China is finally collapsing, emerging economies are in turmoil, a world crisis is imminent! The first week of 2016 has been gleeful heaven for the naysayers, the doomsday sinologists who have been predicting the collapse of China as early as 1994.
The sages say, a broken clock is right twice a day…
The marathon victor paces himself, allows the critics on the sidewalk their moments of smug smirks, disregards the sprinters and knows in his wisdom that it is the finishing that counts.
China will have its deliberate soft landing as she fights to balance sustainable growth with socio-political objectives. The painful gyrations will continue and come to a more settled equilibrium by latest 2H 2016 as China resets and reboots; and 2016 will end on a more positive note than all the experts will have us believe.
When I first went to China in 1990, it was still a world dominated by bicycles, Mao jackets and the FEC (special overpriced currency for foreigners). Yet I was struck by the sheer hardworking culture of both the young and old. Most were doing two jobs, or were taking English lessons at night. Shops were few, but they opened till midnight or as long as there were customers. The savings rate was probably the highest in the world, and probably still is. Education was rated highly, and young people struggled and fought for University places.
Willingness to work hard, mattress money, focus on self-improvement and great education.
Can such a country collapse?
These attributes, and a courageous leadership daring to make tough decisions, endure short term pains for eventual vindication, will always ensure they emerge victorious come what may.
May Dongshan and all we hold dear be blessed with such spirit.