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No. of Recommendations: 5
http://www.prospectmagazine.co.uk/politics/mark-kitto-youll-...

I wanted to be Chinese, once. I don’t mean I wanted to wear a silk jacket and cotton slippers, or a Mao suit and cap and dye my hair black and proclaim that blowing your nose in a handkerchief is disgusting. I wanted China to be the place where I made a career and lived my life. For the past 16 years it has been precisely that. But now I will be leaving.

I won’t be rushing back either. I have fallen out of love, woken from my China Dream. “But China is an economic miracle: record number of people lifted out of poverty in record time… year on year ten per cent growth… exports… imports… infrastructure… investment…saved the world during the 2008 financial crisis…” The superlatives roll on. We all know them, roughly.

Don’t you think, with all the growth and infrastructure, the material wealth, let alone saving the world like some kind of financial whizz James Bond, that China would be a happier and healthier country? At least better than the country emerging from decades of stultifying state control that I met and fell in love with in 1986 when I first came here as a student? I don’t think it is.

Modern day mainland Chinese society is focused on one object: money and the acquisition thereof. The politically correct term in China is “economic benefit.” The country and its people, on average, are far wealthier than they were 25 years ago. Traditional family culture, thanks to 60 years of self-serving socialism followed by another 30 of the “one child policy,” has become a “me” culture.

Once you’ve purchased the necessary baubles, you’ll want to invest the rest somewhere safe, preferably with a decent return—all the more important because one day you will have to pay your own medical bills and pension, besides overseas school and college fees. But there is nowhere to put it except into property or under the mattress. The stock markets are rigged, the banks operate in a way that is non-commercial, and the yuan is still strictly non-convertible.

In brief, Chinese property prices have rocketed; owning a home has become unaffordable for the young urban workers; and vast residential developments continue to be built across the country whose units are primarily sold as investments, not homes. If you own a property you are more than likely to own at least three. Many of our friends do. If you don’t own a property, you are stuck.

When the bubble pops, or in the remote chance that it deflates gradually, the wealth the Party gave the people will deflate too.

The people will want their money back, or a say in their future, which amounts to a political voice. If they are denied, they will cease to be harmonious.

How will the Party deal with that? How will it lead?

Unfortunately it has forgotten. The government is so scared of the people it prefers not to lead them.

In rural China, village level decisions that require higher authorisation are passed up the chain of command, sometimes all the way to Beijing, and returned with the note attached: “You decide.”


Looks like the juggernaut will implode. I remember when we were afeared that Japan was gonna take over the word economically. They imploded. Looks like will implode also although fer different reasons.

I guess we were successful in converting China to "meism" & real estate bubble.
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