China that aspires to be number 1 will suffer for its lies.
I acknowledge that I am not a fan of China. I cannot admire a country that treats its citizens like slaves, and does not respect the rest of the world. But now what we are seeing is a capital aggression towards its neighboring countries with military confrontations with India and threats of a military invasion of Taiwan. And internally, the failure to respect certain social freedoms in Hong Kong.
And then failing to respect the intellectual property of foreign companies in China, stealing technology and knowledge and blatantly copying many products. In short, a nightmare for the rest of the world. And now I’m going to screw up the stupid Western economists who still believe in China. In China it was trusted as the great factory of products for the West and with this COVID-19 pandemic we have seen that China has cheated with the disease and then with the products bought by the West that many times were useless.
So the rest of the world trusts China less and less and is seeing its true face. And certain economists still believe in the Chinese economy. When China has been closed by COVID-19, it has only fallen by 6% and now in the second quarter it has grown by 12%, and I believe it. World trade has decreased and I go and believe that China’s exports have increased and China’s GDP has increased. And it’s foolish to believe the average wage data in China. I remember that in 2016 one of Inditex’s suppliers in China was analyzed and he paid 350 euros a month for more than 80 hours of work a week, long live the Chinese economic miracle.
The only reality is the growing distrust of China, its military ambitions, and its lack of allies. Rather, the creation of an anti-China front. China no longer has allies in the advanced countries and a kind of cold war of the US and allies against China is being advanced. So far we have seen it on the technology front, with the blockade of Chinese 5G, the blockade of Huawei and now the technology for chip design.
China will be the first world power? No, impossible, the social problems that China will experience will cause a very large correction of the country and perhaps its political collapse. China has not had economic crises until now because it used to make cheap products for the rest of the world, but precisely its economic development makes it no longer attractive to invest in it. Economic growth is approaching the threshold at which China will not be able to create the jobs required by the urban migration process, debt is skyrocketing – that of families, traditionally savers, is now 54% of GDP-, and investment in real estate stops growing and housing begins to lose value in second-order cities. It sounds familiar because some of those elements triggered the 2007 American crisis.
With China facing Japan, Australia, South Korea, India and the United States, only the fools of the European Union who continue to accept that China steals from them, China is a country without commercial allies and with a black future as long as it continues with its imperialist mentality.