The Market Crash and the End of Chinese Passivity

On Wednesday, as global markets teetered following a strikingly deep selloff on China’s Shanghai Composite index, Morgan Stanley Investment Management emerging markets expert Ruchir Sharma related a disconcerting anecdote about the nature of the Sinosphere’s unalloyed self-assuredness. The downward correction that hit Chinese markets should have been predicted weeks earlier when officials who had expected a June 15 stock market rally timed to coincide with the People’s Republic President Xi Jinping’s birthday were shocked when the day instead yielded a 2 point market contraction. Sharma suggested that such a fanciful notion that a Chinese leader’s birthday should result in bullishness was an outgrowth Chinese officials’ belief in the government’s omnipotence, particularly in regards to matters financial. But the latest selloff is chipping away at the image of Zhongnanhai’s infallibility. The Communist Party’s rule in Beijing may be threatened by a substantial depression of its irrationally inflated markets, and they know it. What’s more, the PRC will do all that is within its power in order to maintain its preeminence. 

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The Market Crash and the End of Chinese Passivity

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