Many analysts say Chinese economic growth over the last 30 years was a miracle. While it may have been the fastest on record, it certainly wasn’t a miracle. Epoch Times business editor Valentin Schmid explains why the Chinese economy was never a miracle economy and why there are going to be tough times ahead.
In the 30 minute presentation given for the Asia Scotland Institute at the University of Edinburgh Business School Dec. 11, 2014, Valentin goes into detail on the following topics:
- How fast growth was achieved
- Why it was very costly
- The key role of debt and the banking system
- The possibilities of a financial crisis
- Who is paying for the coming crisis
- Why China can’t have the world’s reserve currency for now
- Why China doesn’t own the United States
- The structural inefficiency of the Chinese economy
