Does China still need to modernize?
Trying to make sense of things
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FDI into China went negative for the first time in the data series history. This means, on an aggregate basis, foreign entities were removing capital from China in the third quarter.
Foreign firms yanked more than $160 billion in total earnings from China during six successive quarters through the end of September, according to an analysis of Chinese data, an unusually sustained run of profit outflows that shows how much the country’s appeal is waning for foreign capital. (WSJ)
We’re going to take a moment and look back at how far China has come.
Does China still need to modernize?
After years of pain and instability from the Great Leap Forward and the Cultural Revolution, China was about to embark on a period of reform. From our position today, with China well along the modernization path and leading in many categories, it’s difficult to understand just how far reform has taken China.