The Rising Influence of Rising Affluence

[DewDiligence]

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The process of modernization has historically been impervious to shocks, although there always are shocks. There will be a banking bust -- many banking busts -- before China finishes modernizing. There will be one or more real-estate crashes. I'm sure there will be social unrest. I'm sure there will be crass violations of human rights and property rights. Everybody has a reason to think China's model has to fail. And yet…, for the 10 years I've been writing China notes, GDP growth has averaged 9.5%. So, I stick to my guns: Modernization in China is inexorable.