this post was submitted on 29 Jan 2024
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I cannot fucking believe they are still calling it 'weak growth' in China while it is literally one of the only growing economies
They are being intentionally malicious.
Liberal developmental economic theory states that the growth rate will slow down as the country in question becomes more advanced. It's impossible to grow at 12% a year in perpetuity forever.
This is a phoenomenon that is observed regardless of the economic model in question whether it is the USSR, South Korea, or China.
It is the technological and infrastructural catchup that is causing the massive growth rate for a developing country and as the gap closes, the growth will slow naturally. If we assume otherwise that China's natural rate of growth is 12% while that of the USA is 2%, China will be bigger than America by approximately 10,000 fold in just 100 years which is nonsense.
Ignoring this fact for the past 20 years while reporting on China's slow growth every quarter like clockwork is intentional malice.
So you're saying that, since China has or nearly has caught up to developed countries, it's high growth rate suggests that its economy is actually outperforming Western Democracies by a large margin? Am I understanding that correctly?
Also they never mention the US's growth rate for the same period whenever China's is mentioned.
I think a decent measure is GDP growth rate divided by GDP per capita. I don't have the numbers on hand but China is above average in both absolute and PPP.