I hear what you are saying about the boom & boom and puff & huff of the Magic Dragon. China has been a massive scale of manufacturing production expansion for the last 15 years and I was there in October and see it for myself and I can see and agree with you totally. The street are so polluted and air smell of chemical and cars are cover with pollution dust.
There are endless cranes at work building high rise for which a local tour guide told me that there are many building in China for commercial & residential are being build or have been built with no contract or tennnant or buyer in place. The contruction companies and government are simply building them to create jobs and expect them to be filled later but most farmers cannot afford to buy or rent these high rise as we all know the material costs of these high rise are from Oz and they're very expansive.
So you would have note the boom & boom of China is now the overall problem for the world economy and market. US is the world largest economy and if they're not creating new jobs, there will be less consumer of China products and it is difficult for US to create jobs when most of their companies have outsourced the production and service to China & India. So it about the chicken and the egg.
China have been clearing farm lands and send farmers to factory workers. There are reports of factories closing down in some part of China and jobs are tough to find and wage is lower as more farmers are looking for work. But inflation in China is climbing at a rapid rate and it is why we got the Chinese government tighten up on investment and increasing interest rate.
China has the most billionaire in the world yet the huge majority of their population is very very poor and most earn stuff all per day. If the farmers can't find work and and pay for rising costs and no farm lands to go back to because all the riches with their penthouse are now occupying their lands then another cultural revolution is on the card.
That is why the Chinese government is very concern and doing all they can to control inflation and help popping up US & Europe economies. A huge bubble is taking place and for now it all good & rosy and we're enjoying it. But Tunisa unrest could be a sign to come for the rest of Europe and hopefully not China.
As Louise Armstrong song title "What a Wonderful World" is true for now but I am concern what our children or grand children have to deal with. The higher tax they will have to pay for the spending we are enjoying at the moment. Anyway I won't go into that as that will get me going on politic.
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