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Joshua Bateman — Why China is spending billions to develop an army of robots to turbocharge its economy

Summary:
Chinese President Xi Jinping has called for a robot revolution in manufacturing to boost productivity. Wages in China are rising, and it's becoming harder to compete with cheap labor. An aging population in China also necessitates automation. The working-age population, people age 15 to 64, could drop to 800 million by 2050 from 998 million today. Chinese robotic growth is forecast to exceed 20 percent annually through 2020. Interesting article to read in full. China's socialist ideology commits the elite to dealing with inequality in a way that capitalist ideology doesn't. It will be interesting to see how this plays out as it develops. I suspect that China will recognize that it is a demand problem long before the West does. CNBC — The EdgeWhy China is spending billions to develop

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  • Chinese President Xi Jinping has called for a robot revolution in manufacturing to boost productivity.
  • Wages in China are rising, and it's becoming harder to compete with cheap labor.
  • An aging population in China also necessitates automation. The working-age population, people age 15 to 64, could drop to 800 million by 2050 from 998 million today.
  • Chinese robotic growth is forecast to exceed 20 percent annually through 2020.
Interesting article to read in full.

China's socialist ideology commits the elite to dealing with inequality in a way that capitalist ideology doesn't. It will be interesting to see how this plays out as it develops. I suspect that China will recognize that it is a demand problem long before the West does.

CNBC — The Edge
Why China is spending billions to develop an army of robots to turbocharge its economy
Joshua Bateman, CNBC contributor
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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