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(Letter from chinayouren) Crisis and The Great Wall of China

October 29th, 2008 24 comments

During my travels these last weeks in Europe and Asia, and on my return to China, I have observed some rather striking contrasts. So much that they made me think a lot about the present state of Chinese economy, and here is a word about it.

Two different ways of seeing the world

I was in Europe for the last time the week of the “Meltdown Monday”, the one when the Lehman Brothers declared bankruptcy. Quite scary, but the news didn’t seem so surprising for anyone. Ever since the beginning of the year most people had seen the crisis coming. On the Spanish beaches, there were less tourists to be seen this summer, and the variable rate mortgages were getting stiffer for all. The governments that were not in electoral campaign had profusely announced what was to come.
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