{"id":12079,"date":"2011-11-16T09:19:04","date_gmt":"2011-11-16T13:19:04","guid":{"rendered":"http:\/\/quotulatiousness.ca\/blog\/?p=12079"},"modified":"2011-11-16T10:53:05","modified_gmt":"2011-11-16T14:53:05","slug":"dont-expect-china-to-save-your-economy","status":"publish","type":"post","link":"https:\/\/quotulatiousness.ca\/blog\/2011\/11\/16\/dont-expect-china-to-save-your-economy\/","title":{"rendered":"Don’t expect China to save your economy"},"content":{"rendered":"

Jon, my former virtual landlord, sent along this link<\/a> which should pour cold water on the notion that China will step in to save the economies of other countries:<\/p>\n

\n

China\u2019s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country\u2019s Gross Domestic Product is going in reverse.<\/p>\n

Larry Lang, chair professor of Finance at the Chinese University of Hong Kong, said in a lecture that he didn\u2019t think was being recorded that the Chinese regime is in a serious economic crisis — on the brink of bankruptcy. In his memorable formulation: every province in China is Greece.<\/p>\n

The restrictions Lang placed on the Oct. 22 speech in Shenyang City, in northern China\u2019s Liaoning Province, included no audio or video recording, and no media. He can be heard saying that people should not post his speech online, or \u201ceveryone will look bad,\u201d in the audio that is now on Youtube.<\/p>\n

In the unusual, closed-door lecture, Lang gave a frank analysis of the Chinese economy and the censorship that is placed on intellectuals and public figures. \u201cWhat I\u2019m about to say is all true. But under this system, we are not allowed to speak the truth,\u201d he said.<\/p>\n

Despite Lang\u2019s polished appearance on his high-profile TV shows, he said: \u201cDon\u2019t think that we are living in a peaceful time now. Actually the media cannot report anything at all. Those of us who do TV shows are so miserable and frustrated, because we cannot do any programs. As long as something is related to the government, we cannot report about it.\u201d<\/p>\n<\/blockquote>\n

China, for all its amazing growth and rising economic prospects for (some of) its population, is still not a modern economy. The government — specifically the military — is too deeply involved at far deeper levels than other governments and the reported economic figures may or may not have any relationship with reality. When your boss is a general, he has ways of ensuring that you report the “right” results that a civilian CEO cannot match. It’s not just your job you risk by reporting unwelcome results.<\/p>\n

I’ve ridden this hobby horse<\/a>, as Jon calls it, many times over the years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jon, my former virtual landlord, sent along this link which should pour cold water on the notion that China will step in to save the economies of other countries: China\u2019s economy has a reputation for being strong and prosperous, but according to a well-known Chinese television personality the country\u2019s Gross Domestic Product is going in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,25,84,28],"tags":[31,459,71,290,101,481],"class_list":["post-12079","post","type-post","status-publish","format-standard","hentry","category-china","category-economics","category-government","category-media","tag-army","tag-censorship","tag-debt","tag-statistics","tag-tv","tag-youtube"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2hpV6-38P","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/12079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/comments?post=12079"}],"version-history":[{"count":3,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/12079\/revisions"}],"predecessor-version":[{"id":12081,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/posts\/12079\/revisions\/12081"}],"wp:attachment":[{"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/media?parent=12079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/categories?post=12079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quotulatiousness.ca\/blog\/wp-json\/wp\/v2\/tags?post=12079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}