China and post-war Argentina tell us what happens when politics trumps economic policy. Now we’ve been warned by the Intergenerational Report.
and the stagnation of China’s economy. But there is a link: poor economic policy driven by political leaders who are more interested in retaining power than promoting the national interest.
Add to that the Dan Andrews-style zero-COVID policies with the interminable lockdowns and curfews, and it’s not surprising that China’s economy has stalled. Youth unemployment is now more than 20 per cent, property companies are collapsing with debts running into the hundreds of billion dollars, consumer confidence has deteriorated, exports and imports have declined and prices are falling.
Given the quality of China’s economic management in recent years, it is tempting to say we have now passed “peak China”. Whether China’s government has the political will to reverse some of its centralised economic decisions, get the property market under control, put consumer preferences ahead of politics and develop a more collaborative foreign policy is an open question.published last week was a doomsday document.
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