I learnt something listening to Prof. Keyu Jin describing how China achieved growth, and how it continues to develop fast. She describes a model centred around mayors, who are not simply time serving politicians, but entrepreneurs competing with one another. Cities and regions are not sitting back living off property or real estate taxes, but instead they promote successful businesses which are then taxed. Business profits come before property tax.
Basically, the west stifles entrepreneurship, while China rewards it.
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