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1) It's not great, however it's not Xi's main point, wealth was Deng Xoaping's promise to China, respect is Xi's promise. Xi is actively expending wealth in trade for respect (military, belt and road, space program, etc.). This was foundational in Xi's being chosen as leader, he cut his chops preparing Beijing for the olympics 2008 international show -- a respect event, not an economic one. 2) No. USA is the leading economy not because of economy but because of dollar hegemony, which insulates it from shocks that the RMB is subjected to. If belt-and-road nations start using RMB as reserve currency (and non-swift banking systems), regardless of economic power, that would challenge USA as leading economy. This is being attempted, but not covered much, for example the sino-russian deal to trade oil and gold in RMB instead of using the OPEC petro-dollar. 3) India is a more socially volatile than China, considering regions like Kashmir and social discord like lower-castes. If India were the #2 or #1 it would suddenly have these situations magnified the way China's situations are scrutinized on the world stage, leading to more aggressive challenges. India currently gets a free pass on inequality and climate etc. because it's a 'democracy.' Vietnam doesn't have the framework to challenge either effectively. 4) Not super, but again not terrible. The main thing is income distribution, not GDP. It may mean less iphones but doesn't necessarily mean less Huaweis, inside the mainland a Huawei is only about 60% the price you see in USA and doesn't represent a major drop in quality of life. 5) This is more a function of capital control I feel. They are a long long way from panic-flight ala Venezuela. Expats at this point are more luxury expats. Lots of other asians immigrate into China for a better life. Regardless, the China diaspora is already huge, and largely welcome in every country the immigrate to. |