Here are a few facts about China you should know:
1. China has grown since 1990, when its economy was the same size as ours, in three spurts
2. The first spurt between 1990-97 was funded almost entirely by expatriate Chinese investing in China. These were expatriates from China's prosperous littoral. Hong Kong, Singapore, Malaysia, Phillipinnes, Taiwan. They bought infra bonds and invested in state sponsored and guaranteed industries which were used to fund Chinese infrastructure and secondary industries. China grew to twice our economic size in nominal dollar terms.
3. The second spurt of growth was between 1998-2005 and was again funded by continued expat money, supplemented by home savings mobilization and for the first time, huge FDI investments by US and European MNCs. China grew to 2.5x our economic size and overtook Britain and France.
4. The third spurt was between 2006-2012 & shrugged off the global crash by funding its growth with primarily MNC investment. It did not even have to touch its massive Forex reserve at the time and used principally FDI and FII money looking for safer shores to fuel, unfortunately and inevitably, a bit of a bubble in stocks, over supply of real estate & an unprecedented bull run in commodities. Its economy in nominal dollars became 4.0x India's and it overtook Germany and Japan to become the second largest global economy.
So where, my dear Kejriwal, do you see //China made itself strong on its own and then sought investments abroad// in this story?
Stop spewing rubbish about stuff you do not know. Stick to what you know best. Conning the impatient and gullible public of Delhi.
Written by Shamik Moitra
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