people would actually benefit if there was HONEST rule of law in this situation, because honest workers on a coffee plantation would do more for the local economy and would provide better stability than having the land nominally controlled by wealthy drug dealers who support and enable corrupt politicians.
You are of course absolutely right.
MEANINGFUL and HONEST rule of law is of course the point.