Since the depression is global, then I do believe it is hitting China as well as it is us.
The difference, IMHO, is that China has been building up a manufacturing infrastructure while America has been disassembling ours and replacing it with a service industry infrastructure.
It is my personal opinion that a country with a manufacturing base can grow it’s GDP. In fact, the P in GDP stands for PRODUCT, it does not stand for SERVICE. I also, personally, determine wealth by not only money, but products owned - but in any case, it is not services received that creates wealth. I can hire an attorney all day long, but that attorney did not give me wealth, it may have given me knowledge, but not wealth. If I were to take that knowledge and change raw materials into some PRODUCT then that PRODUCT would give me wealth.
It’s a fine line, and I’m sure some of you will attempt to disagree with me (some because they legitimately don’t understand what I am trying to say, some because they honestly think I am wrong, and some out of pure habit.)
That said, a nation with a manufacturing basis will be able to recover from depression and experience less impact from a depression than a nation who relies on services for it’s economy.
To put it into perspective:
If Nation A makes tanks then they have tanks.
If Nation B cleans Nation A’s tanks, then they have nothing.
