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Overdrive
Ramping up its export juggernaut and taking full advantage of WTO entry, China’s economy in the first decade of the new millennium was “boom with no bust.” The information revolution fed more growth, as hundreds of millions of Chinese came online. But the Internet also became a forum for discontent, and the new leadership team of Hu Jintao and Wen Jiabao acknowledged growing environmental and social justice concerns with their call for a more harmonious society. Then, as the credit crisis in the US spread into a global economic crisis, China’s export-dependent growth appeared in jeopardy, and fears of a Chinese crash surfaced. But, as in 1998, China weathered the storm, and emerged in 2010 as the world’s largest exporter, largest foreign creditor, and fastest growing major economy, poised to soon surpass Japan and eventually eclipse the United States as the biggest economy on the planet. |
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Internet and Mobile Helped The Boom of InformationPeriod: Overdrive (2000s)
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Click to expand Think about the level of freedom that we enjoy. Even if it is not perfect, we are still in the mode of changing and creating more openness. If you look five years back and ten years back, we have much greater transparency and freedom [now]. Mostly, we owe this to the internet and mobile media. As you know, China has over 200 million internet population now, and over half a billion mobile users. This has created a new, formal medium that has made the dissemination of information much easier and faster. Certainly, it means that a lot of garbage also gets distributed faster. And a lot of the grass roots, for example, nationalism, got a much easier medium to be spread. But, by and large, I think internet and mobile helped the boom of information in China.
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