new Delhi: At a time when China has begun its economic expansion programs, ZION News’ international channel WION explores the growing debt and economic inaction on China through the theme ‘Decoding China’ at its Global Summit. .
Dexter Roberts of the Mansfield Center, speaking at the WION Global Summit, said, “China’s reform programs have been stuck for 5-6 years and will not help the middle class to progress”.
Dexter Roberts further said that China will no longer be able to retain its place of global growth driver.
At the same time, the author of ‘Superpower Interrupted’, Michael Shuman, stressed that the biggest challenge for China is ‘allocation of resources’, while it is constantly strengthening its infrastructure.
He said, ‘In China you find that a lot of China’s money is invested in all unproductive sectors and companies. Money is taken from private companies while these companies are far more productive than government undertakings.
Schumann says with confidence that China is unable to break out of the vicious cycle of lending, which lends strength to its ‘dead heavy economy’.
Dexter Roberts asserts that the immigrant population is being treated like a ‘second class citizen’ in China with increasing pressure on Chinese leaders. Dexter Roberts feels that ‘urban Chinese have been taking advantage in this indirect deal’.
Dini McMahon, author of China’s Great Wall of Debt, said, “If debt grows at its normal pace, it increases economic growth.” But what we find in China is that it will be very difficult to find such infrastructure projects that are going to take loans and generate economic returns’.