Yeah but as you noted its not just China. Veitnam and the rest. The same thing.
Fluff noted 4% uneploed but they also went from making stuff to stacking shelves. Manufacturing pays way better for an economy and double it if thats not imported. Crazy world of free trade .. a suckers game as it shows in German manufacturing. Its made elsewhere. Aussie polititians spat on their industry and still do. Take away their minerals though and they would be broke. Same with us without the rain.
The biggest factor to me, is that we are outsourcing the manufacturing to China, which with the best will in the world, has a very different way of running their country, and hence how they relate to the world. Everyone will then tell you that China needs our money, orders etc, to keep people happy. But this argument didn't work with Russia/Putin/Europe/Gas. Do we need a second demonstration of this?
Germany is absolutely shitting themselves, with negative GDP etc. China took the cheap end of the market, now its taking the quality end of the market.
Beyond that, what is the logic, of shipping coal, iron ore etc to China, to make something then shipping that item half way round the world to me? if the person making it in china enjoys health care, clean air, etc it will cost exactly the same as making it in Europe, or UK or USA.
No-one needs to be making 100% of everything, this would stiffle invention, and competition, but we should be making 50% of most things we need.
We also cannot rely on the argument that China makes flip flops, Europe and USA make passenger planes, China will have its own plane in 5 years time, first in china, then 5 years later certified for the rest of the world.
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