The 1990s just died. China has a new approach to equality, tech, and redistribution
Profound changes are occurring in China, which will impact its Asian neighbours.
China has made mistakes. Fortunately, for them, their successes have far outweighed the errors. Now that they have eradicated absolute poverty, they are acknowledging the cost of that breakneck growth over the last 30 years.
For a decade, they have been trying to tame the monster that is corruption. The environment is being cleaned up, though there is a very long way to go before it becomes an ecological civilization. Inequality has become the number one political problem to be solved.
Common prosperity is the new goal
This is not the prelude to a European-style welfare state. In terms of per capita income, China is still only at the level of Poland.
It has already embarked on “dual circulation,” which means it is no longer totally dependent on exports for markets…