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the Yuan has been directed toward to building of productive supply chains and infrastructure
Why bother having a currency at all then? Just issue everyone an order on what they should be making, and then you'll have a perfectly efficiently economy. That's what taxation/inflation is.
Because China operates a mixed economy with state direction of strategic capital and a highly competitive private sector and labour market underneath that.
It is a hybrid of socialism and capitalism- state capitalism.
The private sector benefits hugly from such things as low cost electricity
Combining the best of both and demonstrably now out competing the wests crony capitalists.
In other words the parasite knows not to kill the host.
You do not seem to understand the concept of a symbiotic relationship which creates an advantage for the participants.
In this case the symbiotic relationship is a government and its people building an economy that is stronger than competing nations.
You need to understand fiat money can be a potent driver of growth IF it is applied diligently.
It can equally be a wasted and misused mechanism if it results in the allocation of too much capital toward speculative non productive purposes which do not ultimately compensate for the collective debasement of the currency that is incurred.
How is it "symbiotic" if it isn't voluntary? If the government wants to be a benevolent servant then it should politely request donations instead of resorting to death threats and scam tokens, or offer some form of equity and ROI in exchange for the money. There would be no need for force or deception if the relationship between nation and state were genuinely a win-win proposition.
How is it "symbiotic" if it isn't voluntary?
You are free to leave anytime you please.
Hysterical Libertarian is free to go live outside of the nation state.
But is he insane or suicidal enough to do it?
No hes a hypocrit and parasite leeching off the welath and security the nation state afford his self entitled fat & lazy arse.
I did escape. I've never held a cash balance over $1,000 in my life. I have leveraged bets against my government's currency and my income is low enough to avoid taxes completely. And yes I take whatever bit of welfare they dish out. That's how I know the system is a scam.
I'm not the one getting ripped off. The state exploits hard working rule followers with families and ambitions, not me.
也許我國徹底崩潰之後我去中共國一趟。社會主義者那麼喜歡支援貧民，有人應該好好享受。
Admits to being a parasite.
Dares not leave the snug and secure embrace of the nation state.
Lazy hypocrit.
In war fiat enables the combatant nation states to leverage all of their citizens monetary wealth toward victory.
The same applies in a trade war.
China and USA are already engaged in such a contest.
The dollar is losing because the dollar has been squandered upon inflating the price of non productive assets while the Yuan has been directed toward to building of productive supply chains and infrastructure.
USA cannot make useful things anymore.
It cannot make the hardware required for a modern war.
Rare earths for example.
To win you need to print and spend on useful things and USA didn't do that.
Trump is trying to turn that around now but its almost certainly too little far too late.