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16:16
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Originally posted by blackeyed:
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What is interesting about western financial writers is that just do not get China. The rules obtaining to economic growth in the west simply don't apply to China because it is a command economy. Moreover their financial system is protected from Western financial influence because their banking system, wholesale finance, and investment arrangements are over 95% Chinese in origin. They have not allowed Western finance to penetrate their system. It is in effect a closed financial system where the State decides where the financial resources will be deployed at any particular time. Stephen B 's article in the Herald yesterday missed the mark by miles on China. He doesn't understand the country's economic system and tries to subject the system to western paradigms. China has in excess of 3 trillion in US dollars in foreign reserves. It can do what it bloody well likes. Time and time again earnest commentators have predicted a recession or an extraordinary low rate of growth, only for solid growth to occur. Xi is imposing the lock down precisely because he can and because he can pull the levers to get China back to solid growth in short order. So ignore.
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COmmand economy? YOu are talking absoulte tosh. You should visit China and see how fiercely capitalistic it is
(20min delay)