In China, the total number of accounts holding credit cards peaked at 807 million in September 2022, but it has reduced by nearly 15 per cent during a 14-straight-quarter decline.
A UN report flags India as the region’s strongest growth engine, backed by domestic demand and services, even as global energy disruptions and trade pressures weigh on Asia Pacific economies.
The most significant advantage the India enjoys over China is of course its strong democratic tradition and decentralized model of governance as against China‘s highly centralized model which imposes its own limitations for a modern dynamic economy in the information age.
Russia and China, two nations appreciated the world over for their successful mission towards an egalitarian society during the socialist regime, are now the victims of severe income disparity.
