Chinese President Xi Jinping’s first major reform plans a decade ago were also his boldest, envisaging a transition to a Western-style free market economy driven by services and consumption by 2020.

The 60-point agenda was meant to fix an obsolete growth model better suited to less developed countries - however, most of those reforms have gone nowhere leaving the economy largely reliant on older policies that have only added to China’s massive debt pile and industrial overcapacity.

The failure to restructure the world’s second-largest economy has raised critical questions about what comes next for China.

While many analysts see a slow drift towards Japan-style stagnation as the most likely outcome, there is also the prospect of a more severe crunch.

  • TranscendentalEmpire
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    1 year ago

    Yeah not what I was getting from op either.

    I think the biggest difference between the culture of China and the US is how we think about cultural domination. America tends create culture via a competition and fusion of ideologies. This can be reflected in new styles of arts from an amalgamation of cultures. It can also be a conglomeration of some of our worst tendencies, really it’s kinda a mixed bag.

    China’s culture is dictated by the Han, and enforced by the state apparatus. There is no blending of cultures, china is for the Han. Everyone else will be broken up and replaced by state sponsored han migrants.