China's new middle class can spend the world out of the recession.
26 replies, posted
[URL]http://www.bbc.co.uk/news/business-22949602[/URL] (video in source)
[quote][B]Meet the Zhangs, one of China's new middle-class families who some economists believe are going to spend their way to a revival of the global economy.[/B]Zhang Dongyang runs his own construction company in Zhengzhou, one of China's fastest growing cities.
His wife, Zhang Min, is a hospital administrator, and together they earn about $40,000 (£25,000) a year.
They own their own apartment, mortgage free, drive a Japanese-made Lexus car and will, they say, soon start taking not one, but two holidays a year.
Their six-year-old son, Zhang Zhiye, attends a private school.
"Yes I do feel middle class," Mr Zhang tells me, adding that it's now become acceptable to admit it.
"People who are more capable rise to the top. This is natural. It is the survival of the fittest."
Of course, the Zhangs aren't going to single-handedly rescue the world from economic misery.
But their spending, along with millions of other middle-class Chinese consumers is, in these doom-laden times, arguably one of the few bright spots on which a future global recovery might be based.[/quote]
If Keynes was alive, he would probably be smiling smugly.
Looks like China's liking capitalism quite a bit.
"Doom laden"
How about, instead of relying on the Chinese we cut spending internationally (not just the US/West) come together, balance our budgets, and actually work out a FUNCTIONING ECONOMY. Instead of living in troughs and peaks, hoping a bunch of people in an extremely over-populated country will... revive.. the global economy.
[QUOTE=Amplar;41172089]Looks like China's liking capitalism quite a bit.[/QUOTE]
It suits them better i think, right now the only communist thing about China it's their flag
[QUOTE=recolour;41172321]It suits them better i think, right now the only communist thing about China it's their flag[/QUOTE]
and their parliament
[img]http://techfreep.com/images/chinaparliament.jpg[/img]
I mean jesus
[QUOTE=goon165;41172358]and their parliament
[img]http://techfreep.com/images/chinaparliament.jpg[/img]
I mean jesus[/QUOTE]
Have a little bit of blue green and white guys, jeeze try and vary it up.
You guys also have to consider that these are two shining examples. Ones a hospital administrator and the other runs his own business. They're high on the foodchain of the average person and I doubt that every family will be in charge of a hospital and a business.
[QUOTE=Paul McCartney;41172443]You guys also have to consider that these are two shining examples. Ones a hospital administrator and the other runs his own business. They're high on the foodchain of the average person and I doubt that every family will be in charge of a hospital and a business.[/QUOTE]
This is a socialist country!
[B]Hospitals for everyoooone![/B]
[QUOTE=Keys;41172104]"Doom laden"
How about, instead of relying on the Chinese we cut spending internationally (not just the US/West) come together, balance our budgets, and actually work out a FUNCTIONING ECONOMY..[/QUOTE]
What does this even mean? Do you want some kind of world government and state run economy?
Capitalism sure is working in China. How can anybody debate its superiority now?
[QUOTE=Paul McCartney;41172443]You guys also have to consider that these are two shining examples. Ones a hospital administrator and the other runs his own business. They're high on the foodchain of the average person and I doubt that every family will be in charge of a hospital and a business.[/QUOTE]
oh you know I run a hospital part-time.... yeah I just needed some extra cash.... it's nothing serious you know I'll probably move on eventually
What a ironic turn of events in worlds history.
[QUOTE=Keys;41172104]"Doom laden"
How about, instead of relying on the Chinese we cut spending internationally (not just the US/West) come together, balance our budgets, and actually work out a FUNCTIONING ECONOMY. Instead of living in troughs and peaks, hoping a bunch of people in an extremely over-populated country will... revive.. the global economy.[/QUOTE]
Except cutting spending would cause economic contraction, high unemployment, and general stagnation for years.
Also how can a government balance a budget exactly? If you mean "no borrowing" than I am sorry but to go on a policy of not borrowing is insane.
See what happens when you block Porn?
No they're not
[QUOTE=Amplar;41172089]Looks like China's liking capitalism quite a bit.[/QUOTE]
State Capitalism*
[img]http://www.achevx.com/sites/default/files/blog/20120121_LDP001_0.jpg[/img]
China will grow larger.
That shit's not going to last, their country's growth is on an utterly, blatantly obviously unsustainable course.
That said, I'm sure the news of a booming middle class is reassuring to all those formerly middle class American families that have been pushed into poverty by outsourcing, union busting, and the predatory practices of the banking industry.
[QUOTE=LoganIsAwesome;41173524]China will grow larger.[/QUOTE]
may be whining. but why does this quote have to show up in every single thread that mentions china?
Good to see capitalism working well for them, however they do have a bad decline coming in the near future.
[QUOTE=Used Car Salesman;41173564]That shit's not going to last, their country's growth is on an utterly, blatantly obviously unsustainable course.
That said, I'm sure the news of a booming middle class is reassuring to all those formerly middle class American families that have been pushed into poverty by outsourcing, union busting, and the predatory practices of the banking industry.[/QUOTE]
it ain't lasting right now. you've got farmers who suddenly have a ton of money and can't budget for shit and then shit everywhere in public, there's massive corruption because people have money to pay off officials, rampant cheating in the school system, and insane amounts of pollution.
[QUOTE=Keys;41172104]"Doom laden"
How about, instead of relying on the Chinese we cut spending internationally (not just the US/West) come together, balance our budgets, and actually work out a FUNCTIONING ECONOMY. Instead of living in troughs and peaks, hoping a bunch of people in an extremely over-populated country will... revive.. the global economy.[/QUOTE]
Prematurely cut spending and balance our budgets. Genius. That would send us straight back in to the deep end when we (the world in general) are on the verge of climbing out of the GFC. There is a reason why Keynes argued for government deficits and stimulus spending, and that is because it provided an economic surplus and ideal conditions for economic recovery.
[QUOTE=thelurker1234;41174939]may be whining. but why does this quote have to show up in every single thread that mentions china?
Good to see capitalism working well for them, however they do have a bad decline coming in the near future.[/QUOTE]
I don't know, really. Truth is, people will eventually run the well so dry the mods will be handing out bans to anyone who says it.
[QUOTE=LoganIsAwesome;41173524]China will grow larger.[/QUOTE]
We will live in prosperity. ;P
Wait a minute.
China's growing in prosperity.
They're cyberhacking the US.
The US isn't doing anything about it.
Tensions are increasing as China is allowed to get away with more and more.
China's capitalist rather than communist.
64 years to go.
To the Fallout universe, this is a cyberpunk version of their own reality.
[QUOTE=Jamsponge;41176633]Wait a minute.
China's growing in prosperity.
They're cyberhacking the US.
The US isn't doing anything about it.
Tensions are increasing as China is allowed to get away with more and more.
China's capitalist rather than communist.
64 years to go.
To the Fallout universe, this is a cyberpunk version of their own reality.[/QUOTE]
And America is ruled by a corrupt shadow government that spies on its citizens and only cares for a select few elites. :tinfoil:
Well shit they only earn a couple of grand extra than me and I would never be able to afford 2 holidays a year, a Lexus and to have paid my mortgage off.
I'm off to China.
Making China Grow Larger
[IMG]http://i.ytimg.com/vi/UPH9iKpM-fk/0.jpg[/IMG]
[QUOTE=Rangergxi;41176693]And America is ruled by a corrupt shadow government that spies on its citizens and only cares for a select few elites. :tinfoil:[/QUOTE]
I don't want to be annexed!
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