How China won the West:
The turning point of the West’s perception of China was the 2008 financial crisis, he says, when China fought against the crisis side by side with Western countries and won respect from them.
“During the 2008 financial crisis, it was Western institutions that were going down. China could have taken advantage of that and used it to weaken the West … because it had the US treasury bonds, but it didn’t do that. It could have gone the other way, but it didn’t.
“It brought the realization to those in the West that China could be ‘a very mature ally in times like this, and the deals could be done, and it was all pushing forward the Western world’s economy’.”
That realization has resulted in the West dealing with China as an important economic power, and it is increasingly acceptable for Western leaders to talk to Chinese leaders about trade and investment without having to always bring up the topic of “democracy”, he says.
Having closely witnessed China’s economic miracle, Hawksley says strong government intervention in infrastructure development and manufacturing is an important aspect of China’s success.
Post time: Feb-16-2017