I returned to Canada in September. Since then, some of my friends and family have asked about my experience in China. At times, I find the questions overwhelming:
- “What’s China like?” … Where do I even begin?
- “What was it like interacting with locals?” … How do I sum up a billion people in one answer?
- “Facebook is blocked?! How do you live without it?” … Thank goodness. I get more work done.
Someone also recently asked me, “What do you think is China’s biggest finance/economic story right now?” There are many to choose from – whether the Chinese economy will collapse, its hot property market, the global rise of Chinese brand names – but one that’s particularly interesting to China Twenty-One is related to the euro zone crisis.
Let’s preface this with an important part of China’s own view of its history. The story goes that in the 19th century, European powers muscled their way to unequal treaties with China and took over pockets of territory (ie. Hong Kong). It is an important memory in Chinese psyche – one of humiliation at the hands of foreign powers.
Now, the tables have turned. Europe is teetering on its own financial mess, and whom are they hoping will come to their rescue? China, of course.
Certainly, the last thing that China wants is the euro zone to collapse, considering the EU is its biggest export market. But Chinese officials aren’t willing to just give part of their $3.2 trillion in foreign exchange reserves away; in return, they want more clout at the International Monetary Fund.
“We are willing to help, but we are not a charity,” an anonymous source with leadership ties told Reuters. “The United States and the IMF also attach conditions (when they help financially troubled countries). It is not unreasonable for China to do the same.”
So here we are. Two centuries later, China has recovered from its “Century of Humiliation” and now being seen as a banker to the world. Foreign powers are no longer coming to China on gunboats – they’re arriving with begging bowls in hand.
Thanks for sharing!
