While China may be racking up trade surpluses, it has great difficulty in balancing out its economy and controlling its debt.
. In fact, the country’s competitiveness carries with it the germs of its own contradiction and of its own precariousness, because their exports are only competitive if their workers get paid as little as possible relative to their productivity. Nations that show, with pride and arrogance, chronic and long-term export surpluses are also those where social welfare and salaries are the lowest when compared with those of their trade partners in any case.
A huge player in the export game, China has clearly not escaped this macroeconomic madness that demands that its competitiveness comes off the back and at the expense of its workers who find themselves in peril with their purchasing power compromised. Countries as differing as Vietnam, China, Germany, and Japan, therefore, owe their exporting successes to the fact that a smaller proportion of their GDP is repaid to their population, their households, and their workforce.
As it would be difficult to withdraw this aid from the business world that has already been led astray by many resounding bankruptcies and other solvency problems, it is the local governments of China that must now expect to see a gradual drying up ofChina’s financial stability finds itself fundamentally comprised.
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