Monday, August 2, 2010

TI Liveblogging from Zhongnanhai: August 2, 2020

(Backdrop: The last summer meeting of the Politburo Standing Committee of the Communist Party of China in Zhongnanhai before the August break concluded at 3:00 PM on August 2, 2020. The members then departed to meet with people from all walks of life throughout China. TI was invited to blog on the proceedings on the basis of the Chatham House Rule. No restrictions were placed on TI save that its comments were accurate. The succession of open and closed quotes represent statements of different members of the Standing Committee. No attempt was made to identify individuals, though pundits will doubtless try to identify specific members from the nature of their comments.)

“Comrades. We have concluded another year of outstanding economic and social progress. During the last decade [2011-20] our economy has grown at 10% a year. Our GDP has surpassed that of the United States and the European countries. The capitalization of our stock markets is double that of U.S. equities. Our holdings of foreign government and private securities in the U.S., Europe, and Japan are the largest in the world, exceeding all other OECD countries combined. We produce twice as many vehicles as the United States. Our investments in Africa, Latin America, and Asia are many times that of the next leading countries.”

“More than half of global trade is conducted in renminbi.”

“Our leading economists project another decade of 10% growth.”

“Our military forces control East and Southeast Asia waters.”

“In less than four decades since our late leader Deng Xiaoping opened up the economy, saying that it doesn’t matter what color a cat is so long as it catches mice, China has resumed its rightful place in the world.”

“Foreign scholars and analysts continue to underestimate the performance of China’s economy.”

(TI: The members reviewed other statistics highlighting growth trends in transportation, artistic and scientific achievement, success in international sports, worldwide interest in Chinese language and culture, and other topics. There was a general feeling of satisfaction but all agreed that more was to be done, that the Chinese people must diligently continue to work and study.)

“Socialism with Chinese characteristics, our developmental model, has proved to be the most effective model in the history of the world. Other nations look to follow ‘the Chinese consensus,’ growth with equitable distribution. No one talks of a Washington or Brussels consensus any more.”

“Hundreds of thousands of our compatriots have studied in the United States and Europe, bringing back with them the latest technological and scientific discoveries.”

“Many of our returnees have told us that Westerners are obsessed with political correctness, which emphasizes equality over excellence and achieves neither. Our own universities have become intellectual centers of reason, evidence, and cutting edge research, ranking among the top in the world.”

“The leading foreign universities have all established campuses in China.”

“I believe we can proudly proclaim the coming decade “Restoration of the Central Kingdom to global prominence.”

“Let’s drink a toast to the hard work of our comrades and all the Chinese people.”

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