All the ants in an ant colony might weigh half a ton but you can still smush every one of them underneath your shoe. China's economic power is vastly overrated because the vast majority of its people are not much more than subsistence farmers or laborers. The true sign of a nation's excellence is how much wealth it produces per person (output being a proxy for things people want and value).
And note the differential with Japan. China's demographics are far more similar to Japan's than the United States. Which means that China is tipping into the demographic death spiral of low growth and pessimism with only one tenth the productivity of the Japanese.
It's going to be a hot time in Shanghai. Hat tip
Carpe Diem
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