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Sunday, 28 August 2011

Making a Chinese dream come true





CHINA DAILY By ZHU YUAN

BEIJING: Although Chinese People’s American Dream by Shui Guang was only published recently, it was written more than a decade ago when an increasing number of Chinese people who had left China to study abroad began to consider pursuing their career back home.

It made me wonder whether there is a Chinese dream. And if so, what is it?

Without a native religion in the sense of Christianity or Islam, Chinese people’s ethos is characterised by pragmatism.

There is a Peking Opera piece called Happi­ness from Heaven, its lyrics describe a world in which good weather guarantees a bumper harvest, clean and honest government does not impose heavy taxes, well-disciplined residents do not make unreasonable demands, and everyone lives in happiness and peace.
This would be the dream that the majority of Chinese people pursued in ancient times, when they knew little about science, demo­cracy and social institutions.

This dream was shattered when Western powers forced open China’s door and Western ideas of science and democracy entered the country.

Despite the fact that many ordinary residents still cherished the dream of leading a peaceful and comfortable life, characterised by having land to plough and enough food to feed their family, the ideal of creating a society of equality and fairness appealed to some Chinese intellectuals. Hence, the years of civil wars and the struggle for state power between two major political parties dominated the first half of the last century.



If Chinese people had a dream during that period, it was for nothing more than to live in peace.

The founding of People’s Republic of China was the start of a period in which collective consciousness left little room for people to pursue an individual dream. They were told that everyone would be able to get what he or she needs in a communist society, but people must first make sacrifices for its realisation and the common good.

It was not until the late 1970s when the reform and opening-up policy was implemented that Chinese residents as individuals started to pursue their own dreams again.

Market competition in a great variety of fields made it possible for individuals to be audacious enough to cherish a dream of prosperity and success that might be achieved through their own efforts.

After more than half a century of state employment, Chinese people could quit their job to start a business on their own, they could go abroad to study, they could even idle away their time if they had the means to support themselves. They could do anything as long as they did not break the law.

Yet, the dream of a better life is not as simple as it used to be. People used to be content with having enough to eat and wear and a place to live. With much higher living standards and more materialistic temptations, they now have much higher demands of life.

To be a true Chinese Dream, the opportunity should be there for all. However, the increasingly serious corruption among government officials and the widening gap between the haves and have-nots tilt the distribution of social resources and wealth in favour of those in power and those who can manipulate power with money and/or connections. This dampens ordinary residents’ enthusiasm to struggle for their dreams and encourages people to make their dream come true through irregular means.

Common prosperity once identified by Deng Xiaoping as the ultimate goal of economic reform and opening-up necessitates a political will to ensure that the distribution of social wealth is fair.
Roadside billboard of Deng Xiaoping in Dujiang...Image via Wikipedia
A Chinese dream, if there is one, should not be that different from its American counterpart – that life can be better, richer and fuller for everyone, with opportunity for each according to ability and achievement regardless of social class or circumstances of birth.

But to achieve this, great efforts are needed on the part of the government and all residents to create an environment in which, as Confucius said, people can go confidently in the direction of their dreams and live the life they have imagined.

US Treasuries not safe, said don






Don: US Treasuries not safe, emerging economies should find other ways to buffer themselvesNational debt clockImage via Wikipedia

JACKSON HOLE, Wyoming: Emerging economies should find other ways to buffer themselves from global crises than stockpiling US government debt, a prominent economist argued.

US Treasuries and the debt of other advanced nations might be liquid, but it was far from safe, Cornell University professor Eswar Prasad said in a paper presented to a group of central bankers gathered here.

Emerging countries seeking protection from global shocks by individually stocking up on US debt would be better off banding together to create a pool of funds that could be drawn on in a crisis, he argued. Doing so would give them a backstop should they need it, without saddling their national investment portfolios with debt that could turn sour.



Sharply rising levels of public borrowing and weak growth prospects in the United States mean that over time the dollar will continue to decline against the currencies of faster-growing emerging markets, eroding the value of emerging nations' foreign investments, he said. And the risks are not only for the long-term. The United States' near brush with default earlier this month, as lawmakers refused to raise the country's borrowing ceiling until a deficit-cutting deal was reached, brought the potential pitfalls of holding US debt into sharp relief.

“As demonstrated by recent events in the eurozone, bond investors both domestic and foreign can quickly turn against a vulnerable country with high debt levels, leaving the country little breathing room on fiscal tightening and precipitating a crisis,” Prasad wrote. “The US is large, special and central to global finance, but the tolerance of bond investors may have its limits.”

The dollar has long been the world's main reserve currency, and since the financial crisis emerging economies have built their reserves by buying Treasuries and the debt of a few other advanced economies, according to Prasad.

Any change could hurt the ability of the United States to borrow at low rates despite soaring debt levels.
That would turn the tables in a world where traditionally it was developed nations that pressured developing ones to bring their finances under control, he said.

“It is high time for advanced economies to take the tonic of macroeconomic and structural reforms that they have for so long dispensed to the emerging markets,” he said. Reuters

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Arab spring has created 'intelligence disaster', warns former CIA boss






Michael Scheuer says rendition should be brought back as lack of intelligence has left UK and US unable to monitor militants
Michael Scheuer, the former head of the CIA unit in charge of pursuing Osama bin Laden, said the Arab spring had ‘delighted al-Qaida’. Photograph: Murdo Macleod

The Arab spring has “delighted al-Qaida” and caused “an intelligence disaster” for the US and Britain, the former head of the CIA unit in charge of pursuing Osama bin Laden has warned.
Seal of the Central Intelligence Agency of the...Image via Wikipedia

Speaking at the Edinburgh international book festival, Michael Scheuer said: "The help we were getting from the Egyptian intelligence service, less so from the Tunisians but certainly from the Libyans and Lebanese, has dried up – either because of resentment at our governments stabbing their political leaders in the back, or because those who worked for the services have taken off in fear of being incarcerated or worse.

"The amount of work that has devolved on US and British services is enormous, and the result is blindness in our ability to watch what's going on among militants."

The Arab spring, he said, was "an intelligence disaster for the US and for Britain, and other European services".



Scheuer headed the Bin Laden unit at the CIA from 1996 to 1999, and worked as special adviser to its chief from 2001 to 2004. The author of a biography of Bin Laden, he now teaches on the peace and security affairs programme at the University of Georgetown.

He said: "The rendition programme must come back – the people we have in custody now are pretty long in the tooth, in terms of the information they can provide in interrogations.

"The Arab spring has been a disaster for us in terms of intelligence gathering, and we now are blind both because of the Arab spring and because there is nothing with which to replace the rendition programme."

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