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China Won
- Thread starter yinyang
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How China’s Economy Is Poised to Win the Future
Ng Han Guan—AP/REX/ShutterstockMandatory Credit: Photo by AP/REX/Shutterstock (9141179ad) Chinese President Xi Jinping, center, presides over the opening ceremony of the 19th Party Congress held at the Great Hall of the People in Beijing . Xi on Wednesday urged a reinvigorated Communist Party to take on a more forceful role in society and economic development to better address "grim" challenges facing the country as he opened a twice-a-decade national congress Party Congress, Beijing, China - 18 Oct 2017
China's state-dominated economy is built to win the future
President Trump has plenty of work to do during his 10-day tour of Asia in November. In Japan and South Korea, he must reassure nervous allies that an “America first” foreign policy does not mean the U.S. has ceded regional dominance to China. In Vietnam and the Philippines, he has to communicate deep U.S. interest in balancing China’s influence in Southeast Asia.
But the most important stop will be in Beijing, where Trump will meet President Xi Jinping for the first time since the Chinese leader heralded a “new era” in global politics at his pivotal party congress in October. Trump will try to project strength while calling for closer cooperation on North Korea and on resolving trade disputes. But he arrives at a moment when China, not the U.S., is the single most powerful actor in the global economy.
The Chinese authoritarian-capitalist model wasn’t supposed to survive in a global free market, let alone thrive. As recently as five years ago, there was consensus that China would one day need fundamental political reform for the state to maintain its legitimacy and that China could not sustain its state capitalist system. Today China’s political and economic system is better equipped and perhaps even more sustainable than the American model, which has dominated the international system since the end of World War II. While the U.S. economy remains the world’s largest, China’s ability to use state-owned companies to boost the party’s domestic and foreign influence ensures that the emerging giant is on track to surpass U.S. GDP in 2029, according to the Center for Economics and Business Research.
The U.S. is hardly irrelevant. The dollar remains the global reserve currency, an exorbitant privilege that will likely last for years to come. Wealthy Chinese continue to invest in U.S. real estate and send their kids to U.S. schools. But the pillars of U.S. power–its military alliances, its trade leadership and its willingness to promote Western political values–are eroding.
At the same time, the leaders of other emerging powers–not just Russia but also democracies like India and Turkey–are following China’s lead in building systems where government embraces commerce while tightening control over domestic politics, economic competition and control of information. This process has been in motion for many years, but China now has its strongest leader in decades, and the U.S. has its weakest. Americans and Europeans have always assumed that the long arc of human development bends toward liberal democracy. What if they’re wrong?
There’s an old, likely apocryphal story that, during a visit to China several decades ago, economist and free-market fundamentalist Milton Friedman visited a site where workers were building a canal. When he asked his host why the workers were using shovels and wheelbarrows rather than modern equipment like tractors, he was told that the project’s purpose was to create jobs. If it’s jobs you want, Friedman asked, why not give the workers spoons instead of shovels?
Times have changed since then, but not all that much–the reality remains that it is far easier for Xi to command Chinese officials to create and protect jobs than, for example, it was for Barack Obama to persuade Republican lawmakers to bail out the U.S. auto industry in the wake of the U.S. financial crisis. Beijing offers direct financial and political support for its strategic industries, 365 days a year. The government protects Chinese companies charged with stealing the intellectual property of foreign firms. It provides direct funding for strategic sectors. It writes laws designed specifically to help them grow. And it engages in industrial espionage and cyberattacks against foreign competitors.
This level of protection is especially important in an age when the most important variables globally will be the pace and scale of technological change. Automation has already upended labor demographics in the developed world; 87.8% of manufacturing jobs lost in the U.S. between 2000 and 2010 were the result of automation and improved technology, according to a 2015 study by Ball State University. Technological upheaval is now poised to displace hundreds of millions of workers in the developing world, including many who have only recently risen from poverty. But the Chinese government’s finer control of its economy will help absorb some of the shock that will have bigger effects elsewhere.
