Feature

Quote of the week: Gideon Rachman

From the Financial Times: “Anybody who talks regularly to Chinese officials will be familiar with the mantra that ‘China is a developing country.’ But Shanghai mocks this modest description....

“Anybody who talks regularly to Chinese officials will be familiar with the mantra that ‘China is a developing country.’ But Shanghai mocks this modest description. With its eight-lane highways, its modern and efficient subway, its forest of neon-lit skyscrapers, giant new airport, and chic hotels, China’s commercial capital is defiantly developed. Of course, Shanghai is not China, where 150 million people (out of a total Chinese population of more than 1.3 billion) still live on less than $2 a day. Even so, China’s insistence that it is a poor, developing nation is beginning to wear a little thin. This, after all, is a country that is sitting on more than $2.5 trillion worth of foreign reserves. Its insistence that it is still a developing country has become a shield to protect itself against vital political and economic changes that matter profoundly to the rest of the world.”     

Gideon Rachman in Financial Times

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