You see @Kilpatrick you guys always make this shortsighted mistake that the world is straightfoward. That you can easily divorce the economy of a country from everything else.
If you bother to read my comments you’ll notice when I’m discussing China or Russia or Israel I don’t only dwell on the economy or politics alone I mix my answer with things like research, students in colleges, kindd of resesrch in colleges, pollution etc because it is all interlinked with the economy and the politics! How do they make decisions? How do they share the national cake?
You ask a very good question, why does China have debt and yet you thought China has all these money that everyone is borrowing and all these successful factories, and you also thought China is the richest super power?
Hio swali ni mzuri sana na ni MZITO sana with a complex answer. Communism lost. That is a fact. Bear with me I’m getting to the point.
China and Russia after seeing that communism failed them, they adopted capitalist markets but kept communist govts. Waliingiza mguu moja, ingine ikabaki nje…
China for instance is doing well economically and yet there is so much inequality. This is simply because of the leader who distributes the cake.
He alone and a very small clique decide for many years how they invest trillions of China’s dollars or rinminbi.
China is making a lot of money but all the decisions are made by the same guys for years. These guys will decide out of the blue to build roads all over the world. Or they will decide lets buy up American debt. Some decisions are excellent some not so much. These guys will decide lets hack computers and steal ideas on building cars and what not.
Some of these investments are becoming very nasty loans but then wanasema it will be covered by the good stuff we are doing. Our factories, and our labour force will cover our mistakes.
The reason they’ll probably never be like the western countries which they aspire to be i.e. complete eradication of extreme poverty, world class education or world class health care or transport system like akina Norway is simply because the talent pool at the top is diminishing. They don’t have democracy!
You can hate the U.S. all you want but the American system works and people copy it because it’s always changing and recharging. The same with other Western countries. Bush akiangusha nchi kunakuja nugu ingine, ikishindwa inatoka. Kunakuja ingine inajaribu new ideas, the ideas work inatoka kunakuja ingine…
No matter how good Xi Jinping, or Putin is they are mortal men. So, China has huge debt despite doing very well simply because of narrow policies. If they were a democratic, open society state, with different leadership and new ideas ungeona tofauti. They wouldn’t even need to copy paste ideas from the west or steal western products, a new vibrant leader would probably inspire new creativity.
So in short. China is still very much on the way to full enlightenment.