Take China’s big three oil companies. CNOOC, PetroChina and Sinopec have each benefitted from large infusions of cash from the state via state-owned banks. Similarly, the heavily indebted state-owned chemical giant ChemChina was able to acquire Swiss firm Syngenta and its biotech assets for $43 billion only because the Chinese government made clear that food security in China is a strategic priority–and that the state would guarantee ChemChina’s financial stability. Private firms benefit too. Telecoms firm Huawei is poised to dominate the global deployment of fifth-generation mobile infrastructure, particularly in developing countries, thanks to a hefty credit line from China Development Bank, which lends in support of the Chinese government’s policy agenda. Trump can only envy the Chinese government’s ability to use policy and subsidy to decide which companies will win and which will lose–and the power that that reflects on the ruling party.
But jobs and industry are not the only ways that China’s leaders ensure political unity. They also use technology to bolster the ruling party’s political control in ways that Western governments can’t. As we embark on the world’s biggest social experiment ever–entire generations interacting with society primarily through smartphones–we’ll see enormous power for institutions that have the means to control those interactions and the data they produce.
In the West, companies use algorithms to expand profitability, while citizens use them to become better-informed consumers. In China, companies use algorithms at the behest of the government to ensure that citizens remain within the rules of order set by the political leadership. There is no better example of this than the “social credit system” that China is developing, a system that allows state officials to assess a person’s financial data, social connections, consumption habits and respect for the law to establish the citizen’s “trustworthiness.”
Imagine a credit report that reveals whether you’ve ever committed a crime, been caught cheating on a test, been drunk in public, missed an alimony payment, been fired from a job, signed a petition, visited undesirable websites, been photographed at a protest or written something on the Internet that led administrators to question your loyalty to the state. A good social credit score could lead to a promotion, a raise, a better apartment, admission to a good school, access to state-approved dating websites, better stores, better doctors, the right to travel, a more generous pension and important opportunities for your children. A bad score could put you in jail.
The potential for intrusion into 1.4 billion personal lives is unprecedented. Published information on the plan by China’s State Council says it is intended as a safeguard against, among other things, “conduct that seriously undermines … the normal social order” and “assembling to disrupt social order [and] endangering national defense interests.” The plan’s ultimate purpose, according to Chinese officials, is to “allow the trustworthy to roam everywhere under heaven while making it hard for the discredited to take a single step.” For Westerners, this is a shocking abuse of state power and an unthinkable invasion of personal privacy. In China, these are the tools officials will use to build a more “harmonious society.” China’s largest dating site, Baihe, already allows users to display their credit scores in their dating profiles.
But China’s most important ambitions are in artificial intelligence. This is the space race of the 21st century, but one with a much more direct impact on the lives and livelihoods of citizens. The biggest technological breakthroughs in AI will demand the kind of planning and investment that the U.S. once poured into the Manhattan Project or the race to the moon. However, the U.S. government no longer has the political will to muster this kind of sustained long-term commitment and has outsourced innovation to Silicon Valley. U.S. tech firms will have the advantage if the race to develop AI depends mainly on experimentation and innovation in multiple areas at once. But China is the better bet to win if the decisive factor is depth of commitment to a single goal and the depth of pockets in pursuing it. The one certainty here is that Washington–and the representative democracy and free-market capitalism it champions–is not in the race.
To argue that China’s system is better able to withstand the shocks of today’s world is not to claim that it’s better for those who live within it. Political repression and the lack of rule of law in China create injustice at every level of society. As local governments and companies in China struggle with debt, the state’s ability to bail them out is not inexhaustible. Despite its investments in new technologies, automation and machine learning will displace large numbers of Chinese workers over time, creating long-term risks of social unrest. But for the foreseeable future, China is likely to remain strong and stable. Its international presence will continue to grow, and it is not short of ambition. In October, Xi said it was time for China to “take center stage in the world.”
The China striding into that spotlight is not guaranteed to win the future. In this fragmenting world, no one government will have the international influence required to continue to set the political and economic rules that govern the global system. But if you had to bet on one country that is best positioned today to extend its influence with partners and rivals alike, you wouldn’t be wise to back the U.S. The smart money would probably be on China.
This appears in the November 13, 2017 issue of TIME.
