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So how is it that China suddenly has so much money to invest in international real estate?
To answer that, we have to travel back to the not so distant past. It is 1976 and Mao Zedong lays dying in bed. This charismatic man led the Communists to victory after more than 20 years of civil war, united the nation and began to earn back the respect from other nations that China for so many decades had lost.
Mao also sealed China from the world and launched the Great Leap Forward and the Cultural Revolution. These two campaigns stopped the country’s economy in its track, caused massive social upheaval and even led to tens of millions of deaths.
After Mao’s death, a man named Deng Xiaoping emerged as the dominant figure in China. He pushed economic reforms on a bigger scale than anything seen in any other country until the Soviet Block collapsed after the Berlin Wall fell in 1989.
While Mao’s most famous quote is probably "Political power grows out of the barrel of a gunâ€, Deng had very different priorities. He was a pragmatist and a man a Western economist could grow to love. One of Deng’s most famous lines is, "To be rich is gloriousâ€.
The incredible wealth China has today began with these two men. Mao brought the country together and gave new backbone to its fragmented political structure, and Deng carried out the economic changes that would cause China’s economy to flourish and lift hundreds of millions of people out of extreme poverty. Not incidentally, he also inducted tens of millions of them into the class of billionaires, millionaires, and merely well off.
Hopefully, this little history lesson has given you a better understanding of China’s massive growth. With future growth rates predicted to hover around 7% or 8% per year, China’s massive economy will only become bigger. And, the number of Chinese looking to buy international property will also continue to grow.
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