Per capital _disposable_ income 31k->39k rmb since 2019 using local currency with minimal inflation. Measured in USD, most global players stagnent relative to strong USD last few years. Measure in PPP etc PRC growth exceed other major economies with increasing lead in GDP PPP gap, i.e. worldbank 2019 PRC 24T vs US 21T, 2023 PRC 34T vs US 27T. By useful competitive metric, PRC is speeding past vs stagnating.

Core inflation mostly normal 1-2%, there's only statistical near deflation because pork prices (big part of basket) collapsed now that stock has recovered from ASF. A few 10s of billions spend on semi industrial policy per year is drop in bucket, especially if it pays back in reducing 300B+ annual semi imports. Western FDI in general low single % of PRC aggregate investments. Overall PRC growth fine, most of slow down (~2% of GDP) can be attributed to restraining domestic RE. Meanwhile PRC exports increasing thanks to strong USD, much of which moving up value chain in intermediate goods and high tech, including mature semi.

Driving down cost of goods with low inflation, high competition (and involution) is the strategy for increasing domestic QoL and exports. It's not just about bumping GDP #s maximally, the point is to modelT things like EV to reasonable costs i.e. 5-10k usd for no frills value models. Higher % of production which are absorbed domestically relative other major car producers, i.e. most other producers have more excess capacity relative to PRC, with excess capacity itself just dogwhistle for competitive exports. Domestic consumption with proper accounting (i.e. including social transfer in kind), PRC about OECD average, US is simply anomalously high due to financialization of services like education.