boys, while you argue history:
Eurozone manufacturing records strongest growth in over two-and-a-half
years
Data collected 5-16 December.
Final Eurozone Manufacturing PMI at 52.7 in
December (31-month high)
Rising output and fuller order books encourage
manufacturers to hold off from further job cuts
New export orders continue to rise at solid pace
http://www.markiteconomics.com/Survey/PressRelease.mvc/b2dfe04a4c1e4e71802d7338b698602f
While in China, the CCP is trying to ween off large SOE's from the money printer and each time it tries to do so, loan rates spike exponentially. Add to that the estimated 3 trillion of local government debt.......which is a cycle actually, local gov. takes credit to appease large SOE's so they keep manufacturing in their province, so the numbers show low unemployment, high export....and local gov takes loans to build gigantic projects which will probably never be profitable, and i am not talking about HSR, talking about all the building that was done for nothing else but to inflate province gdp.
When this bubble will finally burst, we will see how much of China's numbers were real economy and how much was bloated without any potential on return on investment. And incase you need some links:
In a survey of 36 local governments released in June, China's state auditor said that among the 223 financing vehicles run by these governments, 151 of them failed to generate enough revenue to cover their annual debt repayment. "Because of their inadequate repayment ability, some provincial capitals had to borrow new debt to pay for their old debt," the state auditor said.
China Seeks Clearer View of Government Debt Mountain - WSJ.com
As for India, i pretty much agree with statement by @
karan21. It's too big and chaotic for democracy to make a fast dash to prosperity. You'd need an iron hand.
The natality rate will eventually **** you up royally, young men with nothing but time on their hands. If i would get creative a bit, young men with time on their hands today plus the Indian prohibitive culture of unmarried male-female bonding is already producing nasty results.
The comparison with China isn't a proper one, if you read this and said "
what's this guy saying, if China did it so can we". I can offer two arguments in support of my view:
1.) In China there is iron discipline to reach a certain goal, if CCP says it is so, it is so and end of conversation.
2.) China is receiving 8 bill.$ a month of foreign investment for the last 30 years
(number accurate as of middle of last year, don't know the newest stats). There will never again be such an investment spree in cheap manufacturing because there are new developments in the pipeline that would bring and in some cases are already bringing manufacturing back to home.
Worthy of mention at this place is also the fact that with the recent trade deal the requirement of a JV with a Chinese partner was removed for a company wanting to produce and sell their stuff on the Chinese market.
3.) India has none of the above apart from some IT R&D.
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You guys are like stuck in some temporal loop from the summer of 2012. Things change.