Monday, August 13, 2012

Dragon economy ablaze but democracy lacks bite


China is preparing to endorse new leader Xi Jinping this autumn
Overcoming some of the world's most traumatic events in modern times — the Cultural Revolution, the Great Leap Forward and the 100 Flowers land reform which added to an already monstrous total of deaths through famine — there has never been a better time to be a Chinese as the country's economy powers ahead and Beijing occupies an increasingly important place on the world stage.
But as the nation prepares to endorse a new leader in Xi Jinping at the party conference this autumn, where is the country going and what are its ambitions for the future?
At first blush it would appear that Beijing is intent on trying to match US power as it challenges American military might and influence in Asia and fences with Washington's allies over the control of islands and oil resources in the South China Sea, while at the same time maintaining its holdings of increasingly valueless US dollar bonds.

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