The New “Two Chinas” Question


An elderly stock investor gestures in front of an electronic screen showing the stock composite index at a brokerage house in Beijing, China, 27 August 2015.

What is increasingly apparent is that China’s leaders want the economic growth that capitalism produces, but without the downturns that come with it.

NEW YORK – To anyone over the age of 60 who follows world affairs, the term “two Chinas” recalls the post-1949 competition for diplomatic recognition waged by mainland (“Red”) China and Taiwan, or, more formally, the People’s Republic of China and the Republic of China. By the early 1970s, just about every country fell in line with the People’s Republic’s demand that it alone be recognized as the legitimate sovereign government of China. The mainland was simply too large and too important econom...

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