![]() ![]() This is why the Chinese leadership is obsessed with the way in which things threaten to get worse. ![]() But with a huge population pushing resource prices higher, there’s no way Chinese living standards can ever actually catch up to those of the richest countries, and the Chinese know it. And that’s exactly what it’s doing: executing definite plans by burning ever more coal to build ever more factories and skyscrapers. The easiest way for China to grow is to relentlessly copy what has already worked in the West. China can grow so fast only because its starting base is so low. Every other country is afraid that China is going to take over the world China is the only country afraid that it won’t. From China’s viewpoint, economic growth cannot come fast enough. ![]() But that’s because Americans are still optimists, and we project our optimism onto China. When Americans see the Chinese economy grow ferociously fast (10% per year since 2000), we imagine a confident country mastering its future. Perhaps surprisingly, China is probably the most definitely pessimistic place in the world today. “A definite pessimist believes the future can be known, but since it will be bleak, he must prepare for it. ![]()
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