China had its own form of grueling political campaign this year, which ended when the Fourteenth Congress of the Communist Party (CCP) took place in October. There, too, the issue was “change” and the main concern the economy. But in China the economy has been in good shape: it was the aged incumbent who wanted ever more change to keep it that way, and he won.
With the Chinese stock market in turmoil earlier this month, Orville Schell, Arthur Ross Director of the Center on U.S.-China Relations, wrote about the dramatic crash for The Guardian: “Why China’s Stock Market Bubble Was Always Bound To Burst.” Schell was one of the first American journalists to chronicle China’s stock markets. Here’s a piece he wrote with Todd Lappin for The Nation in 1992, about the birth of the Shanghai stock exchange. —The Editors
