Elon Musk claims there are ‘far more’ smart, hardworking people in China than in the US
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The U.S. has long held the title of the world's leading economic powerhouse, boasting the highest GDP both overall and per capita.
However, China's rapid ascent is reshaping the global economic landscape. According to Tesla CEO Elon Musk, this formidable economic power from the east possesses a distinct advantage over the U.S.
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“The sheer number of really smart, hardworking people in China is incredible,” Musk said during a 2023 interview with podcaster Lex Fridman. “How many smart, hardworking people are there in China? There’s far more of them there than there are here, I think, in my opinion, and they’ve got a lot of energy.”
The tech billionaire highlighted the country’s infrastructural development.
“The architecture in China that’s in recent years is far more impressive than the U.S. I mean the train stations, the buildings, the high-speed rail, everything, it’s really far more impressive than what we have in the U.S.,” he noted. “I recommend somebody just go to Shanghai and Beijing, look at the buildings, and go take the train from Beijing to Xi’An, where you have the terracotta warriors.”
Over the past few decades, China has embarked on numerous ambitious projects, including the construction of the world's largest high-speed rail network, extensive modern highways, and countless bridges, including some of the longest in the world.
If Musk is right and China has a uniquely strong and dynamic workforce driving its economy, the country could present unique investment opportunities.
Unfortunately, the Shanghai Stock Exchange Composite Index is less than 1% higher so far this year. According to a Reuters article from April, the stock market has struggled because the economic recovery remains bumpy and uneven, the real estate sector is in a prolonged downturn, pension and endowment funds in the U.S. and its allies have cut China’s exposure to avoid political risks and there's been a regulatory crackdown on the tech sector.
Here’s a look at two easy ways to tap into this growing market.
Invest in Chinese stocks
One of the most direct ways to capitalize on China's economic growth is through investing in Chinese companies. China's stock market, which includes major exchanges in Shanghai and Shenzhen, offers a wide array of opportunities in sectors such as technology, consumer goods, and renewable energy.