Ng Han Guan—AP/REX/ShutterstockMandatory Credit: Photo by AP/REX/Shutterstock (9141179ad) Chinese President Xi Jinping, center, presides over the opening ceremony of the 19th Party Congress held at the Great Hall of the People in Beijing . Xi on Wednesday urged a reinvigorated Communist Party to take on a more forceful role in society and economic development to better address "grim" challenges facing the country as he opened a twice-a-decade national congress Party Congress, Beijing, China - 18 Oct 2017
China's state-dominated economy is built to win the future
President Trump has plenty of work to do during his 10-day tour of Asia in November. In Japan and South Korea, he must reassure nervous allies that an “America first” foreign policy does not mean the U.S. has ceded regional dominance to China. In Vietnam and the Philippines, he has to communicate deep U.S. interest in balancing China’s influence in Southeast Asia.
But the most important stop will be in Beijing, where Trump will meet President Xi Jinping for the first time since the Chinese leader heralded a “new era” in global politics at his pivotal party congress in October. Trump will try to project strength while calling for closer cooperation on North Korea and on resolving trade disputes. But he arrives at a moment when China, not the U.S., is the single most powerful actor in the global economy.
The Chinese authoritarian-capitalist model wasn’t supposed to survive in a global free market, let alone thrive. As recently as five years ago, there was consensus that China would one day need fundamental political reform for the state to maintain its legitimacy and that China could not sustain its state capitalist system. Today China’s political and economic system is better equipped and perhaps even more sustainable than the American model, which has dominated the international system since the end of World War II. While the U.S. economy remains the world’s largest, China’s ability to use state-owned companies to boost the party’s domestic and foreign influence ensures that the emerging giant is on track to surpass U.S. GDP in 2029, according to the Center for Economics and Business Research.
The U.S. is hardly irrelevant. The dollar remains the global reserve currency, an exorbitant privilege that will likely last for years to come. Wealthy Chinese continue to invest in U.S. real estate and send their kids to U.S. schools. But the pillars of U.S. power–its military alliances, its trade leadership and its willingness to promote Western political values–are eroding.
At the same time, the leaders of other emerging powers–not just Russia but also democracies like India and Turkey–are following China’s lead in building systems where government embraces commerce while tightening control over domestic politics, economic competition and control of information. This process has been in motion for many years, but China now has its strongest leader in decades, and the U.S. has its weakest. Americans and Europeans have always assumed that the long arc of human development bends toward liberal democracy. What if they’re wrong?
There’s an old, likely apocryphal story that, during a visit to China several decades ago, economist and free-market fundamentalist Milton Friedman visited a site where workers were building a canal. When he asked his host why the workers were using shovels and wheelbarrows rather than modern equipment like tractors, he was told that the project’s purpose was to create jobs. If it’s jobs you want, Friedman asked, why not give the workers spoons instead of shovels?
Times have changed since then, but not all that much–the reality remains that it is far easier for Xi to command Chinese officials to create and protect jobs than, for example, it was for Barack Obama to persuade Republican lawmakers to bail out the U.S. auto industry in the wake of the U.S. financial crisis. Beijing offers direct financial and political support for its strategic industries, 365 days a year. The government protects Chinese companies charged with stealing the intellectual property of foreign firms. It provides direct funding for strategic sectors. It writes laws designed specifically to help them grow. And it engages in industrial espionage and cyberattacks against foreign competitors.
This level of protection is especially important in an age when the most important variables globally will be the pace and scale of technological change. Automation has already upended labor demographics in the developed world; 87.8% of manufacturing jobs lost in the U.S. between 2000 and 2010 were the result of automation and improved technology, according to a 2015 study by Ball State University. Technological upheaval is now poised to displace hundreds of millions of workers in the developing world, including many who have only recently risen from poverty. But the Chinese government’s finer control of its economy will help absorb some of the shock that will have bigger effects elsewhere.
