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No, if it was just a matter of having a well developed economy whose fruits are distributed poorly, then their GDP per capita (literally economic output divided by people) would be high.
But it’s not. It’s among the middle-income countries, just below Malaysia. Which seems about right in terms of the quality of life of the average citizen.
If this passes, this would have the perverse effect of making China (and maybe to a lesser extent the Middle East) the leading suppliers of open source / open weight AI models…