Mock people's daily

Here is an interesting story about a mock People's Daily:

http://time-blog.com/china_blog/2008/03/_here_is_a_mock.html

Rumblings out of Tibet

As another historic event is unfolding in China I again find myself in a situation where I am able to see things from a perspective that I never had before.

Last week, Tibetans commemorated the uprising of the Tibetan people against the Chinese 49 years ago. As evident by the fact that Tibet is currently part of China that uprising was not successful. It lead the the exile of their political and spiritual leader the Dalai Lama to India.

As this is an Olympic year, the Tibetans took the opportunity of a government compromised by its image to the world right before their big showcase event to boldly protest against the oppression that they have suffered over the years. The protest was initially peaceful, but turn violent when Chinese police began to beat some of the monks who were protesting in Lhasa. This lead to a groundswell of violence throughout the Tibetan community in other parts of China against the police and the Han Chinese majority. This is the basic picture that is being portrayed from the Western media outlets that I am able to access through the cracks in the Great Firewall of China.

Many, but not all stories about this incident from the foreign website are blocked on the internet over here. Youtube has now been blocked completely as well. The coverage in the Chinese media expectedly differs from the West. Their version is basically this: the Tibetans have resorted to violence in order to gain independence from China. This violence has led to death of many innocent Han Chinese people and the Police has shown restraint in handling this uprising.

How does one reconcile the difference in these two versions of the same story? While I know that the Chinese media is reporting primarily government propaganda, I will also say that the coverage by the western media is probably slightly biased towards Tibet as well. The Chinese have earned a bad reputation around the world for their lack of human rights. The perception of Tibetans is one of peace loving peoples who have shunned the world of materialism. These two perceptions gives the Chinese no chance in the coverage of this story.

My personal opinion of this situation has been shaped by the western media over the years. As I now reside in China, I now see a different angle to this issue. Whereas the Chinese have certainly earned their reputation over the years for their hard-line policies, I definitely feel the western media portrays of the Tibetans in a sympathetic light. No matter how one feels about how the territory was take in the first place, Tibet is currently part of China. If there are movements for independence there is a need for the government to do something about it before it begins to fracture the country. I think there are certainly more that the Chinese government can do about this but I think for the entire western world to come down against China before things have taken its course is a bit unfair.

It is hard to one to judge another unless they have been in their shoes.

air out of the bubble

It appears that bubbles of all sorts around the world are in the process of deflating. China's stock market, probably the biggest bubble of all is doing its part. On 10/16/07, the Shanghai Index stood at 6092 and it represented its peak. For perspective, the index stood at 1161 on 1/1/06. Today, the index finished the day at 3971, a 35% correction so far. Even after this correction the PE of the index is still around 40 which indicates there is still ways to go. The scarier proposition is that if an Enron can occur in the US with its matured capital markets, imagine the veracity of the data in an emerging, unregulated market like China; the real PE could be much higher.

Another bubble - real estate seems to be taking a breather as well. Sales volume in Shanghai on residential real estate have been declining for the past 4 months and the prices have become stagnant. As we see in the US real estate market, it takes a period of declining demand for the prices to eventually follow. We may be at the precipice of the deflation of the real estate bubble here in Shanghai.

The amount of investment that has been poured into China in recent years have really created a possibility that the entire Chinese economy is a bubble. Time will tell whether this is true.

The Chinese people here have all been saying that they believe that the economy will be strong leading up to the Olympics and they are cautious about the post-Olympic days. It looks like this might become a self-fulfilling prophecy.