Take China’s big three oil companies. CNOOC, PetroChina and Sinopec have each benefitted from large infusions of cash from the state via state-owned banks. Similarly, the heavily indebted state-owned chemical giant ChemChina was able to acquire Swiss firm Syngenta and its biotech assets for $43 billion only because the Chinese government made clear that food security in China is a strategic priority–and that the state would guarantee ChemChina’s financial stability. Private firms benefit too. Telecoms firm Huawei is poised to dominate the global deployment of fifth-generation mobile infrastructure, particularly in developing countries, thanks to a hefty credit line from China Development Bank, which lends in support of the Chinese government’s policy agenda. Trump can only envy the Chinese government’s ability to use policy and subsidy to decide which companies will win and which will lose–and the power that that reflects on the ruling party.
But jobs and industry are not the only ways that China’s leaders ensure political unity. They also use technology to bolster the ruling party’s political control in ways that Western governments can’t. As we embark on the world’s biggest social experiment ever–entire generations interacting with society primarily through smartphones–we’ll see enormous power for institutions that have the means to control those interactions and the data they produce.
In the West, companies use algorithms to expand profitability, while citizens use them to become better-informed consumers. In China, companies use algorithms at the behest of the government to ensure that citizens remain within the rules of order set by the political leadership. There is no better example of this than the “social credit system” that China is developing, a system that allows state officials to assess a person’s financial data, social connections, consumption habits and respect for the law to establish the citizen’s “trustworthiness.”
Imagine a credit report that reveals whether you’ve ever committed a crime, been caught cheating on a test, been drunk in public, missed an alimony payment, been fired from a job, signed a petition, visited undesirable websites, been photographed at a protest or written something on the Internet that led administrators to question your loyalty to the state. A good social credit score could lead to a promotion, a raise, a better apartment, admission to a good school, access to state-approved dating websites, better stores, better doctors, the right to travel, a more generous pension and important opportunities for your children. A bad score could put you in jail.
The potential for intrusion into 1.4 billion personal lives is unprecedented. Published information on the plan by China’s State Council says it is intended as a safeguard against, among other things, “conduct that seriously undermines … the normal social order” and “assembling to disrupt social order [and] endangering national defense interests.” The plan’s ultimate purpose, according to Chinese officials, is to “allow the trustworthy to roam everywhere under heaven while making it hard for the discredited to take a single step.” For Westerners, this is a shocking abuse of state power and an unthinkable invasion of personal privacy. In China, these are the tools officials will use to build a more “harmonious society.” China’s largest dating site, Baihe, already allows users to display their credit scores in their dating profiles.
But China’s most important ambitions are in artificial intelligence. This is the space race of the 21st century, but one with a much more direct impact on the lives and livelihoods of citizens. The biggest technological breakthroughs in AI will demand the kind of planning and investment that the U.S. once poured into the Manhattan Project or the race to the moon. However, the U.S. government no longer has the political will to muster this kind of sustained long-term commitment and has outsourced innovation to Silicon Valley. U.S. tech firms will have the advantage if the race to develop AI depends mainly on experimentation and innovation in multiple areas at once. But China is the better bet to win if the decisive factor is depth of commitment to a single goal and the depth of pockets in pursuing it. The one certainty here is that Washington–and the representative democracy and free-market capitalism it champions–is not in the race.
To argue that China’s system is better able to withstand the shocks of today’s world is not to claim that it’s better for those who live within it. Political repression and the lack of rule of law in China create injustice at every level of society. As local governments and companies in China struggle with debt, the state’s ability to bail them out is not inexhaustible. Despite its investments in new technologies, automation and machine learning will displace large numbers of Chinese workers over time, creating long-term risks of social unrest. But for the foreseeable future, China is likely to remain strong and stable. Its international presence will continue to grow, and it is not short of ambition. In October, Xi said it was time for China to “take center stage in the world.”
The China striding into that spotlight is not guaranteed to win the future. In this fragmenting world, no one government will have the international influence required to continue to set the political and economic rules that govern the global system. But if you had to bet on one country that is best positioned today to extend its influence with partners and rivals alike, you wouldn’t be wise to back the U.S. The smart money would probably be on China.
This appears in the November 13, 2017 issue of TIME.
It does show that democracy is not central to success. A Communist party who will never give up their power operating a capitalism system can make great strides.
It seems very much like the Singapore model.
Look to Russia as well.
