Many pundits are singing the praises of the Chinese economic miracle, but not everything is rosy in China. Yes, they have taken over a lot of the world's manufacturing through low-cost labor and state subsidies, but China is not exactly the model of economic or political freedom. Here are some facts that present a more balanced view or China and its economic central planners:
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China's economy grew 7 times as fast as America's over the past decade (316% growth vs. 43%)
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China's GDP per capita is the 91st-lowest in the world, below Bosnia & Herzegovina
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85 percent of artificial Christmas trees are made in China. So are 80 percent of toys
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If he spent his ENTIRE YEARLY INCOME on housing, the average Beijing resident could buy 10 square feet of residential property
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China has more pigs than the next 43 pork producing countries combined
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| Chinese consume 50,000 cigarettes every second |
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| America's fastest "high speed" train goes less than half as fast as the new train between Shanghai and Beijing (150 mph vs 302 mph) |
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| China's enormous Gobi Desert is the size of Peru and expanding 1,400 square miles per year due to water source depletion, over-foresting, and over-grazing |
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| China has 64 million vacant homes, including entire cities that are empty |
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| The world's biggest mall is in China... but it has been 99% empty since 2005 |
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When you buy Chinese stocks, you are basically financing the Chinese government. Eight of Shanghai's top ten stocks are government owned
- PetroChina
- Industrial and Commercial Bank of China
- Sinopec
- Bank of China
- China Shenhua Energy Company
- China Life Insurance Company
- Bank of Communications
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