JIM Rogers, international investor, author and adventurer, sat down with Shanghai Daily recently to discuss his views on China's economy, inflation outlook and commodity prices.
Q: You are bullish about China's future. Why is that? Do you see any setbacks in the next 10 years?
A: When I first came to China in 1984, none of the high-rises you see now in Shanghai were there. There was nothing except shacks and muddy streets. The progress China has made is staggering.
But there are going to be big setbacks. I don't know what or when. But every country that has risen has setbacks.
America was a mess and had a lot of setbacks just as it was on the verge of becoming the most successful country in the 20th century. China is going to have setbacks, too. Recession, droughts, famines; I don't know. You'll have them.
China is in a good position. You have very high savings rates, extremely good education, and overseas Chinese with lots of expertise and money to invest in China. So you have a lot of things going for China. I have little doubt that China will continue to succeed.
The only thing I worry about is water.
China has one of the worst water problems in the world. Unless you solve your water problem, there's no China story. I've been around the world a couple of times, I've seen whole cities, societies and countries disappear because of water problems.
The amount, quality and supply of water could lead to the end of China's story if the problem is not solved in time.
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