Buzz over China is everywhere: just as the Financial Times recently produced a weekend supplement on “China hype,” Time magazine ran a cover story with Mao Zedong dressed in Gucci. While Chinese companies stalk North American assets like Noranda or Unocal, financial newsletters promise untold riches through the China boom.
Once somnolent, Chinese diplomacy is now hyperactive, threatening Taiwan with a secession law, negotiating Association of South East Asian Nations (ASEAN) free-trade pacts and lining up future oil supplies. “Let China sleep,” Napoleon cautioned, “for when it awakes it will shake the world.”
Well, China is awake now and the world, if not trembling, is certainly mesmerized.
The starting point for any evaluation of China must be the continuing dominance of the Communist party.
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