It certainly piques my interest that three odd years after China helped lift the global and regional neighbouring economies during the GFC (with a RMB 4 trillion stimulus package 扩大内需十项措施), scepticism toward their economic intent still remains.
Critics then levelled accusations that China was compounding an already hyper-inflated and overheated global economy. Ulterior political intentions and self-determinism aside, the fundamental truth for the Chinese remained – there was little for the bottom-lined focused Chinese to gain in an unstable economic environment.
It seems from the initial salvos at the Davos 2012 World Economic Forum Meeting that the lens in viewing China is still one of skepticism. Internally, is China going to have a hard or soft landing, will its economy overheat, does it have the right balance of investment and consumption? And the number of cynics of what China does overseas seem to be growing. See - Chinese overseas investment draws Davos scrutiny (New Zealand Herald, January 27, 2012)
“The problem in non-Chinese public opinion is that there’s a Chinese official behind every Chinese business person,” World Trade Organization director-general Pascal Lamy.
This, Lamy argues is a question of perception that needs to be tweaked by developing a ‘better’ grand narrative. See also - China’s reality lost in translation, Davos told (Channel News Asia, Jan 26, 2012).
What is also particularly interesting is the question of timing of the Davos meet. Pegged squarely during the Chinese Lunar New Year period, the top Chinese leaders were always going to give this meet a miss. See - China Dials Back Its Davos Presence in Holiday Week (Wall Street Journal, Jan 26, 2012).
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Davos 2012: Who’s afraid of China?
By Tim Weber
Business editor, BBC News website, Davos
Source – BBC, published January 26, 2012
- Many in the West worry about being overwhelmed by the sheer size and strength of the Chinese economy. Photo – Getty Images
So, who’s afraid of China’s economic power?
Mention the topic in polite conversation, and chances are that you’ll hear complaints about dumping cheap products, stealing jobs and grabbing resources.
If you talk to politicians and economists, you may hear complaints that China is keeping its currency undervalued. There are worries about the size of its foreign currency reserves – currently approaching a massive $4tn (£2.55tn). Read the rest of this entry »
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