Why China's economy is outperforming the collective west

During US Treasury Secretary Janet Yellen’s recent visit to Beijing, she asked China to stop over-subsidising its green tech industry, saying, “China is now simply too large for the rest of the world to absorb this enormous capacity.” Her real concern, however, is that cheaper Chinese products are threatening the viability of American and western firms who simply can’t compete.

China’s success in renewable energy and EV industries isn’t due to subsidies but innovation and its curbing of western-style financial capitalism, a system that thrives on speculation and rent extraction.

Beijing recently established a Central Finance Commission (CFC) to increase the financial system’s stability and competitiveness, prioritising productivity over profit. It stated, “Under the capitalist ideology and social system, finance capital reveals its monopolistic, predatory and vulnerable nature. It not only creates a huge gap between rich and poor, but also triggers recurring economic and financial crises.”

The CFC is requiring financial institutions to provide services to enhance common prosperity. It cut banker salaries and bonuses because Chinese banks are owned by government at various levels. China is making the financial system work for the real economy and the people - something western governments have failed to do.

Another thing. China funds development, not wars. The US has spent more than $14 trillion on wars since 9/11, harming Americans, American interests and security, but helping arms manufacturers. And the US wastes billions maintaining its 800+ military bases around the globe, whereas China has 1.

Spot the difference:

Chinese Ambassador to the US Xie Feng: “The Earth is big enough for China and the US to develop respectively and prosper together.”

US Ambassador to China William Burns: “We don’t want to live in a world where the Chinese are the dominant country.”

The US can’t bear to share the globe with other nations. No wonder the US-led economic order is collapsing.