Hi GW. It's one thing to admire the Chinese vision and planning that spans generations, which I do, too. But it another to overlook the flaws in the Chinese political mindset. We shouldn't mix their business pragmatics with unfounded mystique.
Recent Chinese political history tells that Sun Yat Sen's early Republic period lasted only 36 or so years before it was defeated by Mao's communism. The current Republic of China is only 67 years old, of which the first 30 years were disastrous for the country. Millions died of famine. Then there's the infamous cultural revolution in the 60s that destroyed vast amount of Chinese cultural treasures, all in the name of an imported but untested ideology: communism.
China's purchase of Aussie gold mines might also be a costs-benefit decision based on the most economic and secure method for gold storage. Who wants to steal gold dust mingled with tons of earth?
I doubt that any Chinese attempt at blatant transfer pricing on mined gold will escape the scrutiny of the Australian govt. But I may well be wrong. Didn't Mark Twain quip about having the best government that money can buy?
R.
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