Japan in 1990 was sustainable has nothing to do with whether China is sustainable now. 10:13 The two are entirely different scenarios. In China, the situation is still playing out now, and trying to achieve a soft landing. They are making many decisions to save the economy like printing money. We will have to wait and see the result.
Great point! Many of these economic issues are extremely complicated and even the best economists in the world can only make their best 'educated guess'. However, many people don't appreciate that the current mainland Chinese economic model does not really fit in to either the socialist or capitalist economic models. Like it or not, there are far too many tools and interventions the Chinese government can do and western economies cannot. I personally see the former colonial model in Hong Kong will not work in the future and people in Hong Kong should embrace change and redefine itself for the next century. In the last 100 years, the West has dominated the world's economy, and HK as a place has benefitted from being a British Colony dramatically. With the seismic change in almost every aspect in world affairs, what worked in the past will almost guarantee it won't work in the future. Hong Kong has to and will transform itself, whether the people want it or not.
Yes, China is in charge of HK now, its different from the past. Its still a cake in the baking. Whether 50 years or 25 years, it will be remodelled. China also said HK should prosper as part of the Greater Bay Area.
Back to the basic, China is not a market driven economy. The country doesn't want its people rich. It sacrifices the people to protect its regime. What you said is right but doesn't apply as priority is different.