"How China Fooled the World" is a documentary film produced by Martin Durkin and broadcasted on Channel 4 in the UK in 2014. The film explores the impact of China's rapid economic growth on the global economy and argues that China's success story is not what it seems.
The documentary opens by highlighting the impressive growth rates of the Chinese economy, which have outpaced those of the West over the past few decades. It then goes on to question the sustainability of this growth, pointing out that much of it has been fueled by cheap credit, government subsidies, and exports to the West. The film suggests that China has been able to maintain its growth by manipulating its currency, suppressing wages, and flouting international trade rules.
One of the main arguments of the film is that China has built up massive overcapacity in its industries, particularly in steel and other heavy industries. This overcapacity has driven down prices and hurt producers in other countries, leading to accusations of unfair competition. The film argues that the Chinese government has been slow to address this problem, instead relying on more credit-fueled growth to keep the economy going.
Another focus of the documentary is the role of corruption in the Chinese economy. The film argues that corruption is endemic in China, and that it has helped to fuel the country's rapid growth. The documentary features interviews with Chinese businessmen and officials who describe how bribery and kickbacks are commonplace in the country. The film suggests that this corruption is a major obstacle to further economic reform in China.
Overall, "How China Fooled the World" is a thought-provoking and provocative look at the Chinese economy and its impact on the world. While some of the film's arguments may be controversial, it raises important questions about the sustainability of China's growth and the role of the government in the country's economy. Whether or not one agrees with the film's conclusions, it is a valuable contribution to the ongoing debate about China's place in the global economy.