Oddbean

China laments 'garbage time of history' as economy comes off peak and growth model hits dead end, expert says ========== Chinese citizens express discouragement about the economy, coining the term 'garbage time of history'; Bank of America lowers 2024 growth forecast to 4.8% from 5%; China's global GDP share peaked at 18.3% in 2021, now at 16.9% in 2023; U.S. GDP share is approximately 25%; Logan Wright from Rhodium Group states China's growth model is at a dead end due to credit and investment reliance; Financial system constrains growth; Shift towards advanced manufacturing and consumption needed; Xi Jinping's leadership may not fully grasp economic severity; PDD Holdings reports weak results, losing $50 billion in market value; Overproduction risks lead to potential economic doom loop. #China #Economy #Growth #XiJinping #BankOfAmerica #RhodiumGroup #PddHoldings #Gdp #FinancialSystem #Overproduction https://fortune.com/2024/09/08/china-economy-peak-growth-model-dead-end-garbage-time-of-history-xi-jinping/