Say hello to a yuan world
by Pepe Escobar, Op Ed News:
The Chinese Communist Party dreams of a world trading in yuan — but first it needs to clean up its own house.
We all know the new names of the new generation — from Xi Jinping, now General Secretary of the Chinese Communist Party (CCP) before he’s anointed President next year, to Vice-Premier Li Keqiang. Yet, what’s in a name? Not much, because now China is all about structural attack; how to tweak the model of breakneck economic growth coupled with political stagnation — while at the same time battling corruption.
Xi has already warned the Politburo, “If corruption becomes increasingly serious, it will inevitably doom the party and the state.” Well, it is already so serious that Xi himself is losing his sleep with the very real possibility of an Arab Spring in Mandarin, even though fast-developing China is not exactly an economic under-developed Egypt. Yet autocracy and corruption remain very much in the picture.
Chinese culture is all about numbers. The Top 3 sources of sleepless nights for the majority of Chinese are inflation, corruption and inequality. So, essentially, it’s the economy, stupid. But as the economy hits a rockier path, the masses inevitably start asking questions about all things dysfunctional inbuilt in single party rule. Thus, in the end, this surge of corruption as an “existential threat” to the system.
2012-12-01 21:40:09
Source: http://sgtreport.com/2012/12/say-hello-to-a-yuan-world/
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