snagglesnarf

The Rise and Rise of China

I just returned from a trip to Dongguan and Shanghai three weeks ago and this is what I saw: vast blocks of empty factories, empty upscale stores (sometimes we were the only ones there), the worlds largest shopping mall with only a few dozen stores at best, citizens hoarding their savings out of fear of further meltdown (talked to at least a dozen English speakers there), an estimated 30 million Chinese have moved back to the provinces because of lack of jobs, etc. The reality is that China is in terrible shape but they are simply hiding it better. Once they plow through their reserves, which will take 2 to 3 years, they will be as poor as they were 30 years ago.