Chief Economics Commentator at the Financial Times engages with CCG on a comprehensive span of topics from global trade, artificial intelligence, to geopolitics.
Martin Wolf, like most FT writers for the past 40 years, gets most things wrong on China:
1. "China's GDP per head in real terms is roughly 30 percent of U.S. levels”??
Adjusted for PPP it's 50% and gaining by 5% every year, with a QOL higher than America's..
2. "The first challenge is raising underlying productivity"?? It's risen 5%-10% annually for decades and will continue through 2049, when the Gini Coefficient will be 0.27 and 98% of folks will own a home.
3. "Growth has been very, very dependent on enormously high investment rates, but that's been slowing too"?? The 'enormously high investment rates' produce trillion dollar annual growth and little debt. No country has ever grown as fast as did China last year, for example.
4. "Deflation is entrenched, monetary policy is ineffective, and China is not taking advantage of the opportunities it has"?? Core inflation is 4.7% and growth is rapid. Need I say more?
Martin Wolf, like most FT writers for the past 40 years, gets most things wrong on China:
1. "China's GDP per head in real terms is roughly 30 percent of U.S. levels”??
Adjusted for PPP it's 50% and gaining by 5% every year, with a QOL higher than America's..
2. "The first challenge is raising underlying productivity"?? It's risen 5%-10% annually for decades and will continue through 2049, when the Gini Coefficient will be 0.27 and 98% of folks will own a home.
3. "Growth has been very, very dependent on enormously high investment rates, but that's been slowing too"?? The 'enormously high investment rates' produce trillion dollar annual growth and little debt. No country has ever grown as fast as did China last year, for example.
4. "Deflation is entrenched, monetary policy is ineffective, and China is not taking advantage of the opportunities it has"?? Core inflation is 4.7% and growth is rapid. Need I say more?