(The average American might be envious..... - CL)
Read full text:
https://www.unz.com/bhua/why-is-the-average-chinese-not-unhappy-with-slower-economic-growth/ | Chinese economy has slowed down significantly since Covid-19 outbreak. The average GDP growth rates for the last 5 years have been between 5 to 6%, down from the previous 5 years between 7-9%. Growth in 2024 was 5%. China’s property market, which accounted for 25-30% of GDP most of the last 2 decades, went through a painful bust. www.unz.com |
For the average Chinese, the slower GDP growth has translated into 1) lower housing cost; 2) little inflation; 3) no impact on real income growth. I doubt many are feeling gloom and doom.
On the other hand, the “high” GDP growth in the US has not benefited the average Joe-six-pack who must deal with higher housing prices and rents, high inflation across a full spectrum of products and services, including big-item spendings in cars, student loans and healthcare.
Once again, if you read the voodoo economics from the propaganda machine, you will get the relative economic well-being of the Chinese and the American completely wrong.
