Beginning the New Year with a nicely scary story from China: how its wayward and arbitrary legal system catches innocents in its web.
One quibble: The article by Frank Tang (link below) claims it's particularly bad for local Chinese entrepreneurs, because foreigners can simply shift their investments to other countries if they’re threatened.
But that ain't so easy. A related article[*] in today's Post says 75% of Foreign companies in China feel "less welcome" than before. And that's mainly because of lack of legal protection.
Business folks I know personally, who have spent decades in China, confirm this: it's bad for foreign companies too. Many are giving up on China. This is part explanation for falling GDP growth rates in China. Yet Xi's most recent speech called only for more of the same. No reform. Pity.
/Clip from Tang's conclusion:
"[These risks] won't change because of one or two slogans by the top leaders, but need a whole new set of laws, such as implementing the presumption of innocence, no confiscation or freezing of properties [prior to judgment], and the separation of individual and corporate assets," Hu said.
"To change the current situation of power overriding the law, reforms in the economic and legal systems are needed. But fundamentally, this demands political reform so that we can contain the power [of the state]," he added.
Many would say "and good luck with that". Expecting that from Bully-Xi?!
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Why China's private firms aren't convinced the law will protect them
https://sc.mp/o5jjb
https://sc.mp/o5jjb
[*] Ex-US top trade negotiator says China has deviated from its commitments https://sc.mp/w5rj7
