I want to encourage you to read Isaac Stone Fish’s disquisition on China today at the Los Angeles Times:
One time the veil fell for me. I was visiting Henan, a Chinese province with all the charm of a New Jersey and the educational competencies of an Arkansas. At a restaurant, a drunk man outfitted like a mid-level Chinese Communist Party official — zippered jacket, black leather shoes, a man-purse — approached my table, complimented my Chinese, and asked me how I liked his province. I lied and told him it was very nice. He beamed with approval and staggered away. When I called for the check, the waiter informed me that the drunk man had paid for it.
Outside, his wife propped him up. “Hey!†he slurred. “I paid for your meal. I work for the tax bureau. I’m the boss here. They at this restaurant have to be nice to me or I’ll shut them down.†I, and the Party — not the rules, or slogans or statements — we are what matters, he seemed to say. His wife, mortified, interrupted with the usual banalities. “Welcome to Henan,†she said. “China has 5,000 years of history, and Henan has several important historic sites. I hope you enjoy your visit to China.â€
His point is how the opacity of the Chinese Communist Party makes being able to report on what’s actually happening in the country difficult if not impossible. It’s also why it’s better to rely on externally measurable characteristics rather than on official government announcements and press releases.
Sounds like a Chicago alderman.
I don’t know if you saw the piece by Christopher Balding about how everything we thought we knew about Chinese finances might be wrong:
http://www.baldingsworld.com/2017/10/23/everything-we-think-we-know-about-chinese-finances-is-wrong/
No, I hadn’t read that. Thanks. It’s pretty horrifying.
Obviously, there’s a difference of opinion abroad in the land. I think it is possible to grow through issuing credit. In fact, I think it’s obvious but it depends on what you do. I don’t believe you can become wealthy by issuing yourself credit and then burning the money generated that way but there are a lot of people who apparently do.