China is a communist country now you need refresh you knowledge read Wikipedia about China and growth I'm talking about can be found in thousand articles on Google by searching for China GDP growth
Thanks for advice, i don't need to refresh my knowledge. they have a communist party which actually rules but they have economy market system right now. In 1977 they were very poor and actually 50% were starving.
so you really need to refresh your knowledge China has population 1.5 bln and most of them still poor now as they were 30 years ago China implemented its reforms around 25-30 years ago they started from the very low level even now their GDP less than 50% of US but their growth averages 8-10% since that time China is the oldest civilization and I don't believe they will suffer more than US in the current economic cycle They have wisdom
but their stocks are down 70% while us is down about 38%...do you know that if you don't have a job in china you starve? many people lost their jobs when olympics moved factories....chances of wide spread revolt quite high, imho.
Funny thing about Chinese wisdom. The commies killed all that had what they labeled ' counter revolutionary ' ideas , wisdom to you and I. All the ' wise ' ones have left the country and are called overseas Chinese like me. Just compare the technology per capita of a place like Taiwan vs Commie China and tell me who has more wisdom. No brainer. PRC will suffer more than what people think , a lot of it will be worsened by a govt who don't give 2 shits about it's own people.