From 18,000 to 26 Points, Hong Kong’s Stock Market Plummets Like a Laxative Effect, 99% in Decline
The other major stock markets have not fallen. What we are seeing is the collapse of China while other markets do well. You have to understand that the manufacturing that China did has been replaced by 3d printers, robotics and machine learning. That is good for many businesses, they are seeing improvements in their business: faster, better, cheaper, safer. But it is devastating to the millions of Chinese that lost their jobs, about 50% unemployment, ghost cities, collapse of their real estate market, bankruptcies, etc.
The thing to realize is that what is "good" for the investor is not the same thing as what is good for the workers.
Also remember, China had the Olympics in 2008 and it seemed like they were ascendant, they had the olympics in 2022 as well and at that point it seemed we could start to see cracks in thy system, but no one saw this coming. How far have they fallen in the last two years!
I think the same is true of these other countries. Yes, AI will be great news for companies, terrible news for employees, and then devastating to the local economy.