The Phaserl


The Chinese Dream

by Nomi Prins, DailyReckoning:

China’s President, Xi Jinping rolled out “the Chinese Dream” when he took the helm of the Party in 2012. “In my view, realizing the great renewal of the Chinese nation is the Chinese nation’s greatest dream in modern history.”

In the past few years, he’s been on that mission. China has taken a greater role of influence in BRICS, ASEAN, and the Shanghai Cooperation Organization. Its currency is becoming part of the SDR basket.

China’s territorial ambitions and environmental focus, plus international respect for China as a viable super power alternative to the U.S., are accelerating, not decelerating — despite what you may be hearing from main stream media reports about its slowing economy.

China is playing the long term game and takes domestic and global growth seriously.

China will offer more transparency to foreign investors. However, it’s important to keep in mind that neither candidate has the ability to alter how China deals with it’s own currency, grows its presence, or protects itself.

But China will choose to be more transparent as part of an effort to seek greater acceptance in the international community.

As China becomes more transparent, more investors will notice and put their money there, particularly in bond markets. But right now, foreign investors only account for 3% of China’s bond markets, even though it is the second largest in the world and has outperformed other emerging areas.

Beijing now overtakes New York City as the “billionaire capital” of the world. More pertinent to China’s growth prospects is the massive expansion of the middle and upper middle class in China. China’s middle class now rivals that of the U.S. in size, and is accelerating rather than decelerating.

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