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Workers install scaffolding at a construction site as a Chinese national flag flies near by in central Beijing in 2010.
Workers install scaffolding at a construction site as a Chinese national flag flies near by in central Beijing in 2010.
(Loic Hofstedt/Reuters)

CARL MORTISHED

More state intervention? China’s become a cautionary tale

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It was the Beijing Olympics in 2008 that amazed and deluded so many investors. If only Western governments had the courage and vision of the state capitalists in the Chinese Communist Party, was the not-so-silent thought. What followed was the global financial collapse, and for the next five years, the autocrats in Beijing continued to intervene clumsily, alternately whipping on and choking back the Chinese pony until it stumbled into the slow lane, dragging its huge debt burden behind.