They also have many problems to overcome. There is still a huge poor peasant population and much unrest over corruption. The GNP/cap is only $3,000/an.
Their banks are insolvent and corrupt. Bad loans are spun off to gov't entities where they are promptly hidden. The new money given by the gov't to that bank is then used for more corrupt loans to communist party officials to start up companies. This vicious cycle will not last more than another few years. Eventually a slow down will hit and there will be too many bad loans to hide. As the late Benjamin Graham used to say, "The tree does not grow to the sky." When the elevator operator and shoe shine boy is passing off stock tips, the market is near its peak.
In China, their stock market has been in the crapper for several years with no indication it is about to emerge. What does the market know that we don't?
They are in a very dependant, derative, copying phase of development. True creativity and originality come with freedom.
They also have many problems to overcome. There is still a huge poor peasant population and much unrest over corruption. The GNP/cap is only $3,000/an.
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In the same breath you could this about the Indians.
They have no problem with democracy and their borders are far more troubled.