China economy

Jiang says China's economy is in severe distress and that conditions are bad enough the government will not let reporters discuss the economy openly.

He concludes that all smart money is trying to leave China because, in his assessment, China's economy is worse than the already failing Canadian and Australian ones.

Jiang says China is export-dependent, lacks a sufficient domestic consumer base, and needs energy and food imports, which makes a quick arrangement with America strategically attractive.

Jiang says China's economy cannot be summarized simply because the disparities between city and countryside and between north and south are too large.

Jiang uses a Beijing Olympics construction parable to argue that China's skyscraper boom is driven by corruption: inflated projects let officials steal while the public sees only development, not the debt.

Jiang says skyscraper spectacle gives ordinary people confidence that China has risen even while imposing long-term environmental, financial, and economic costs.