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China Debates: Should It Save the World?

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  1. #1

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    China Debates: Should It Save the World?

    I tend to agree that China doesn't want to rule the world but have a influence over world affairs. I tend to also think China is more interested tending their own garden rather than others.

    From The Economist this week.

    SEPTEMBER 16, 2011, 6:07 PM HKT
    China Debates: Should It Save the World?

    Reports this week that China might consider buying Italian bonds unleashed a slew of skeptical and sarcastic comments. Many wondered why China – a nation where many families still struggle to put food on their tables, and where children from poor villages walk a couple of hours each day to sit in dilapidated classrooms – should help out Europeans with easier lives.

    Prime Minister Wen Jiabao’s comments during the opening ceremony of the World Economic Forum in Dalian this week that China may consider increasing investment in Europe drew a similar response.

    One might expect China’s business elites to hold a different view. European debt troubles and the potential for double-dip recession are bad for business, after all.

    But when a group of five Chinese business leaders at a Dalian forum were asked whether China should become the world’s savior, most answered no — or, at least, not so fast.

    Liu Changle, chairman and chief executive of Hong Kong-based Phoenix Satellite Television Holdings, quoted Deng Xiaoping’s famous guiding words that China should “hide our capabilities, bide our time, and never become the No. 1 of the world.”

    At a debate hosted by his own TV station at the World Economic Forum, Mr. Liu said: “When the world looks to us for help, we should keep our cool and not feel too flattered.” “Life is much easier for No.2,” he continued. “When the sky collapses, there will be a No. 1 who will hold it up.”

    Three of the four other panelists expressed a similar view, that China should take care of its own business first.

    China doesn’t have the capability to help the world yet, said Liu Jiren, chairman and CEO of Neusoft Group, a software company. The biggest contribution China could make to the world is to keep its market open and nurture a middle class that will spend more, he argued.

    Cheng Siwei, a retired deputy national parliament speaker, concurred. “When it comes to external affairs, let’s not stretch ourselves,” he said.

    The only dissenting voice came from Kai-fu Lee, former head of Google China and Microsoft China and founder of venture capital firm Innovation Works. “Perception is reality,” he said. When the West looks to China for help, he said, it’s an opportunity for China to step up.

    He suggested that China appreciate its currency value by 5% every year so “that’s 5% more leadership each year.” He also suggested that instead of investing in U.S. Treasury bonds, China could put its money to better use by investing in infrastructure and non-defense companies in the West.

    The other panelists also agreed that there are opportunities to be taken in the current crisis. Mr. Liu said that the crisis in the developed world presents a good opportunity for China to slow its economic growth so it can better implement much-needed restructuring, such as narrowing the income gap and reducing reliance on exports.

    Gao Jifan, chairman and CEO of Trina Solar Ltd, a solar panel manufacturer, agreed that it’s a good opportunity for Chinese companies to invest abroad. “But do we have the capabilities to invest globally and make profits?” he asked.

    – Li Yuan

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    Most of the (PRC citizen) panelists on the televised debate mentioned in that piece stated outright that they felt China couldn't save the world and should focus on developing itself further -- only one, Kai-fu Lee (known to many in China as "Start-Copy Lee"), disagreed. The spin that the Economist puts on things is strange and counterfactual.

    As for China not wanting to rule the world, I think that they would very much like to be the next top dog but that their leadership isn't deluded or suicidal enough to try any major muscle flexing yet.

    Last edited by dear giant; 22-09-2011 at 05:32 PM.
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    Ruling the world only gets more headaches and responsiblity ask the united states.

    China just wants to make money everyway possible.

    You do what you do, they do what they do as long as they make money they don't care.


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    If they don't "save" the world who would buy the chinese exports?

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    I think the real question, is when will China be the coolest nation :P

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    Quote Originally Posted by aliendavid1:
    Ruling the world only gets more headaches and responsiblity ask the united states.

    China just wants to make money everyway possible.

    You do what you do, they do what they do as long as they make money they don't care.
    I think that the more rational PRC leaders, when they're wearing their business suits and not their military uniforms, want the world to think something to that effect, but it would be a lot easier of a fib to believe if not for the casino-turned-aircraft-carrier, constant threats against half of SE Asia over some rocks in the ocean that happen to sit on top of gas fields, constant threats against Taiwan, ongoing support for North Korea, ongoing support for lots of other dictatorships, etc.

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    Quote Originally Posted by dear giant:
    As for China not wanting to rule the world, I think that they would very much like to be the next top dog but that their leadership isn't deluded or suicidal enough to try any major muscle flexing yet.
    That hasn't stopped them from trying:
    What China hopes to get in Exchange for a European Bailout
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    Quote Originally Posted by ewankho:
    Good article that.

    In saying China as a free market economy is anything but. When a quarter of the economy is still made up of SOE's without a strong competitive nature it would be fool hardy to think it's a market economy. I can buy most things cheaper in Australia than in China.
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    Quote Originally Posted by dear giant:
    I think that the more rational PRC leaders, when they're wearing their business suits and not their military uniforms, want the world to think something to that effect, but it would be a lot easier of a fib to believe if not for the casino-turned-aircraft-carrier, constant threats against half of SE Asia over some rocks in the ocean that happen to sit on top of gas fields, constant threats against Taiwan, ongoing support for North Korea, ongoing support for lots of other dictatorships, etc.
    Although that is true ask Iraq and Libya what they think about not having enough weapons to defend their countries. Gaddafi was friendly with Britan and the west before they realized they had more oil then weapons they turned on him.

    You may never know when the U.S. tells china that hey you know all that money we owe you? We want a 10 cents on the dollar discount take it or leave it, we got more friends and guns then you.

    I believe China is trying to get enough money and economic clout that it can say to those countries on that day, do you want money/business or your deadbeat "friend" .

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    Quote Originally Posted by aliendavid1:
    I believe China is trying to get enough money and economic clout that it can say to those countries on that day, do you want money/business or your deadbeat "friend" .
    China has been spending big in Africa for a number of years and with Chinese labour.

    Even the Pacific islands now gets more investment than what Australia does now. Australia had for many years has outspent all other nations in the region but not any more. They haven't actually reduced their spending, quite the opposite, they have increased it dramatically but China has deeper pockets.
    Last edited by virago; 22-09-2011 at 06:05 PM.
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