“They were a paper tiger economy depending on fake numbers for people to invest in China.”
I guess it depends on your definition. For US and other companies trying to find alternative suppliers, they will soon realize that China is VERY REAL.
” For US and other companies trying to find alternative suppliers,”
There are companies that open factories there in order to sell inside of China. It was cheaper to produce products in China for China then to ship across the ocean and pay import taxes.
Jeep factory in China to sell Jeeps in China
Tesla Factory in China to sell Tesla in China
Luxury Carpet and hardwood floor factories in China to sell in China and other Asian countries.
China has things like Ghost Cities, a real estate bubble that will bust
As far as the companies that use China for cheap supplies and products they will move to Vietnam, India and other cheap labor counties. They have done this since the 80s. They will pack up and move when the labor cost goes to high. Mexico has a great opportunity in front of them, they have a new trade agreement with the USA.