Home » China’s Economic Growth Comes to a Halt: Analysis by Luis Zuniga

China’s Economic Growth Comes to a Halt: Analysis by Luis Zuniga

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China’s Economic Growth Comes to a Halt: Analysis by Luis Zuniga

China’s period of economic growth has come to an end, with the country now facing a downward trend, according to former diplomat and political analyst Luis Zuniga. In an interview with DIARIO LAS AMERICAS, Zuniga explains that China’s exponential growth in recent years was fueled by economic openness and a system of “wild capitalism” that prioritizes low production costs and limits the rights of workers. This led to China becoming known as the “manufacturer of the world” since the 1980s.

However, Zuniga points out that China’s GDP of 17.6 trillion dollars still falls short of the United States‘ GDP of 27.3 trillion dollars. He also raises concerns about the reliability of China’s economic figures, as they are not verified by independent entities.

Zuniga highlights that China’s economic growth was built on copied technologies from foreign investors and espionage tactics targeting countries like the United States and Germany. This reliance on copied technology has left China without a solid knowledge base to support its technological development.

Under the leadership of communist Xi Jinping, China has undergone a “counter-reform” process that has led to regulatory controls on large private companies like Alibaba and Tencent. Zuniga also criticizes the poor distribution of resources in China, with an emphasis on massive infrastructure projects in underdeveloped countries and the construction of uninhabited “ghost cities.”

The real estate sector in China has faced a crisis in recent years, with the bankruptcy of major real estate companies like Evergrande. This crisis has had a ripple effect on the country’s banking system, prompting the People’s Bank of China to inject money into the financial system.

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Zuniga also notes that China’s confrontation with the United States and its growing alliances with Russia and Iran have resulted in a distancing from Western markets. He predicts a challenging outlook for Beijing and urges a closer watch on how they will handle the ongoing economic crisis.

In conclusion, Zuniga paints a bleak picture for China’s future, noting the country’s alliances and actions that threaten the existing world order. He emphasizes the importance of monitoring China’s response to the economic challenges it faces.

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