Summary
China has imposed an export ban on dual-use products to 28 U.S. defense contractors, including Lockheed Martin, Raytheon, Boeing, and General Dynamics, in retaliation for U.S. arms sales to Taiwan.
Ten firms were barred from trade and investments in China.
Beijing condemned the arms sales, citing violations of the One China principle and threats to Taiwan Strait stability.
The ban follows Taiwan’s recent receipt of advanced U.S. military equipment, including Abrams tanks, as the island bolsters its defenses against China’s military activities.
Correct, 5% of GDP, specifically from the private sector, would not effect China. It’d make some investors mad, but no one would lose their home, no one would starve, hell they wouldn’t even be out of work unless they refused public sector jobs - of which there are nearly twice as many as private sector jobs.
This is some real ignorance of basic macroeconomics.
What basic macroeconomics? The fact China’s economy is insulated from capital and isn’t reliant on imports anymore?
China isn’t a capitalist nation in anyway. They have a private market, which cannot effect the rest of the economy.
You could have saved a lot of time by just telling everyone that you’ve never been to China and have no clue how it really operates. The Nordics are more communist than China.
I do love it when people tell me a nation with a massive stock exchange and over 800 billionaires isn’t capitalist.
The nordics have less than 40% of their economy in the private sector? Got literally any sources for that little one?
Do you think that makes China communist? Could you share your definition of communism? Because I don’t think it’s Marx’s.
Apparently they couldn’t. They could accuse you of not reading your theory though.
Oh no, you’ve never read theory or anything even marginally related to economics from anything but a corporatist perspective.
I’m so sorry.
Anyway this discussion is above you. China is a socialist state. They are a dictatorship of the proletariat, not of capital. Their economy is centrally planned. Their economy is 60% publicly owned. The part of the economy that is a private market has nothing to do with anything essential to life. No part of Marx nor Lenin’s work precludes a market economy. Not one single part.
Read your theory.
You realise that during the great recession GDP dropped by less than 5% in the US right?