The Chinese have developed a state system run by a technocratic elite of highly educated bureaucrats under party control. This is China’s age-old imperial system in modern form. The attraction that western-style democracy and free-market capitalism may have exercised on this elite has now withered. They stressed the failure of western states to invest in their physical or human assets, the poor quality of many of their elected leaders and the instability of their economies. One participant added that “90 per cent of democracies created after the fall of the Soviet Union have now failed”. This risk is not to be run.
All this has increased confidence in China’s unique model. Yet this does not mean a return to a controlled economy. On the contrary, as a participant remarked: “We believe in the fundamental role of the market in allocating resources. But government needs to play a decisive role. It creates the framework for the market. The government should promote entrepreneurship and protect the private economy.” One participant even insisted that the new idea of a “core leader” could lead to strong government and economic freedom.
This is by no means an irrational take on the global state of affairs. I wish it were.