It seems very much like the Singapore model.
Look to Russia as well.
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Nothing like the fucking Stinkapore model!
Saying that is like saying a mouse got four legs and a lion got four legs and
therefore the lion is like the fucking mouse
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What rubbish is this? China is going into economic and financial apocalypse in December 2019 and Trump will finish off Kim Jong-Un in August 2020 while China is at her weakest point.
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More than realise there's no shortage of nay sayers out here. Thought this was quite an objective analysis. And the last few concluding lines put this in right perspective.
These 5 Facts Explain Why China Is Pulling Ahead of the West
U.S. President Donald Trump (R) looks on Chinese President Xi Jinping during the plenary session at the G20 Summit on July 7, 2017 in Hamburg, Germany
By Ian Bremmer
November 3, 2017
Five years ago, the consensus was that China, with its ballooning middle class, would need to undertake painful, liberalizing political reforms lest its state capitalist system eventually collapse. Today, it looks like China’s political and economic system is better positioned for the future than those of its major Western rivals — as I argued in a longer essay for TIME this week. These five facts help explain why:
1. It has the world’s most powerful leader
As last week’s successful 19th Party Congress made clear, Chinese President Xi Jinping has no equals among the world’s most powerful people. Xi spent his first five years consolidating domestic power, launching a wide-ranging anti-corruption campaign that swept up more than 1.4 million party members—boosting his credibility with the Chinese people while sidelining his political rivals. Xi’s been so successful in the pursuit of domestic power that “Xi Thought”, his personal political philosophy, has now been enshrined in China’s constitution, making him the most influential modern Chinese leader since Mao Zedong. All this at a time when liberal democracies around the world are struggling to keep the ship steady. From the perspective of the West, it’s bad luck that the U.S. has its weakest president at the same time that China has its strongest.
2. It reaps global benefits from a state-controlled economy
But China didn’t need Xi’s coronation last week to herald its arrival. While the U.S. economy remains 40% larger than China’s in terms of GDP, China’s top-down control of its economy and state-owned enterprises means it can harness its economic power and channel it in ways Washington can only dream of.
China writes checks to befriend other countries, and it does so without the demands the U.S. typically requires of its loan-recipients (like adherence to human rights). Yes, the U.S. still has the almighty U.S. dollar, the world’s global reserve currency, which ensures it remains a player in the global economy for years to come. But China has a proactive plan to realize its global economic ambitions—the jewel of which is the One Belt One Road infrastructure plan, a network of roads, ports, tracks, and pipelines that will tie together the economies of more than 60 countries across Asia, Africa and Europe.
China’s state capitalism doesn’t just power the country’s economy, it gives Beijing the ability to strategically engage a fracturing world in a way that Washington, with its diffuse and independent economic centers, can’t.
3. It keeps the population in line with state-created jobs…
That same top-down control of its economy and willingness to throw money at problems serves Beijing well on the domestic front, as well. Beijing has seen how tech and labor shocks have upended the politics of other major powers—it has no intention of following suit.
And make no mistake about it, the same labor and tech trends that have displaced millions of middle-class workers are now making their way to the developing world. But China’s state-dominated economy allows China to ride out tough economic times with minimal risk of social instability by creating jobs that serve no market purpose. For years, Western analysts have bemoaned China’s social-engineered stability as “inefficient”, and they were mostly right. It just turns out that there are bigger problems confronting governments than labor inefficiency.
4. …and by leveraging advances in technology
But China ensures political unity beyond just shielding its citizens’ jobs from disruptive technologies; it uses those same disruptive technologies to better control its citizenry, and in ways Western governments can’t. Beijing owns or dominates all the tech companies that will rule the future.
The result? In the West, companies use algorithms to expand profitability, making people better consumers; in China, companies use algorithms to make people better behaved citizens. And Beijing is doubling down—China is preparing to launch its “social credit system”, which marshals a person’s financial data, social connections, consumption habits and legal compliance to assess a person’s “trustworthiness.” That trustworthiness could then determine something as innocuous as who can reserve a hotel room without a deposit, to something as serious as deciding the quality of schooling a person’s child will receive.
