From the Editor-in-chief of The Economist:
Together with two colleagues I spent last week in Beijing, where we were attending the China Development Forum, an annual gathering where senior Chinese officials meet foreign business bosses. Our Beijing bureau chief, David Rennie, set up a remarkable agenda of conversations with Chinese officials, scholars, economists, business leaders and diplomats. Over breakfast, coffee, lunch and dinner we had some 30 meetings in just a few days. My colleagues and I left Beijing with thicker waistlines, a deeper understanding of China’s economic direction—and some fairly profound concerns.Now, I don’t want China to fail. Who does? Especially here in Hong Kong, we need China to do well. But I fear, they’re right, those Economist people. As I’ve noted before: that moving back to an economy run by the state is not the way to go. The success that China has had in the last forty years is exactly correlated to the extent to which they have shifted to the market based economy. The more market based, the more the success. The more “capitalist” the more wealth. The more socialist, the less wealth.
Our cover this week reflects these concerns. In a leader we argue that Xi Jinping’s plan to escape economic stagnation is misguided. Blending techno-utopianism, central planning and an obsession with security, Mr Xi’s plan sets out his ambition to dominate the industries of tomorrow. But its contradictions mean that it will disappoint China’s people and anger the rest of the world.
"Xi Jinping’s misguided plan to escape economic stagnation”
And then there’s the security thingie. The obsession of Xi Jinping. Which again, I’ve talked about over the years. His “Plan 9 from outer space” -- a vicious attack on the west, on enlightenment values and on the market economy-- right back to his taking up his post. It’s that reborn, now, yeah?
Click on “Document 9” in the Labels below. An eye-opener.
