Has China Largely Avoided Affects of the 2008 Recession or Did They Just Postpone It?
Recently growth in China has begun to plateau and there has been some interest in the direction of their economy. In 2008, China made a massive push to develop their infrastructure throughout the country with a goal of people being able to travel through China in 12 hours by 2025. They provided subsidies for steel and created millions of jobs. With the increase in production, this led to an increase in employment and income leading to the rise of China's middle class. Now China is facing a different problem where many millennials have left the countryside in search of better employment opportunities in the cities. Most of the railways necessary have been built and ghost towns have been created. The countryside is poor while cities are becoming more and more saturated. Therefore, will China see a recession in the near future or will they continue to remain largely unaffected by the 2008 recession?
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