[wqnt]

I agree with most of your observations but disagree with your interpretations.

China's per capita GDP is only 8000 USD (vs 57000 for USA). So average Chinese people are still poor, and only few people are rich. But that's what is supposed to happen in a developing country undergone huge socio-economic changes.Also impoverished districts and poor people on streets can be found in pretty much any country, developed or not.

Older Chinese people (born before 1980) are mostly savers with mortgage paid off. Younger Chinese in big cities are more open to spending. Because those older people still hold majority of the existing wealth, China is a saver economy overall. That may change when younger generations start to take over. Housing is expensive and bubbly in big cities and certain regions but more affordable in smaller cities and rural areas. There is no property tax on housing in China and rent is expected to rise for many years to come. So high property cost is not as crazy as the price comparison suggests.

Chinese economy has some problems. Its debt load and housing bubble may bring major slowdown to the economy. But a recession will not be the end of China. Economic cycles should occur in China anyway. USA has experienced many financial crises and recessions and is still doing fine.

Pollution is bad in China, as in many other developing countries and in US and Europe a hundred years ago. That does not contradict its leading status in green-tech investment and research. Big problems lead to big problem-solving effort and political support.