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%?

Fame (2)

On July 31, 2014, I wrote about Fame in this blog. Here are more of my thoughts and comments:

Being famous is not a bad thing, but it is not a 100% good thing either. Being famous gives you many advantages but also some disadvantages. The more famous you are, the more privacy you'll lose. 

Some famous people have to disguise themselves in order to go to public places. People who are not famous are more free to go wherever they want, and don't have to worry about being mobbed or stared at. 

Many famous people just stay within a circle of friends in private settings only. They seldom or never go to public places.They often have to worry about how they look, where they go, what they do, what people they are with, and on and on. 

One can be happy and successful without being famous. Fame is not something absolutely necessary for a good life. Health is. 

Fast Edi Thoughts and Comments

Happy Valentine

Love is you and me. Happy Valentine!

Marriage (2)

Love without marriage is better than marriage without love. This is only my opinion. You don't have to agree with me.  

For men, here is what the ancient Athenian philosopher Socrates said: by all means marry. If you get a good wife, you'll be happy. If you get a bad one, you'll become a philosopher.

Tomorrow, there will be many marriages but also many divorces. Marriage is a 50 / 50 win-or-lose gamble.

I first wrote about Marriage in this blog on October 24, 2009. You are welcome to read that, too.  

Fast Edi Thoughts and Comments  

Year of The Monkey

Wish you happy and healthy in the New Year of the Monkey.
Being happy is being successful,
Being healthy is the most beautiful.

Water and Oil

The hazardous water crisis in Flint, Michigan, is another wake-up call. Indeed, not only the U.S., but the whole world must wake up.
 

Water is more precious than oil. Whether it is profitable or not, burning fossil fuels for energy is just primitive, not advanced. One day, in the future, clean, green and renewable energy will become the main source of energy.

 

We can live without oil, but we cannot live without water.