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Inglés 15:24 News

Will China will grow old before it gets rich?

VICE · 443,155 vistas · Añadido hace 2 meses

Subtítulos (324 segmentos)

00:00

In 2021, a dozen high-rise buildings in

00:03

Kunming worth over $150 million were

00:07

brought down in a matter of seconds.

00:09

They weren't structurally unsafe or

00:12

anything like that. Allegedly, they were

00:14

in the way of a 5% GDP target. That

00:18

moment says a lot about how China has

00:21

chased growth for decades. Build fast,

00:24

build big, and worry about purpose

00:26

later. But now that model is running out

00:29

of steam and Beijing wants to do things

00:32

differently. It is investing in

00:34

industries like AI, robotics, and smart

00:36

devices to improve how its people live

00:40

and work. From 2025 to 2035, the country

00:44

expects to grow at 5% annually. If that

00:48

holds, its GDP per capita will double

00:51

from 2020 levels. In effect, Beijing

00:54

will join the rich club by 2035. That's

00:58

been China's dream for more than a

01:00

century. But there is a slight problem.

01:03

GDP growth is not always productive

01:06

growth. You can build a highway, tear it

01:08

down, rebuild it exactly as before, tear

01:11

it down again, and do this over and

01:14

over, and it will all register as

01:16

economic growth. construction or

01:18

destruction, GDP doesn't care what the

01:21

activity is. It just counts the money.

01:24

This loophole isn't unique to China, but

01:27

local officials there have used it to

01:29

hit their GDP targets. That's why you'll

01:32

sometimes see perfectly good buildings

01:34

demolished. But at the end of the day,

01:37

none of this is productive growth. It's

01:39

not real. It doesn't benefit the public

01:42

in the long run. And so now that China's

01:45

economy is maturing, the time has come

01:47

to move up the ladder and rely on the

01:49

Chinese consumer for growth. In the next

01:52

decade, Beijing aims to rewire its

01:55

economy so that household consumption,

01:57

not statriven investment, becomes the

02:00

main driver of growth. However, going

02:03

from a production-based model to a

02:05

consumption-based model, is perhaps the

02:08

most complicated phase in becoming a

02:10

highincome country. It's easier to build

02:13

a machine than it is to convince people

02:15

to use it. We live in a world where

02:18

technology and AI are reshaping

02:21

geopolitics. As automation grows and

02:24

jobs are at risk, keeping up isn't just

02:26

an advantage, it's a necessity. That's

02:29

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02:32

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02:35

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02:43

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02:46

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02:48

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02:50

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02:54

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02:56

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