Most people are pretty easy to fool. They see a country that comes out of abject misery building an economy based on exploiting cheap labor, kicking the environment to the rats and organizing a slave army into an export machine based on copy-paste technology and a leadership that could not give to craps about any international order or convention and they believe a new world order that finally beats those dastardly capitalists is rising. Except that, it’s not. Only entrepreneurial economies have what it takes in order to endlessly reinvent itself in a cycle of crash and rebirth. Command economies like China pretty soon give the reigns to the elites that are unaccountable and if history has proven one thing it’s that any elite will always break any country. Why do I say this? Bury your dreams of China saving global energy or indeed the global economy. It could not if it wanted. They are dependent on markets and when those markets start to throw fits, they quickly go down the drain. Just watch.
The setting for the Chinese Communist Party’s annual confabs this year, when the party will celebrate the 70th anniversary of the foundation of the People’s Republic, could hardly have been more inauspicious.