Opinion | Is China Heading for Crisis? – by Bret Stephens – The New York Times

“In 2001, Gordon Chang, an American lawyer who had spent many years in Hong Kong and Shanghai, published a book forebodingly titled “The Coming Collapse of China.” At the time, the thesis seemed improbable, if not preposterous.

It looks a great deal less improbable now.

China — or, rather, the Chinese regime — is in trouble. Tuesday’s gigantic parade in Beijing to celebrate the 70th anniversary of the People’s Republic looked like something out of the late Brezhnev era: endless military pomp and gray old men. Hong Kong is in its fourth straight month of protests, marked and stained by this week’s shooting of an unarmed teenage demonstrator. The Chinese economy is growing at its slowest rate in 27 years, even when going by the overstated official figures.

Meantime, capital is fleeing China — an estimated $1.2 trillion in the past decade — while foreign investors sour on Chinese markets. Beijing’s loudly touted Belt-and-Road initiative looks increasingly like a swamp of corruption, malinvestment and bad debt. Its retaliatory options in the face of Donald Trump’s trade war are bad and few. And General Secretary Xi Jinping has created a cult-of-personality dictatorship in a style unseen since Mao Zedong, China’s last disastrous emperor.

Remember the “Chinese Dream” — Xi’s vision of China as a modern, powerful, and “moderately well-off” state? Forget it. The current task for Chinese leadership is to avoid a full-blown nightmare of international isolation, economic decline, and domestic revolt.”

David Lindsay Jr.
Hamden, CT | NYT Comment
Bret writes well, but doesn’t seem to know much about China. In reading the comments, I am reminded that most Chinese do not care about democracy, but getting out of poverty, and they are pleased with their government.
One astute writer this summer, pointed out that China doesn’t need Hong Kong’s market anymore. The Chinese market makes China independent financially from Hong Kong. That writer suggested that the dissidents of Hong Kong are doomed. I am impressed that the CCP has announced a $500 billion push over the next five years into solar and sustainable energy. They have announced that all cars will be electric by 2030, and now have 42 companies making electric cars. The News Hour showed last night that you have to join a lottery to get a automoblie license, and it getting harder and harder to get a license for gas vehicles.
A Vietnamese professor teaching at a universtiy in the USA, recently reported that the top government officials of Vietnam have been bought out by the Chinese CCP, and are quietly not fighting China’s take over of the South China Sea. There is a question among my friends about whether a democracy like the United States, is capable of dealing with the existencial threat of the climate crisis.
If the oil and gas companies continue to control our politics for their short term profit, we might be the biggest threat to our own future.
David Lindsay Jr. is the author of “The Tay Son Rebellion” and blogs at InconvenientNews.net.

Opinion | Why China No Longer Needs Hong Kong – By Eswar S. Prasad – The New York Times

By Eswar S. Prasad

Mr. Prasad is a professor at Cornell University and senior fellow at the Brookings Institution.

The national flag of China, left, and the Hong Kong flag this week. The size of China’s financial markets now dwarfs that of Hong Kong’s.CreditVivek Prakash/Agence France-Presse — Getty Images

“For many years after regaining control of Hong Kong from Britain in 1997, China mostly respected the territory’s institutions. That is no longer the case, as Beijing’s heavy hand during the recent protests in the city has made obvious.

So what changed? In 1997, China needed Hong Kong. China had not yet been allowed to join the World Trade Organization, so Chinese exporters had limited access to the global market. Hong Kong was the solution: It served as a channel for entrepôt trade — goods from China could enter the territory’s ports and then be sent as exports from Hong Kong to the rest of the world, thus evading the trade restrictions imposed by member nations on nations outside the organization.

When China became part of the trade organization in 2001, entrepôt trade through Hong Kong lost its importance. By some estimates, nearly half of China’s trade went through Hong Kong in 1997, today that figure is less than 12 percent.

In terms of total size and wealth, Hong Kong has also shrunk relative to China, which has experienced more than three decades of astoundingly high economic growth. In 1997, Hong Kong’s economy was one-fifth the size of China’s, and its per capita income was 35 times higher. By 2018, Hong Kong’s economy was barely one-thirtieth the size of China’s. Hong Kong is still richer, but the gap is narrowing, with its per capita income now five times higher than China’s.”

Is Hong Kong Really Part of China? – by Yi-Zheng Lian – NYT

HONG KONG — One could say that long before 1997, the year that Britain handed Hong Kong back to China, the leaders of the city’s major pro-democracy parties had come to a tacit understanding with the Chinese government. The pan-dems, as these politicians are known here, would support the absorption of Hong Kong into a greater, unified Chinese state on the understanding that in time Beijing would grant Hong Kong genuine electoral democracy. That, at least, seemed to be the intention driving Hong Kong’s found

Source: Is Hong Kong Really Part of China? – The New York Times