March 16, 2010

When China reestablished its sovereignty over Hong Kong in 1997

...I did not hold much hope for the survival of Hong Kong capitalism. The notion that China would honor its pledge that Hong Kong would remain a bastion of capitalism for fifty years seemed to me rather naive. Capitalism and Communism side by side under the same sovereign authority was just not credible."

Former USA Federal Reserve Chairman Alan Greenspan. The Age of Turbulence: Adventures in a new world. New York: The Penguin Press, 2007.

[ed. note: on days when Sinomania! is unable to post meaningfully a random quotation relevant to China is offered.]


Just further evidence that Greenspan was no genius. That comment is typical of the elite group think of Manhattanites and Anglo-American liberal intelligentsia on China, old out-dated mindsets!
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