Book Review: Thomas Orlik’s ‘China: The Bubble That Never Pops’
About a year ago, and at lunch with a major Washington personage, the subject of China came up. I was the optimist cheering its ascendance as a daily raise for every American, while this most prominent of opinion writers offered up skepticism. He speculated that if ever the figures fraudulently indicating non-stop growth were revealed as flawed, the country would experience a major pullback due to investor flight.
Not wanting to offend a superior, I didn’t respond even though there was an obvious one: China is easily one of the most economically scrutinized countries in the world. That every aspect of it is so heavily analyzed exists as evidence that no reasonable investor or thinker takes the official statistics seriously in much the same way that no serious investor waits for the BLS to divine a sense of the U.S. employment situation. There’s no need to. ADP and other payroll companies provide more realistic information ahead of time. China is a rising destination for foreign investment, not to mention that the world’s greatest companies increasingly derive a large portion of their sales from this once devastated country. Government economic figures are no longer relevant. Assuming they ever were.
Thomas Orlik is evidence of the above assertion. Having worked at Bloomberg as its chief Asia economist for eleven years, Orlik is one of those who has plainly looked past the headlines in search of answers about China. In his new book, China: The Bubble That Never Pops, Orlik attempts to bring readers ...
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