The World economy went from excess demand before #GFC(Global financial crisil) to excess supply after it. #China's #trade #surpluses have therefore had an increasing depressing effect on global demand and world GDP growth since ~2006.
https://twitter.com/adam_tooze/status/1298453864367169536
2/ch Sustaining China GDP gr(based on 47% investment rt & 37% Consumption rt) requires, (1) Large surpluses of exportable manuf goods, (2) technology theft & forced technology transfers to ensure rate of return on investment remains +ve. Stop these & gr will decelerate sharply
3/ch Analysts accepting China data alleging 1-3% GDP gr in 2020, must show much is inventory accumulation? Besides its usual fudging of deflators, in 2020, #CCP11 has accumulated unsold inventory, to show(fake) +ve gr & hidden the resulting loses with credit from State banks🧐🤔
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