Outsiders have struggled to understand China since (at least) Marco Polo. The western appetite for information on China now exceeds the demand for Chinese food; sometimes it seems a new book promising to unlock the mysteries of China’s surging economy, political system, or society appears daily.
The September 2010 edition of The Global Financial Centres Index (GFCI), which provides profiles, ratings and rankings for 75 financial centres, highlighted a familiar trend noting that Asian centres continue to exhibit good growth with Shanghai entering the top 10 and Seoul gaining four places and moving into the top 25 for the first time.
In an article that I wrote for the April 2010 issue of Cayman Financial Review, I set out the reasons why I share Buffett’s view, except that I explained why it applies to the broader Asia ex Japan region that comprises nearly half the world’s population.
As soon after the arrival of the financial crisis as late 2008, and throughout 2009 governments and economists across the globe predicted that in 2010 the world economy would be coming out of recession and growth would return.
If one searches “western misunderstanding of China” in Chinese language at Baidu, the Chinese equivalent to Google, you would find more than 250,000 entries.