For Westerners, that has shades of Big Brother; for Chinese, it’s a system to establish trust among citizens and deter criminal activity. Either way, it’s an effective way of keeping disruptive social discontent at a minimum—or at least in check.
5. Others are following in its footsteps
The Chinese system can be brutal, inefficient and repressive at times, among other (valid) criticisms. But as the world continues to fragment, the Chinese governing model will continue to gain appeal, for other governments if not for their citizens. International demand remains for a successful governing model for developing markets across Asia and Africa, and at a time when the U.S. and European variants are looking increasingly dysfunctional.
Does all of this mean that China will “win” in the long run? Hardly. The world is fragmenting, and the days of a single colossus striding the globe and imposing its will on others is finished. And long-term challenges for Beijing remain—a Chinese credit bubble may be looming on the horizon, and China has the bad luck to be situated in one of the most geopolitically precarious neighborhoods.
But it’s time we abandon the presumption that China’s state capitalist model is bound to fall apart soon; increasingly, the burden of proof on staying power is on liberal democracy.
http://time.com/5007097/china-winning-5-facts/
These 5 Facts Explain Why China Is Pulling Ahead of the West
U.S. President Donald Trump (R) looks on Chinese President Xi Jinping during the plenary session at the G20 Summit on July 7, 2017 in Hamburg, Germany
By Ian Bremmer
November 3, 2017
Five years ago, the consensus was that China, with its ballooning middle class, would need to undertake painful, liberalizing political reforms lest its state capitalist system eventually collapse. Today, it looks like China’s political and economic system is better positioned for the future than those of its major Western rivals — as I argued in a longer essay for TIME this week. These five facts help explain why:
1. It has the world’s most powerful leader
As last week’s successful 19th Party Congress made clear, Chinese President Xi Jinping has no equals among the world’s most powerful people. Xi spent his first five years consolidating domestic power, launching a wide-ranging anti-corruption campaign that swept up more than 1.4 million party members—boosting his credibility with the Chinese people while sidelining his political rivals. Xi’s been so successful in the pursuit of domestic power that “Xi Thought”, his personal political philosophy, has now been enshrined in China’s constitution, making him the most influential modern Chinese leader since Mao Zedong. All this at a time when liberal democracies around the world are struggling to keep the ship steady. From the perspective of the West, it’s bad luck that the U.S. has its weakest president at the same time that China has its strongest.
2. It reaps global benefits from a state-controlled economy
But China didn’t need Xi’s coronation last week to herald its arrival. While the U.S. economy remains 40% larger than China’s in terms of GDP, China’s top-down control of its economy and state-owned enterprises means it can harness its economic power and channel it in ways Washington can only dream of.
China writes checks to befriend other countries, and it does so without the demands the U.S. typically requires of its loan-recipients (like adherence to human rights). Yes, the U.S. still has the almighty U.S. dollar, the world’s global reserve currency, which ensures it remains a player in the global economy for years to come. But China has a proactive plan to realize its global economic ambitions—the jewel of which is the One Belt One Road infrastructure plan, a network of roads, ports, tracks, and pipelines that will tie together the economies of more than 60 countries across Asia, Africa and Europe.
China’s state capitalism doesn’t just power the country’s economy, it gives Beijing the ability to strategically engage a fracturing world in a way that Washington, with its diffuse and independent economic centers, can’t.
3. It keeps the population in line with state-created jobs…
That same top-down control of its economy and willingness to throw money at problems serves Beijing well on the domestic front, as well. Beijing has seen how tech and labor shocks have upended the politics of other major powers—it has no intention of following suit.
And make no mistake about it, the same labor and tech trends that have displaced millions of middle-class workers are now making their way to the developing world. But China’s state-dominated economy allows China to ride out tough economic times with minimal risk of social instability by creating jobs that serve no market purpose. For years, Western analysts have bemoaned China’s social-engineered stability as “inefficient”, and they were mostly right. It just turns out that there are bigger problems confronting governments than labor inefficiency.
4. …and by leveraging advances in technology
But China ensures political unity beyond just shielding its citizens’ jobs from disruptive technologies; it uses those same disruptive technologies to better control its citizenry, and in ways Western governments can’t. Beijing owns or dominates all the tech companies that will rule the future.
