In this sobering article by F. William Engdahl, the Chinese economy will be in no position to pull western capitalist states out of the mess they have created. In fact, China is having problems of its own. For one thing the claim to have eradicated absolute poverty is questionable, since the statistics only counted the rural poor, not the urban poor. Secondly, while the rate of unemployment of 6-7 percent is good, this only accounts for the Chinese who work in cities. It does not include rural or migrant workers. Thirdly, there is growing debt. Lastly, Chinese loans to Pakistan, Ethiopia and Venezuela for the New Silk Road project cannot be expected to be paid on time as all three states are financially weak.
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