With a switcheroo from China as a pool of cheap labor for foreign capitalists, we are now told "it is China’s vast and growing consumer market rather than its cheap labour and other resources which is increasingly attracting foreign exporters and investors." Yet:
> > "Declining income growth has been the real driver of shrinking consumption > during the Xi years. The average nominal annual household disposable > income growth rate fell to 8.39 percent from 2013 to 2022 from the average > rate of 11.04 percent from 2001 to 2012. Chinese households are > experiencing the worst material stress as income growth stagnates and are > more insecure about their economic security than at any time since > 1990."https://foreignpolicy.com/2023/02/02/beijing-economy-playbook-gdp-household-consumption/ > That was reported a year ago. The travails of the "consumer market" have worsened since then. In the face of the turnaround in household wealth from rapid expansion to stagnation - a consequence of the end of the twenty-year real estate boom - and a similar contraction of middle-income career progress, what ground is there to imagine Chinese consumers "increasingly" attracting foreign investors? Alongside the misunderstanding of China's economy, we are also told about the difficulty of "US imperialism and its allies to successfully prosecute their economic war against China." This is true – a half truth. The other half is China's economic war against the U.S. and western European monopoly capital. What do Marv's errors on both China's economy and the China-West relation point to? They reflect a hope that the contradiction between Chinese and U.S. monopoly capitalism will not become more antagonistic. But it will. Gotta tell it to our class. Like it or not, we have only a revolutionary way out; preaching accommodation is a grievous political error by the sincere, a political crime by the obstinately duplicitous. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#29379): https://groups.io/g/marxmail/message/29379 Mute This Topic: https://groups.io/mt/104830403/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/8674936/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
