China has only half the net national wealth of the US and has fully depleted its ability to generate growth from debt. The Chinese growth rate continues to fall as it attempts a soft landing with corporate debt sitting at around 150% of GDP and government debt sitting at around 50% of GDP. It seems clear that China is over-leveraged and that any further increase in GDP growth will need to be gained from productivity gains and this will complicate continuing efforts to increase the prosperity of the lower and middle classes. I am expecting Chinese GDP growth to slow markedly and enter a similar mire to the Japanese economy over the next decade. The US is a dynamic economy that still attracts the best and brightest ideas from all over the world, unless the Democrats gain power and go hard left the US will continue to dominate IMO.
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