“In 2001, Gordon Chang, an American lawyer who had spent many years in Hong Kong and Shanghai, published a book forebodingly titled “The Coming Collapse of China.” At the time, the thesis seemed improbable, if not preposterous.
It looks a great deal less improbable now.
China — or, rather, the Chinese regime — is in trouble. Tuesday’s gigantic parade in Beijing to celebrate the 70th anniversary of the People’s Republic looked like something out of the late Brezhnev era: endless military pomp and gray old men. Hong Kong is in its fourth straight month of protests, marked and stained by this week’s shooting of an unarmed teenage demonstrator. The Chinese economy is growing at its slowest rate in 27 years, even when going by the overstated official figures.
Meantime, capital is fleeing China — an estimated $1.2 trillion in the past decade — while foreign investors sour on Chinese markets. Beijing’s loudly touted Belt-and-Road initiative looks increasingly like a swamp of corruption, malinvestment and bad debt. Its retaliatory options in the face of Donald Trump’s trade war are bad and few. And General Secretary Xi Jinping has created a cult-of-personality dictatorship in a style unseen since Mao Zedong, China’s last disastrous emperor.
Remember the “Chinese Dream” — Xi’s vision of China as a modern, powerful, and “moderately well-off” state? Forget it. The current task for Chinese leadership is to avoid a full-blown nightmare of international isolation, economic decline, and domestic revolt.”
Posts Tagged Is China Heading for Crisis?
David Lindsay Jr.
Hamden, CT | NYT Comment
Bret writes well, but doesn’t seem to know much about China. In reading the comments, I am reminded that most Chinese do not care about democracy, but getting out of poverty, and they are pleased with their government.
One astute writer this summer, pointed out that China doesn’t need Hong Kong’s market anymore. The Chinese market makes China independent financially from Hong Kong. That writer suggested that the dissidents of Hong Kong are doomed. I am impressed that the CCP has announced a $500 billion push over the next five years into solar and sustainable energy. They have announced that all cars will be electric by 2030, and now have 42 companies making electric cars. The News Hour showed last night that you have to join a lottery to get a automoblie license, and it getting harder and harder to get a license for gas vehicles.
A Vietnamese professor teaching at a universtiy in the USA, recently reported that the top government officials of Vietnam have been bought out by the Chinese CCP, and are quietly not fighting China’s take over of the South China Sea. There is a question among my friends about whether a democracy like the United States, is capable of dealing with the existencial threat of the climate crisis.
If the oil and gas companies continue to control our politics for their short term profit, we might be the biggest threat to our own future.
David Lindsay Jr. is the author of “The Tay Son Rebellion” and blogs at InconvenientNews.net.