The momentum was kept alive even after Deng’s death in 1997. The practical exchange added traction to China’s economic growth. While Americans’ consumption of China’s low-priced factory products from cheap labor fueled growth for China, the United States could rein in inflation. The Chinese economy started to pick up from 1978 under Deng Xiaoping through the state-led growth model. The once mighty economy that fueled global growth is in a colossal crisis. Exports fell by a whopping 14.5 percent in July against the same period a year ago. Youth unemployment hovers above 20 percent, while investment gained just 3.4 percent. While most parts of the world are struggling with high inflation, China is faced with deflation with the consumer price index and producer price index retreating 0.3 percent and 4.4 percent on year to reflect the sluggishness in domestic demand. It was expected to rebound at around 5 percent after the reopening, but is still under the government-set threshold of 6 percent. The Chinese economy grew 2.24 percent in 2020, the first year of the Covid-19 pandemic, 8.45 percent in 2021 and 2.99 percent last year. Most of the data from China - growth rate, unemployment rate, domestic demand, investment and exports - are red flags. Skepticism about the world’s second largest economy is brewing in Wall Street and elsewhere. The statue was touted at its unveiling as the world's biggest bronze statue of the general, per the South China Morning Post.Ahn Dong-hyun The author is a professor of economics at Seoul National University. Additionally, it is located in an area where city regulations ban buildings from being taller than 78 feet, but the statue's advocates managed to wriggle around a regulatory loophole to get its construction greenlit. This was because the titanic version of the Chinese general cost around $26 million to build in 2016. First, it was constructed illegally, and then removed," local officials said of the statue in the central Chinese province of Hubei. "It's a waste of more than 300 million yuan ($46 million).
Guan Yu, a famed Three Kingdoms-era warrior, is worshipped and venerated in the country as a god of war. The eye-watering sum drew the ire of local anti-graft officials, who released a sharply-worded statement on September 7 calling for more oversight when approving "large projects" - like the construction of this colossal bronze statue back in 2016.
It'll cost the Chinese city of Jingzhou a whopping $20 million to relocate a 190-foot-tall statue of Chinese warrior-god Guan Yu. Visit Insider's homepage for more stories. It cost close to $26 million to build, but the Chinese government later said it ruined the area's landscape. WeiboĬhinese officials are wincing at the hefty $20 million cost of moving a 190-foot-tall bronze statue.Īn order was issued in December 2020 to relocate the colossal monument of Chinese warrior-god Guan Yu. It's currently being relocated, piece-by-piece, to a spot eight kilometers away - though the price of moving it will cost the government an eye-popping $20 million.
The 190-foot-tall statue of Chinese warrior god Guan Yu is located in Jingzhou, China.
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