Had remarked times past, that "China does everything big, always had", meaning big mistakes and big successes, over a very long span of time. Now is no different.
China had collapsed, and bottomed, over a span of several hundred years, and now just limbering up.
Fun to watch and brief, and somewhat alarming to experience. When I was 16, my lady friend's dad asked me what I wished to do in the future, and I immediately responded, "live in Hong Kong, next to the ocean, and work in China", and that was in 1976. I had no idea how it would be possible as China was still in the midst of the Great blah blah blah Cultural Revolution.
Here I now am, living in Hong Kong, next to the ocean, and the island has been a part of China since 1997. I have been doing this gig since 1984.
When I first visited China in 1984 I noted to self, "this society has no defense against folks from the outside", and I am astounded how much was done w/i a very short time of 31 years.
Now that China is doing interim house-cleaning, evolving from cheap labor, to cheap labor plus cheap capital, to cheap lab our plus cheap capital plus cheap intellectual capital, to plenty of all the inexpensive features, and
That China is re-balancing between urban / rural, have / have-not, coastal / inland, domestic infrastructure / domestic-infrastructure plus services / consumption plus global infrastructure plus space exploration, I say, whoa, go go go.
Isn't paper money wonderful.
Now, with cheap resources to facilitate everything needing doing, what more could be better?
Ghost cities? In the context of everything else, what precisely is the big deal except for the usual suspects of CNN, CNBC, Fox, NYT, WSJ, Bloomberg, etc etc making a pointless fuss.
Wages are going up, migrant workers are finding work near their families, the growth is spreading inland, and the governing authorities actually have a clue of whatever is going on, needing doing, and how to get done. The trends are good.
The stock market fell? Yes, so it has. Now, imagine what would have happened if any other large economy's stock market fall by 50%.
We may not have to imagine for very long.
Watch and brief. |
