The Man Who Would Reform China’s Economy

The American Interest ^ | November 6, 2013 | Walter Russell Mead

[JerseyanExile]

Peering at the intricacies of Chinese political decision-making can be like trying to see through the thick smog that frequently hangs over many of its cities. Analysts and journalists are frequently left with nothing to do but speculate on what actions Chinese leaders might take when big decisions loom, and there’s plenty of speculation swirling around this weekend’s Third Plenum, a grand meeting of Communist Party’s Central Committee. But one man whose savvy decision-making and long-term agenda has kept him in power for longer than usual might shine some light on what to expect in the way of reforms.

Zhou Xiaochuan was supposed to retire last year when he hit the mandatory retirement age of 65. At his last big speech, thinking he was about step down from his position as the governor of the People’s Bank of China, Zhou tore into those at the “top” of the government for holding back economic reforms. In surprisingly candid remarks to an audience that included the Party officials in charge of the economy, as sources told the WSJ, Zhou said the government had failed to put forward plans to ease restrictions on the economy and the banking sector. He’s still on the job, and is seen as a powerful advisor with the ear of China’s top economic and political leaders.

As the WSJ reports in a must-read essay,

[Zhou] has long championed a more consumer-based economy in which ordinary people have more money to spend and more loans are available to private firms rather than state-owned behemoths. To that end, his priorities include creating deposit insurance for banks, making higher interest rates available to depositors, creating more privately owned banks and opening China more to foreign investors.

[cloudmountain]

Peering at the intricacies of Chinese political decision-making can be like trying to see through the thick smog that frequently hangs over many of its cities.

He stated his hypothesis and then proved it.
It's not only a MORASS of self-interest, self-promotion and women-hating (unless she has the ONE son) culture, it's the stubborn continuation of that culture.
The Chinese REALLY do believe in their superiority to other cultures and races.

My husband and I went on a three-week tour there in 1981. The Chinese DO have gorgeous things and beautiful objets d'art. Our group ate at the famous Hall of the People, 5000 people, I think...seemed like zillions. There were 10 at a table. We had tons of food, but never enough meat. We kept asking for more duck and stuff. Our guide said that meat was scarce and was saved for its soldiers and athletes.
The MASSIVE hall had FOUR jade carvings on the four walls and ONE massive silk carpet.

Sumptuous? Never saw anything like it.

Still, I am glad I am a Christian, American Euro-female and nothing else.

[henkster]

Reforming China is easier said than done.

[tet68]

They cannot reform their economy without reforming
their political system and there is small chance of that.

I am reading “Let history Judge” by Roy Medvedev about
the exesses of Stalin. Written by a communist it finds
no fault with Marxist Leninist thought, only personal
abuse by Stalin. Typical communist bunk.

It only reinforces my feelings toward the “democrat”
party, who would do exactly the same if they ever
achieve that level of power.