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China's market enigma

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The cryptic communique is of course only an abbreviated road map. It will take days, weeks and even months for its detailed implications to sink in. What's certain is that the "decisive role" of market reform implies the CCP at the helm, monitoring every step of the process. 

It's like a ninja trying to tame a very powerful dragon non-stop. It will be an epic battle for the ages, to watch the CCP -- an immense structural bureaucracy inbuilt in the Chinese government -- perform this balancing act; matching its instincts for even stronger centralized control (not much glasnost allowed in the Internet, for example) with an explosion of social Darwinism caused by these "irrational" forces who couldn't care less about employment and social stability. 

Gweilos --  or foreign barbarians in general -- will underestimate Chinese resolve at their own peril. When the Little Helmsman launched his own economic reform -- and brand of glasnost -- in 1978, he turned the CCP upside down, all around, and squared the circle; breakneck economic development providing leeway to manage political problems, and some political changes allowing for even more breakneck economic development. 

So what if Xi and Li come up with a Deng remix -- like inventing a new concept of market with Chinese characteristics? The sky -- or China back to where it was for 18 of the past 20 centuries -- is the limit. 

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Pepe Escobar is the roving correspondent for Asia Times. His regular column, "The Roving Eye," is widely read. He is an analyst for the online news channel Real News, the roving correspondent for Asia Times/Hong Kong, an analyst for RT and (more...)
 

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If the Chinese emulate America, they will have all... by Scott Baker on Thursday, Nov 14, 2013 at 4:51:06 AM
No quiz question based on education ?! :(... by Ad Du on Thursday, Nov 14, 2013 at 11:27:18 AM
I'm a little torn on the education question. ... by Scott Baker on Thursday, Nov 14, 2013 at 12:16:20 PM
'Private investment would be allowed, for instance... by mhenriday on Thursday, Nov 14, 2013 at 9:03:30 AM