What I dont get is why everyone wants India to beat China or be like China. Why is also there this assumption that we are globally projecting? We simply are not.
In the broad theme the only difference between China and India is China essentially followed an ASEAN model - that is take on massive amount of debts to build up GDP through construction projects that consume huge amounts of commodities and promote an exports led growth based on mass manufacturing using cheap labor.
The ASEAN model has failed before and it could fail again.
For some reason, people believe that the China's version of ASEAN model is a success, while it is actually not. Chinese banks reel for bad debts and NPAs much more than Indian banks do.
Here is a sample - just these 3 articles alone should tell you the scale of corruption and bad banking practices in China. It is much worse than in India. Believe it or not, we do better than China in all corruption rankings. Nirav Modi, Mehul Choksi are small fry compared to what the Chinese criminals pull off and many of them are in top membership of the CCP itself, active to this day.
Country faces massive debt servicing costs for infrastructure by 2023
asia.nikkei.com
As rescue plan gets underway, disposals will see its assets shrink to about 1tn yuan
asia.nikkei.com
Report claims government watchdogs took bribes and 'ate everything'
asia.nikkei.com
Here is how even their bullet train projects are getting canceled:
Fate of $20bn in new lines depends on outcome of 'deep' review
asia.nikkei.com
The major difference between China and India is China has taken 5 times India's debt to bankroll its economy and so all the numbers look big. There is nothing magical about it. India can take debt 3 or 4 times the existing values and build everything at breakneck speed and we will "look" like China too with unnecessary expressways, high speed rail lines and bridges to nowhere, devastated environment etc.
Further, India's institutional financing mechanisms for infrastructure projects are already more sophisticated than China's
Here is an example:
China is planning to introduce REITs to finance infrastructure - obviously as the state-run bank monoliths are unable to do so, saddled with massive bad debts. India has been using REITs for several years now.
Government intends to build $770bn market to support infrastructure projects
asia.nikkei.com
People keep on saying India must be the next China. Do these guys even understand what they are asking for?
- do they want a massive debt based approach to solving poverty?
- do they want rampant crony capitalism and corruption to dominate our lives?
- do we want to devastate our lands with toxic waste and become food insecure like China has become, and become food import dependent?
- do we want to build massive, wasteful projects that are empty and have devastated environments all over?
- do we want to make our lands and waters insanely toxic?
If people thought that the Ganges is polluted, they have no idea what river pollution actually looks like. In the rivers near Shanghai and other places such as Hubei, people saw tens of dead pigs flowing down river and thousands of fishes dead from toxic spills floating like garbage.
Even today, Shanghai's water quality is terrible and very few water bodies are actually fit enough to supply clean drinking water. We do not have such issues.
For people advocating "we need to 'become' like China" mantra they have no idea what destruction their massive debt fueled growth has done to their people, who have had no say in how China should grow. They were treated as expendable peasants, and subjected to grave human rights violations in the name of development.
These idiotic tweets never say at what cost China increased its GDP and if such massive human rights violating GDP growth is suitable for countries at all.
I consider Chinese model an utter failure and not worth emulating mainly because of one reason - there is nothing original about it. It is just that everything is done on a big scale and quickly and cheaply. Nothing about their model shows it is sustainable, respecting human rights, innovative or even real poverty alleviating. They just play with statistics and numbers like rankings just to demonstrate that they have beaten the western world (forced Olympics athleticism not native to the Chinese traditional sports is a jarring example).
We do have to improve our scale and speed of alleviating poverty and building infrastructure but not at the super speeds and the massively corrupt ways the CCP does it, which has devastated their resources so much so that they have become food insecure; and created some international financial criminal enterprises the likes of which the world has never seen.