Episode 93: Frank Dikötter on China’s Uneven Rise
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The Economic Miracle of the Republic of China
In 1976, the World Bank declares that China has a GDP per capita per person at number 123. At the end of the millennium, after 25 years of reform and opening up, it ranks 130. It means very much that at the local level, it is your party secretary who will decide where some of that money goes. A great amount of that wealth goes to the state, not to the people. There's astonishing waste and local incompetence. The economy is built on speculation that there's massive debt.
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