Street view of the PRC's economy
In light of economists' views of the Chinese economy , here is my layperson's view, or a simplistic street view, of the economy of China. The following contribute to the growth of the economy: 1. ⬆️ number of people working. 2. ⬆️productivity 3. ⬆️portion of people doing useful things. Here is what I see: 1. ⬇️number of people working. The official youth unemployment rate is 19.3%. The real number is likely much higher. The PRC does not count migrant workers who go back home after losing jobs in cities. There has been a large wave of them. 2. ⬇️productivity. I am willing to believe technologies are still increasing their productivity. However, the PRC is undoubtedly regressing toward cultural revolution steadily. People familiar with the CR era know how political activities can suppress productivity. For example, during the CR, half a day was devoted to political study everywhere every week. I have heard they have started to bring this back. Intensifying political inter...