The following is based on a translation of an article in Chinese media:
China’s official mouthpiece the Global Times published an article by Lin Zuoming, Chairman of the Board of Directors of China’s State-owned giant Aviation Industry Corporation of China (AVIC), on the recent disturbance in China’s stock market.
Lin regards the recent sharp fall of China’s stock market as a concerted attack by Western financial giants to cause serious trouble, even the collapse of the Chinese economy and government, an attack similar to the attack against Thailand and other Asian currencies that gave rise to the Asian financial crisis in the late 1990s.
According to Lin, it is China’s second round of vigorous defence against Western attack, the first being the defence of the Hong Kong stock market during the Asian financial crisis.
Lin regards the financial market, including the stock market, as a battle ground where China had to deal crushing blows to speculators to prevent them from interrupting China’s rise.
Lin believes that maintaining a stable market will enable China to have a stable middle class, which is of vital importance to the stability of China as a nation.
Lin says this is essential in China’s efforts to make the Chinese Yuan convertible as an international currency.
Source: Global Times “Lin Zuoming: Disturbance in stock market is a war, enemy targeting the five-star flag” (summary by Chan Kai Yee based on the report in Chinese)
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Categories: Finance & Economy