You posted; "for starters china is going at 7 to 7,5% not 9% or 10% over the next decade."
Growth compounds!
For example, imagine 5 years ago China was an economy of 1000 units and was growing at 12% - after Year 1 it would have grown to 1120 units.
In Year 2 with growth a 11% it would have grown to [1120+123]=1243 units.
In Year 3 with growth a 10% it would have grown to [1243+124]=1367 units.
In Year 4 with growth a 9% it would have grown to [1367+123]=1490 units.
In Year 5 with growth a 8% it would have grown to [1490+119]=1609 units.
For the upcoming year with growth of just 7% it would be expected to grow to [1609+113]=1722 units.
In other words, it would have grown by some 72% in size and even though the percentage figure reduced each year the absolute number of growth units was almost the same each year.
China is predicted to become the world's largest economy by 2025 and the compounding of growth that nations like Australia are enabling is essential to understanding reality.
Self-serving delusional scare tactics from Joe Hockey and Co target party hacks who'll mindlessly regurgitate them and of course the oh-so-the gullible.
