> 6% growth would be the envy of many countries. For comparison, the last time the US did that was 1984
No, not exactly. It has to be contextualised. Growing 2% if you're already rich is fine. It's essentially a promise they'll stay rich, and get ever so slightly richer. But 2% growth for someone who earns next to nothing, is basically a promise that they'll be poor forever.
So let's compare the US in 1984 when it last had China's growth, and China today when it last had... China's growth.
https://ourworldindata.org/grapher/maddison-data-gdp-per-cap...
In 1984, US (inflation-adjusted, 2011 dollars) had a GDP per capita of $32k. China today is at $12k.
6% might be okay for the US. But for the almost 1.4 billion Chinese (who live on an income distribution, i.e. almost 700 million people living on less than that $12k, and hundreds of millions on quite very little), 6% may not be the promise they'll accept from their government for long.
Not saying it's low-growth, but you can't just compare it to rich countries. The standard is very different, and China will be anxious to crank it back up.
No, not exactly. It has to be contextualised. Growing 2% if you're already rich is fine. It's essentially a promise they'll stay rich, and get ever so slightly richer. But 2% growth for someone who earns next to nothing, is basically a promise that they'll be poor forever.
So let's compare the US in 1984 when it last had China's growth, and China today when it last had... China's growth.
https://ourworldindata.org/grapher/maddison-data-gdp-per-cap...
In 1984, US (inflation-adjusted, 2011 dollars) had a GDP per capita of $32k. China today is at $12k.
6% might be okay for the US. But for the almost 1.4 billion Chinese (who live on an income distribution, i.e. almost 700 million people living on less than that $12k, and hundreds of millions on quite very little), 6% may not be the promise they'll accept from their government for long.
Not saying it's low-growth, but you can't just compare it to rich countries. The standard is very different, and China will be anxious to crank it back up.