[formosaplastics]

China's economy today is like Japan's or S. Korea's several decades ago and is pretty much following the same, proven, one-party, pro-capitalist path of development these other countries used to develop middle-class populations and leapfrog from Third World to First World status within a generation. The rise of E. Asia over the past 50 years is no "myth" but the story of our time with China being the latest iteration. If you want to see a demolished "myth," check out the economies of today's Third World republics, which are floundering. As we speak, foreign investors continue to flee democratic Latin America, Indonesia, Turkey, S. Africa, even Taiwan.

[TigerLikesRooster]

Re #46

It is true that China tries to be another success story in E. Asia. The problem is that China has bull market mania mentality which makes them believe that they will leapfrog into an economic superpower in a generation, despite the level of corruption on the order of magnitude or two higher than S. Korea or Japan and other shaky economic institutions. In addition, it is swept into this globalist tide. The progress has been tough even in relatively small S. Korea which has only one ethinic group and culture to deal with.

China seems to brush aside such problems too easily. If China pushes too hard and play too loose, it will be burned badly. China is really poorly prepared for any serious setback of its economy. That is what I tried to say.