Indian Economics thread.
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What has turned China around in a more fundamental way was the Communist Revolution, not Cultural Revolution. Cultural Revolution was much more destructive than constructive, and was much shorter in duration. If there was any positive (unintended) impact, it is that CR had shattered the confidence in the political leadership model and command economy model that China had practiced since the founding of the PRC. It laid the foundation for a new consensus within CCP and the larger Chinese society that had also ushered in the era of Reform and Opening supported by Deng and the majority of the CCP. Without CR, there would have been endless debates about what models to follow and work best, e.g., Capitalist vs. Socialist.
The Communist Revolution had destroyed China's tradition social hierarchy, rearranged and leveled the play field, centralized political power and redistributed the wealth (primarily land) among the mass, and challenged many of the outmoded traditional ways of thinking. Most important of all, the Revolution had created CCP, a strong, well organized and disciplined party institution that can lead and organize the vast society of China from top to bottom. It must be remembered that CCP had gone through a lot of trial and tribulation, withstood so much fire and steel to eventually found the Republic. It was quite a different experience from what India had experienced to gain independence. That different experiences in the nation-building process between modern China and India have had profound influence in how the two countries perform later, even without considering the vastly different experiences as civilization states before the new respective republic was founded.
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So with China's 2020 gdp being $14.7 trillion and with an estinated growth rate of, lets say, 8.5% thats $1.25 trillion growth in a Single year!
Now India's 2020 gdp is $2.7 trillion and with an estimated growth rate, from article, of 9.3% thats ~$250 bin growth.
So in a single year China will grow by $1.25 trillion while India will grow by only $250 billion. Thats a net 1 trillion growth for China!
Actually no. China's GDP of $14.7 trillion last year was based on last year average dollar/rmb exchange rate of 6.89. The Chinese currency has appreciated significantly since late last year and is currently at about 6.4. That's a 7% appreciation. If you assume 8.5% growth, 1.5% GDP deflator (inflation essentially) and average exchange rate of 6.4, then China's nominal GDP this year would be something like $17.34 trillion.
Yes, that growth in GDP alone is equivalent to India's entire 2020 GDP.
Lmao but what about India Supepowa
Tremendous growth by China. So in 2021 China will add a growth almost equal to France entire's economy in a single year!
Lets hear again by that failing Macron about human rights
Maybe India can do a Cultural Revolution by enforcing that Dalits are now the bosses and Brahmins are to be in perpetual indentured servitude to Dalits. That'll shake things up a bit
Go eat macarons Macron
There's not enough evidence for that.
At the moment, you can confidently say these are cultural traits
@hkbc bro @voyager1 and I both from the outside looking in had seen the suffering of the Indians and it pains us, they're human being same as us. China experience the same thing and being a Hua Qiao is a proof of that, my father had seen the horror of war and the abuses of the KMT, so leaving China pains him deeply until his death. That is the lesson he always place upon me, that China needed to be strong and major changes are necessary and follow SUN YAT SEN THREE PRINCIPLE which is nationalism, democracy, and the livelihood of the people.
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