China triumphal

[FT_news]

The past 60 years have shown it is foolish to underestimate the Communist party's staying power. But, by the same token, its need to adapt is as pressing as ever

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[forum_admin]

The People’s Republic of China is riding high. As it celebrated its 60th birthday on Thursday – the most auspicious day in the Chinese calendar – it was hard not to be awed by the spectacle of a great civilisation stirring. Very soon, China will surpass Japan as the world’s second-largest economy and, by some reckoning, will overtake the US, in purchasing-power-parity terms, within a decade. Just as important, China has recovered its self-confidence, lost during 150 years of colonial humiliation, civil strife and poverty. It has hosted the Olympics. It is making its presence felt internationally, buying up global oil reserves and influencing countries from Asia to Africa. It has floated the idea of an international currency to replace the dollar, a sign it regards the days of US pre-eminence as numbered.

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FT.com / Comment / Editorial - China triumphal