Drorism*: China: May 2009 Archives

China's Growth in Western Eyes

Foreigners often describe China as "different"; a mysterious land whose people have a perplexing way of getting things done. Yet, when it comes to economic data, foreign "experts" look at China as they would look at any other country. I am not talking about those who ignore the fact that China's government tweaks economic indicators to fit pre-defined goals. Enough has been written about that (here, here, here and here, for example). I am talking about the way in which well-regarded western publications look at real indicators, and the assumptions they make in the process.

This morning, for example, I received a newsletter from RGE Monitor, Nouriel Roubini's consultancy firm. Reading it, I learned that 'unlike many global markets, the residential property market in China is showing some signs of stabilization'. The facts are correct. The free fall in residential prices has stopped, and in some places there are even slight increases. A sign of recovery? not necessarily.

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By Dror Poleg on May 27, 2009 4:50 PM 33 Comments

China, the US, and the Market that Still Knows Best

"The People have lost confidence in the Government. The Government has decided to dissolve the people and appoint another one." (Bertold Brecht)

We live in times of great darkness and confusion. A new study by the Economist Intelligence Unit provides a good summary of government and corporate attitudes towards the financial crisis, its causes, and the actions that will get us out of it (PDF here). The study is based on the opinions of '400 senior business people in companies around the world', as well as those of experts from the Economist Intelligence Unit and various business schools. Key findings include:

...almost 60% of respondents agree that the current crisis has "fundamentally changed" capitalism... respondents believe that there will be more government oversight, more economic nationalism... Almost one-half of respondents favour more financial regulation in non-banking industries and a similar percentage favour new regulations that limit risk-taking across the entire private sector... regulation is no longer seen as counter-productive meddling in otherwise perfect markets, but a prerequisite for a functioning global economy...etc...etc...

In summary, the government (and its friends) lost faith in the Market. The Government has decided to dissolve the Market and create a new one. Most executives don't think it's such a bad idea.

Continue reading China, the US, and the Market that Still Knows Best >>>.

By Dror Poleg on May 25, 2009 8:10 AM 50 Comments 1 Trackbacks

Tainted Love.

Girl at Beijing's Intro Electronic Music Festival. More here.

By Dror Poleg on May 23, 2009 6:03 PM 1 Comments

Six, Four, Two Thousand and Nine.

- "What do you remember most vividly?"

"The students singing as they were being shot. And a student, a girl, who said to me, 'What can they do to us? We have our whole future ahead of us, and we've seen it.'"

BBC News Report, June 19, 1989. Quoted in Greil Marcus's The Dustbin of History.

By Dror Poleg on May 23, 2009 11:19 AM 0 Comments

Democracy in China: Today is the Tomorrow you were Promised Yesterday.

"Of course, it is possible that in the future a more advanced political system than parliamentary democracy will emerge. But that is a matter for the future. At present, there is no other.

Based on this, we can say that if a country wishes to modernize, not only should it implement a market economy, it must also adopt a parliamentary democracy as its political system. Otherwise, this nation will not be able to have a market economy that is healthy and modern, nor can it become a modern society with a rule of law. Instead it will run into the situations that have occurred in so many developing countries, including China: commercialization of power, rampant corruption, a society polarized between rich and poor."

Zhao Ziyang, Premier of the People's Republic of China, 1980-1987. Taken from his 'secret' journals.

By Dror Poleg on May 15, 2009 5:11 PM 0 Comments

Dream of Red Mansions.

More, at 50 Grams of Urban Loneliness.

By Dror Poleg on May 15, 2009 7:03 AM 0 Comments

Oppression, Regression, and China's Stupid Revolution

Living in China, one often takes part in surreal dialogues, such as:

- What beers do you have?

"Calrsberg, Qingdao, and Heineken"

-OK, get me a Qingdao

"Draft or Bottle?"

- Draft

"I'm sorry, we don't have draft"

OR

-Where are you from?

"Israel"

- Funny, you don't look Israeli

"Really? Did you ever see an Israeli person before?"

- Yes

"How did he look like?"

- He looked like you.

Continue reading Oppression, Regression, and China's Stupid Revolution >>>.

By Dror Poleg on May 12, 2009 7:37 PM 11 Comments

China: May 2009 Archives