One Western-trained Chinese economist said: “We just don’t know how to do capital markets. The only countries that get the message — proper financial risk accounting, etc — are the ones that were formerly in the British Empire. Anglo-Saxons seem to have something the rest of the world just hasn’t got.”
Asked about reserve diversification, a senior Chinese official told a leading Western banker that China took the long view: “In half a century from now, there will still be the dollar and there will still be China.” What this remark drily acknowledged was a truth overlooked by the “decline of American power” school. Viewed from one angle, the US is the world’s biggest debtor. Looked at from another, however, it has taken over the business of managing the world’s savings.
Taking note of Asian Achilles’ heel (Financial Times)