The central government will still be rich thanks to 1.4b.
A recession or crisis may not be imminent for China, but absent a change in direction, China may never become rich. https://www.wsj.com/articles/chinas-state-driven-growth-model-is-running-out-of-gas-11563372006?shareToken=st0f938c4a13e84b06992b7c1fd77227a2 … via @greg_ip //Wonder what will happen if China is stuck in the middle income trap
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It gets harder for everyone because of increasing financial pressure on the state - the same income but supporting more people because of worsening demographics.
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