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China Going Dark in State Security and Stock Market

July 9, 2015
Plain English Version

China polics

The People’s Republic of China (PRC) is not a democracy. It is run by the Communist Party.

The government is authoritarian. A new law gives the party a stronger grip on power. The new law is based on the Communist Party’s idea of “security.” The law says security is needed in culture, education and even in cyberspace. It is needed in offshore seabeds, the polar region and outer space.

More power will go to the government. Human rights will be subject to limits. Courts will offer people less protection.

Foreign groups are the primary targets of the new law. Google might be a good example. Google needs free expression. The party will put more controls on the company.

Critics say the new law is not about security, but rather it is about protecting the Communist Party. The law will not apply to Hong Kong.

China proves that an economy can grow without democracy. Many working class Chinese made money in the past decade. They invested in Chinese companies. The market went way up. Now, however, the Chinese stock market is in free fall. It is a bubble and prices are tumbling. Many Chinese have lost all or most of their savings.

chinese stock marketFear of losing money sometimes drives people to sell stock before the price goes down even further. This leads to more selling. China’s market has lost trillions of dollars in value. The government is spending a lot of money to shore up the market. They worry that consumers will have less money to spend.

China’s new law is showing how powerful the government can be. The stock market crisis is showing that it cannot overpower the laws of market economies. Some experts think the Chinese stock market downturn may be a bigger danger to the world economy than the crisis in Greece.

Source: The New York Times July 5, 2015

 

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