How capitalism saved CHINA from poverty
China's economic transformation is unprecedented; 60 years ago it was one of the poorest countries in the world. In 1960 its GDP per capita adjusted for the price difference between countries was about $1,000, that is, less than countries like Haiti, the Congo or Zimbabwe; much less than Latin American countries and 17 times less than the United States. By 2016 the difference in GDP per capita compared to the North American country had decreased to only 4 times. If we make the comparison with the same countries but in terms of life expectancy at birth, in 1961 a Chinese person had a very low life expectancy of only 43 years; by 2019 it was 76 years. We could go on with several indicators but these two you can get an idea of China's impressive economic and social transformation. So, how did China get out of poverty?
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china still never left socialism, it was just a little bit of capitalism
More than half of China’s population lives on less than 300USD a month with tens of millions in abject poverty, in a country with more houses than people, many of them empty, poorly built and unaffordable. Youth unemployment is so high that the CCP stopped reporting it. The population is aging, the environment is ruined, and the people are not allowed to complain about the government and its policies. Socialism with CCP characteristics is a disaster. Capitalism with CCP characteristics is a disaster. While Deng’s reforms did lift China out of Mao’s dark ages, China is far from being saved, and Xi is turning it into a North Korea on steroids. Foreign investment in China is decreasing, companies are leaving, businesses are closing. China is a civilisation that has existed for millennia and will exist for a long time. Hopefully this unpleasant CCP episode turns out to be a short one and China finds freedom.