The result? In the West, companies use algorithms to expand profitability, making people better consumers; in China, companies use algorithms to make people better behaved citizens. And Beijing is doubling down—China is preparing to launch its “social credit system”, which marshals a person’s financial data, social connections, consumption habits and legal compliance to assess a person’s “trustworthiness.” That trustworthiness could then determine something as innocuous as who can reserve a hotel room without a deposit, to something as serious as deciding the quality of schooling a person’s child will receive.
For Westerners, that has shades of Big Brother; for Chinese, it’s a system to establish trust among citizens and deter criminal activity. Either way, it’s an effective way of keeping disruptive social discontent at a minimum—or at least in check.
5. Others are following in its footsteps
The Chinese system can be brutal, inefficient and repressive at times, among other (valid) criticisms. But as the world continues to fragment, the Chinese governing model will continue to gain appeal, for other governments if not for their citizens. International demand remains for a successful governing model for developing markets across Asia and Africa, and at a time when the U.S. and European variants are looking increasingly dysfunctional.
Does all of this mean that China will “win” in the long run? Hardly. The world is fragmenting, and the days of a single colossus striding the globe and imposing its will on others is finished. And long-term challenges for Beijing remain—a Chinese credit bubble may be looming on the horizon, and China has the bad luck to be situated in one of the most geopolitically precarious neighborhoods.
But it’s time we abandon the presumption that China’s state capitalist model is bound to fall apart soon; increasingly, the burden of proof on staying power is on liberal democracy.
http://time.com/5007097/china-winning-5-facts/
Last edited:
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I think Ian Bremmer is trolling Trump and doing a satire on China's "success". Use your brain. Who wants an intruding and pervasive "social credit system" to rule their lives? I don't think Ian Bremmer himself would want to live under such a system. Learn how to read in between the lines.
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Why do we need to read more into this piece? Hardly calls for wasting more grey matter dissecting a piece on China's economic might. And the irony of liberal democracies vs Beijing's red tainted capitalism.
Anybody's guess, with your crystal ball into 2-3 years?
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Our tiny red dot was described as benign autocracy, especially in the old fart's era
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The west won 200 years ago and the rest of the world has been catching up.
In 200 to 300 years another winner will emerge.
In 200 to 300 years another winner will emerge.
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You don't need grey matter to know that Ian Bremmer is trolling Trump. The title "China won." gives the game away. It's a direct stab into Trump's ego.
Red tainted capitalism is just another name for communist chink ponzi economy. The vast ponzi scheme is going to unravel pretty soon. China's deleverageing effort in September has resulted in redemption of non-bank financial products which sparked a massive sell-off of government bonds and PBOC had to inject massive liquidity to calm the markets. It's a merry-go-round that never solves their debt problem. They are even attempting to inflate their debt problem away. Good luck to the chinks for ever higher prices of everything.
Everything about China currently is just a mirage. The real truth will slowly emerge over the next 2 years. They are in for deep shit when the Fed raises interest rates up to 7 times till end of 2019.
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Now in his son's era, it can be described as "bumbling aristocracy".
Our tiny red dot was described as benign autocracy, especially in the old fart's era
U are jealous of the rising East Asia.
Time to bend yr West arse and let Asia fuck you.
Time to bend yr West arse and let Asia fuck you.
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How egoistic the Americans are by quoting this statement? Really, i have an immense bad impression of them now. I am not a fan of the Chinese but this statement is just too low. Way low.
(Gentlemen. i just found out that by highlighting a particular statement, a market appeared to allow me to quote it immediately. Very cool. Try it.)
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who won? is this london or is this a replica city of london in china? imitation will tell you who has actually won. every tiong wants to be an ang moh. ang moh is simply the best!
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http://www.theworldofchinese.com/2013/05/copytown-chinaland/
complete copy of austrian town of hallstatt. ang mo is the best!
complete copy of austrian town of hallstatt. ang mo is the best!
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thames town in shanghai. ang mo is still the best!
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copycat of paris in hangzhou. ang mo is still da best!
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