Well technically China is a "Developed" nation, as in they have more than enough wealth that frist world countires have. The only reason why there is alot of poverty in China is becaue of the oppressive communist regime they have over there, the average Chinese person makes next to nothing and they have no means to improve their lot in life because the government won't allow it.
For instance in democracies (which use capitilism with some socialism) you can say start your own business and make a profit or work and save your money and have it grow over time (and pay some taxes to fund needed services), in communist countries that doesn't happen because you CAN'T make anymore money. It's illegal to do so, only the Government officials there live a good life.
So your opinion on China's wages and standard of livingincreasing to be at par with the US and Europe is wrong, the Chinese government won't let them get higher in life. The country as a whole is very rich, but that doesn't mean everyone get's the wealth, only their government does.
Winston Churchill said it best " The inherent vice of capitilsm is the unequal sharing of blessings, The inherent virtue of Socialism is the equal sharing of misseries" By socialism he meant Marxist socialsm/communism, not the nesseccary socialism that is nesseccary in every captilist and democracy. Yes there is a difference.
Eventually I think the Chinese economy will hit a wall, the entire Chinese economy is dependent on us and other democracies trading with them. If we stopped then China would no longer be an issue.
ShadowMoses900
China's economy will eventually turn the corner from being an export/producer econmy to being an consumer econmy. I should have used the term "emerging market" rather than "developed nation", as China has yet to turn the corner to a more mature economy. Regardless, they've become more and more capitalist over the last 20 years, and the barriers to entry to business ownership asyou might imagine.
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