Knowitall
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It's worth pointing out that those 350% estimates are for *all* public and private debt in China. In 2019, the total debt to GDP ratio in Japan was over 450% and at around 330% in the US. Since GDP is contracting in Japan and the US while government spending has gone up significantly, they are almost certainly significantly worse nowWhat Chinese produce is mostly commodity and low margin stuff. The US and Europe got out of manufacturing precisely because the margins are low and the capex is high. After the 2008 crisis, American consumers pulled back on spending. To offset the fall in demand, the Chinese created ghost towns and projects like CPEC where countries like Pakistan were used to create artificial demand for Chinese surplus infrastructure.
Chinese debt to GDP ratio is 300+ %, very large and unsustainable. With Europe and US aging, where is demand going to come from ? Young countries like India. But at some point after India gets its act together, Indian companies will produce the same stuff as Chinese at lower cost (because labour cost is lower). Which means India can do to China what China did to the USA and Europe.
China has already started off shoring their low end manufacturing to African countries while they themselves move upwards in the supply chain.