A prestigious economist warns that China is heading for a “very unpleasant crisis” because Xi Jinping no longer acts like a communist. The car of the phrase is the renowned economist Paul Krugman.
“China is a strange place from an ideological point of view. In reality, it is not a communist society from any normal point of view,” said the Nobel Prize winner in Economics in the New York Times.
“On the one hand, they don’t like giving people money. They also don’t like people to be financially independent, because they still want the Government to be in control.“, he added.
For the expert “China is facing a major economic crisis and has reached the limit of what it has been doing to keep its economy afloat”unless “If the Chinese government is willing to face the need to do something very different, China is heading towards a very unpleasant crisis.”
“China is proud to have a deeply hypocritical regime. He preaches Marxism, equality and the next communist utopia, and practices rapacious and highly unequal capitalism“concludes Krugman.