RE: China28 Jul 2021 00:38
such interesting times we live in, lol. i have mixed feelings about
the developments in china … on the one hand, it’s a salutary
reminder that the casino is always rigged, with the chinese state able
& very willing to interfere with market forces … but on the other hand,
it’s also potentially very positive, from a long term perspective, to see
some tightening of regulatory and governance frameworks in china …
jury’s out whether this is prelude to overly interventive state, vs state
acting as a reasonable sheriff to curb excesses of the wild west (east?).
they have come such a long, long way in financial markets … i remember
back in the 1980s how frustrating timid the BoC were to deal on forex prices
for minute amounts, e.g. $1m of spot $/yen …. but we understood then
that they were taking baby steps into the world of advanced capitalism,
and given time china would be huge. we were right, and that early
relationship building paid off, but there’s still a long, long way to go.
(personal disclosure, i have a lot of sympathy for the chinese position
that the west has always tended to overstate the importance of civil
liberties such as free speech etc, versus the basic human right to life,
supported by the chinese state’s commitment to the iron rice bowl.)