Financial markets response, this summer, to the shocks which have affected the Chinese economy and to the decisions of Beijing government, reflects two unquestionable facts : the new position China occupies in the world economy and the difficulties, especially in France, to understand  the consequences of this new position for our companies.

During the last ten years, the world looked at China expansion which contrasted with affected developed economies, the “Great recession” in the U.S. following the 2007-2008 financial crisis, and the “Great stagnation” in Europe, which has not ended, provoked by the euro crisis. Between 2007 and 2014 size ...

Continue reading

Les commentaires qui ont accompagné les trois ajustements de parité opérés par la Banque centrale de Chine, et qui ne sont sûrement pas les derniers, témoignent, une fois encore de l’incompréhension en Europe et tout particulièrement en France, de la stratégie économique du gouvernement chinois et du mode de fonctionnement de la deuxième économie mondiale.

Déjà, parler de crise quand on s’inquiète de savoir si la Chine atteindra ou non son objectif de croissance de 7%, alors que les économies européennes stagnent depuis quatre ans, frise le ...

Continue reading

One does not become an international financial place in a single day. Shanghai is now becoming aware of it. Chinese leaders, facing the collapse of financial markets seem to have trouble finding the right attitude as they are used to be always in control of the situation. But markets do not work like that. However, the way international media rejoice themselves while reporting the fall of the stock exchanges in Shanghai and Shenzhen and implying against all odds, that the economic and political consequences would weaken the country, is suspect.

(Almost) nobody predicted the Chinese “Thirty Glorious”. Whenever the country ...

Continue reading