Friday, November 21, 2003
Rob Fannion, my former roomate, wanted to goad me into making some comment about Chinese banking, and he succeeded by sending me a FT article about the CBRC:
Okay, you have succeeded in goading me into making a comment about the latest "show" orchestrated by the Chinese government. So, the PBOC and the CBRC have been inviting a stream of foreigners to "advise" them what to do. In fact, there are a zillion research institutes in China perfectly capable of coming up with a million proposals on any given topic. So, the role of the foreigners is basically a tool for bureaucratic players to fight wars with each other. With an advisory board, the CBRC can go to the State Council or other bureaucracy and say "ha, even the foreigners are saying that we should do this." Of course, if the foreigners are not saying anything they like, it won't enter the debate. This has happened time and again before. The CSRC, China's stock regulator, recruited a regulator from Hong Kong to serve as vice chairman in 1999, but she ended up being a total puppet. I am just really skeptical about this whole thing.
The article from FT:
Okay, you have succeeded in goading me into making a comment about the latest "show" orchestrated by the Chinese government. So, the PBOC and the CBRC have been inviting a stream of foreigners to "advise" them what to do. In fact, there are a zillion research institutes in China perfectly capable of coming up with a million proposals on any given topic. So, the role of the foreigners is basically a tool for bureaucratic players to fight wars with each other. With an advisory board, the CBRC can go to the State Council or other bureaucracy and say "ha, even the foreigners are saying that we should do this." Of course, if the foreigners are not saying anything they like, it won't enter the debate. This has happened time and again before. The CSRC, China's stock regulator, recruited a regulator from Hong Kong to serve as vice chairman in 1999, but she ended up being a total puppet. I am just really skeptical about this whole thing.
Okay, you have succeeded in goading me into making a comment about the latest "show" orchestrated by the Chinese government. So, the PBOC and the CBRC have been inviting a stream of foreigners to "advise" them what to do. In fact, there are a zillion research institutes in China perfectly capable of coming up with a million proposals on any given topic. So, the role of the foreigners is basically a tool for bureaucratic players to fight wars with each other. With an advisory board, the CBRC can go to the State Council or other bureaucracy and say "ha, even the foreigners are saying that we should do this." Of course, if the foreigners are not saying anything they like, it won't enter the debate. This has happened time and again before. The CSRC, China's stock regulator, recruited a regulator from Hong Kong to serve as vice chairman in 1999, but she ended up being a total puppet. I am just really skeptical about this whole thing.
The article from FT:
Okay, you have succeeded in goading me into making a comment about the latest "show" orchestrated by the Chinese government. So, the PBOC and the CBRC have been inviting a stream of foreigners to "advise" them what to do. In fact, there are a zillion research institutes in China perfectly capable of coming up with a million proposals on any given topic. So, the role of the foreigners is basically a tool for bureaucratic players to fight wars with each other. With an advisory board, the CBRC can go to the State Council or other bureaucracy and say "ha, even the foreigners are saying that we should do this." Of course, if the foreigners are not saying anything they like, it won't enter the debate. This has happened time and again before. The CSRC, China's stock regulator, recruited a regulator from Hong Kong to serve as vice chairman in 1999, but she ended up being a total puppet. I am just really skeptical about this whole thing.
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