Chapter 452
Just as people have different personalities, so do economists.
Some advocate for a large government, while others argue for a small government. Some view the economic situation optimistically, while others see it pessimistically.
Professor Yu Hewei is a representative pessimist, to the extent that he is called China's Dr. Doom.
Even before the collapse of the Shanghai Composite Index in 2015, there were voices of concern about a bubble, but he was the only one who accurately predicted its timing and scale.
There are people in the world who can predict such things without any special abilities like foresight.
Professor Yu Hewei, who is now in his early 50s, is a pure Chinese native, not someone who studied abroad. His English is not very good, so he spoke in Chinese for difficult topics, and Ellie interpreted in the middle.
"As you know, China's growth rate is continuously declining."
It is natural for the growth rate to decrease as the size of the GDP increases. In the first place, it is impossible for a country of China's size to achieve high growth of nearly 10 percent every year.
The problem is the trend. The rate of decline in the growth rate is steeper than expected.