Why I Don’t Believe In Chinese “Greatness”

One of the biggest stories of recent days was the crash of the Chinese stock market. It drew headlines around the world, but not in China. The state-run media made sure that the news was safely hidden from view. As journalist Frank Langfitt noted in an interview on August 29:

Well, it was interesting, because, initially – in the first couple of days – there was hardly any coverage at all. Take the People’s Daily – that’s the Communist Party mouthpiece – on Tuesday, when it came out – and keep in mind, on Monday, the stock had dropped over 8 percent – the stock market – and it was the worst since the global financial crisis. But if you looked at the front page of the People’s Daily, it didn’t have anything. There was a headline about a government development project in Tibet and a feature on how beautiful Haikou, this city in Hainan – China’s Hawaii – is. When you turn to CCTV – that’s China Central Television – their lead story was a press conference on plans for the celebration of the 70th anniversary of the end of World War II. So it was as though it actually didn’t happen.

Those who were prepared to believe that China was poised to take over the world got a lesson in reality this past week. But I wasn’t surprised. I never trusted anything the Chinese government or corporations said about anything.

[To read the rest of my article, click here]

 

2 thoughts on “Why I Don’t Believe In Chinese “Greatness”

  1. There’s also this book, “Outrageous fortunes” by Daniel Altman. He says China’s spell will be brief. He uses the concept of “convergence clubs” and says China (as Japan in the past) is not in the same club as the US due to institutional backwardness and stuff.

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