Chinas Foreign Exchange Reserves

Rahul Mahajan rahul at peaches.ph.utexas.edu
Tue May 28 14:40:54 MDT 1996


Chris:

>It has recently been reported that China has the largest foreign
>exchange reserves of any country in the world apart from Japan.
>
>This is an extraordinarily powerful position for a developing
>country to be in. It is a matter of debate of course
>what compromises the Chinese regime has made to achieve this
>and whether the compromises of socialist principle are
>irretrievable.

China is also in the not so powerful position of having a foreign debt of
over $90 billion (c. 1994).

>I take Wei En-Lin's point about pirating of music tapes, but if
>this is now made a criminal offence (hopefully without the death
>penalty) perhaps China will more effectively be able to
>push ahead against the western imperialist attempt to monopolize
>intellectual property rights where it really matters.

Tapes and CD's are "where it really matters." To get rich is glorious,
right? You don't honestly think China is going to lead some crusade to make
sure the people from the Third World can get medicine at a price they can
afford, do you?

Rahul




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