John Key on why China resists becoming like the US, despite internal problems with housing and debt. He argues China will keep growing and could overtake America economically, while India is poised for major expansion.
One thing that has happened is that the Chinese have worked out. I think they don't actually want to be like us, by the way. They certainly don't want to be like the United States. They think we don't like your labour laws, we don't, we don't like, sorry, your gun laws, we don't like your racial inequality. We don't like all the things you've got going on for you. We don't like a lot of stuff. Right. So anyway, they're out of favour. I think what happens is India is going to be on this significant growth path for a while. I think China is going to continue to grow despite what they say and they've got a terrible housing market and lots of issues at the moment. I still think they're just so colossal in their size that they will be not only a superpower but they'll have a bigger economy than the United States.
