I have always been of the view that the Chinese economy is bound to collapse, because it is totally export oriented, and the leaders care two hoots for the welfare of their own people. While the east coast is shining, there is massive poverty in the interior of China, as many people who have gone there have told me.
To be stable, an economy must mainly depend and be based on the domestic market. This is because dependence on a foreign market is very precarious. The foreign market may be captured by another country, or there may be a recession in the foreign country, which causes sales there to drop, and this in turn results in closure of the domestic industries.
The Chinese leaders had forgotten the welfare of their own people, and like Uncle Scrooge or Shylock were only interested in making dollars by exports of their products. Most of these leaders have become corrupt, and have been transferring their ill gotten gains abroad, usually by buying real estate in Western countries.
But now the chickens have come home to roost.
