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In just a few decades, China has managed to achieve one of the most outstanding economic feats in the history of the world. Through having the largest population in the world, the country has persevered to transform from a backward agricultural based society into a super power, and a force to reckoned with. Napoleon is said to have predicted that, when China will wake from its slumber, it would "astonish the world." China has climbed from weakness and backwardness to a position of global leadership in just under three decades. Since 1990, China’s GDP and per capita income have grown at a compounded annual growth rate of a lightning 13% and 12%, respectively. As the country expanded its horizons to trade and adapted the ideals of a free market, it has managed to pull a billion people out of poverty and set an example for other developing nations and the rest of the world. Initially, the rapid rise of the Chinese was fuelled by maintaining good foreign relations and a diversified fiscal policy because of which exports flourished. The government targeted industries like transportation, housing, large and medium scale manufacturing, and finance to inject stimulus into the economy. The Asian underdog state has now reached a stature where it stares The United States of America straight in the eyes, fearlessly. Let’s take a moment to digest the fact that this is a country that has become the second-largest economy in the world in about thirty years. The prospect of transcendent Chinese wealth and power, coupled with America’s devaluation of its own political and economic prestige, has led to mounting speculation about China’s emergence as a global hegemon to rival and, perhaps in time, surpass the United States. However, today, what we are witnessing in China is pure horror. To reach giddy heights of success, one requires a great story and minions to follow orders. Both of which, China seems to have in plenty. Thirty years is an impressive timeframe to have achieved so much, but the truth is that the whole country is built on the weak shoulders of debt and lies. I’ve tried my best to not be cynical and doubtful about the situation, but the way things are unfolding in their economy is truly a nightmare. Today, we will uncover how deep in the muck China truly is concerning debt, and believe me, this goes so much deeper than Evergrande.
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