Ping!
Heh. Lot of that going around.
Those crazy Chinese. We never fall for Ponzi schemes and bubbles here in the U.S.
a western employment crisis will lead to protectionism targeting China...
I think the U.S. recently raised a tax in tires from China, and the more or less continual warnings of a trade war with China seem to be kicking up a little more than usual lately (example here http://www.marketwatch.com/story/china-still-offers-opportunities-2010-01-04).
Andy Xie assumes the chinese economy functions independently. I believe that the economy and Gov’ts destiny are intertwined. Cycles go up and down, but the economy will only go into crisis if there are divisions in the Party.
......The overwhelming desire for getting rich quick dominates every nook, fissure and strata of Chinese society.....
No where does he mention the primary driving force behind this statement. That driving force is economic freedom. It is relative of course but compared to a half century of Maoist communism, it is great. To write of bubbles is merely to be a rider on the current bandwagon.
The real story is about the will to advance and have a better life for self and family. That story is going to be the one to be revisited time after time for a hundred years.
The sad thing is the Chinese slave labor (err proud Chinese workers) will always be there to make things to get china out of any bubble they may find themselves in. Here we are in worse shape as our workers overprice themselves out of the global markets and we are now a consumer market.