Is China's Economic Boom A Miracle or Myth?

Just finished watching an Al Jazeera news video in Youtube titled Upfront - China's economic boom: Miracle or myth?

Here are my thoughts and comments:

China's economic boom is not a myth. It is real. China has already become the largest trading country in the world. It is the second largest economy after USA. By some measurements, it is already the largest economy in the world. The whole world looks to China for economic growth. The Chinese Renminbi or Yuan is becoming a world trading and reserve currency. The U.S. owes China trillions of dollars. One would be stupid or delusional to think that these facts are all myths.

The so-called stock market 'crash' last summer in China was not a 'crash'. It was a market correction or leveling off. There was some Government intervention, too, to prevent the market from free fall. The U.S. and Western media called it a 'crash' and drastic fall of 30%, but they didn't tell you that before that so-called 'crash', there had been a climb of 150% over just a few months. Would it be a good thing to let stock prices keep going up crazy forever? Be real ! In China, just the stock market would not tell you the whole picture of the Chinese economy. On the other hand, the USA 'crash' in 2008 was a real 'crash'.

Now, regarding Government data, it is highly possible that they would be manipulated, exaggerated or reduced. Both China and the U.S. would do the same thing. In the U.S., the data about unemployment, economic conditions, etc. etc. would not be perfectly and openly honest either.  

The economic slowdown in China is not a sign of failure. The Chinese economy is going through a structural change, moving from strong exporting to domestic consumption and more focus on high-tech development.

Is the Chinese economic boom a miracle? Yes and No. In only a few decades, 700 millions of Chinese have been lifted out of poverty. It is not wrong to call it a miracle, is it? But is it a miracle in the religious and magical sense? No. It is real accomplishment through good governance, management, hard work and development.

Of course, there are many China bashers who would criticize anything and everything Chinese. They always blame China for their own failure or lack of success. Chinese economic slow down? Yeah, but the reported GDP of 2015, for example, was still 6.9%. Even if it was an exaggerated number, it would be at least 5% or so. What was the GDP growth of your country? 1, 2, or 3%?