Some analysts have warned that Beijing’s top-down approach is the opposite of what is required to become a genuine financial superpower.
“No country in history has developed strong financial markets through administrative mandates and controls,” said Chen Zhiwu, a chair professor of finance at the University of Hong Kong. “These administrative interventions will kill incentives and stifle competition. If Beijing wants to control lending and interest decisions, it will effectively make all banks nearly the same.”
I do wonder if the people saying this stuff are genuinely this ignorant, or if they are just saying it to manipulate people who are ignorant. I wonder how the west managed to become financial superpowers? What actions did they take to get there, hmm?
Weird how these guy scream about how you need a "free market" to succeed, yet that same "free market" capitalist system causes financial crash after financial crash. The same lack of regulation these POS economists insist is "vital" for a strong economy don't do anything other than squeeze the working class for every cent. I do wonder how much of their own bullshit they believe vs how much of it they spout because they know that financial regulation prevents their nonstop robbery and manipulation of markets.
The whole article just screams "Waaah! Our executives aren't allowed to be POS assholes to the poors anymore! America, please, my rich bankers yearn for freedom!" Which I guess isn't too surprising coming from the scmp. I do notice they seem to be avoiding talking about why the government is doing this, just framing the entire thing as "banks will lose profits from this." which is like, yeah, that's the fucking point.
I wonder what these West-worshippers will do in 10, 20 years when the west is actively collapsing and China is doing better than ever. Will they admit their past faults? Will they act like China's success is due to the west somehow? Will they pretend they never spent all their time kissing white western ass and act like they always supported socialism?
