The Best of Chinese Commentators

The financial crisis’ second tide

  • Published 05 Mar 2009

Is talk of a 'second tide' in the financial crisis a justified concern, or just scaremongering?

In China, the authorities have successfully portrayed the economic slowdown as something imported, foreign. This is, in fact, largely true – even though the first small steps of the downturn began with Beijing’s own cooling of its property market in the spring of 2008. Besides, identifying the downturn as something external fulfils the useful psychological function of keeping it at arm's length, making it less scary.

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