Mao must be spinning...
March 15, 2004 11:35 PM Subscribe
Chinese Communism comes to a (seemingly) screeching halt. Lost in the brouha over Spain was the report that the Chinese National People's Congress voted yesterday to protect private property rights. Some regard this as more symbolic than actually guaranteeing any concrete rights while others believe it is indicative of the growing importance of private business currently fueling the Chinese economy. The words
'Human Rights' were also put into the constitution for the first time.
posted by PenDevil (9 comments total)
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Seriously, although Japan's currently semi-turgid economic recovery is attributed in large part to a follow-on effect from the surging Chinese economy, it is generally accepted that China's economy will be the second largest in the world (a position Japan currently enjoys) well before 2010. With Japan's structural problems, low productivity and high wages, there must be a fair bit of gnashing of teeth there about the medium term.
Korea is a whole 'nother story, and although people here are rightfully distracted at the moment by the sideshow politicking of the impeachment last week (which will be overturned, dollars to donuts, by the constitutional court, which must rule on it to make it stick), there has to be even more fear about the future. Unless the country can somehow keep ahead of the curve, transition more quickly out of manufacturing (even high value-add stuff that the Chinese can't match in terms of quality yet, which has in large part been the engine of growth for the past decade) into IT and services, being sandwiched between the twin colossi of Japan and China is not a promising place to be.
Although the Koreans never cease to amaze, one wonders what they're going to be able to pull out of their butts this time.
[/tangent]
posted by stavrosthewonderchicken at 1:37 AM on March 16, 2004