| Update: Just had an interesting phone call with a Chinese pal on this issue. He asked me an interesting question: "If you were the Chinese president, and if you were really concerned about the problems of your country and your people, what would you do now? Remember, you're in command of more than 1.5 trillion of USD equivalents." I replied: "Hmm, hard to say. I'm not sure how the money could be used in the most effective way." He said: "Well, that's exactly the problem the Chinese government probably has. When it comes to making political decisions, their ignorance might be concealable through patriotic oratory. But look at the recruitment process for the CIC. The pretend to look for fund managers in the global job market. But so far, they've only hired plain Chinese. And you won't see any foreign faces in the future either because they can't trust foreigners. Even Chinese who were educated in the West are flawed from the CIC recruiters' POV." After this discussion, I believe that ignorance might really be a key issue. And since China would always opt for trust in their permanent trade-off between trust (= rejecting foreign engagement) and absorption of foreign know-how (= allowing foreign engagement), it will be hard to solve all these complicated problems. If Chinese politics really don't know what's the best to do now, and keep on refusing foreign aid, what would be outcome for China during the course of this decade? |
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