Carnegie Endowment for International Peace
If The White Man’s Burden is too dour in some respects, it does serve as a useful warning to the next generation of utopians.
China’s investments in Sudan and Burma have come under harsh criticism of late. Energy-hungry China will need to be convinced that bad governance in places like Burma or Sudan fosters instability that is bad for Chinese investment before it will rein in its rogue client states.
The revelation shows that half-hearted reforms have addressed merely the symptoms of China’s financial fragility. Poor business practices are blamed for NPLs but the real source is political. As long as the ruling Communist party relies on state-controlled banks to maintain an unreformed core of a command economy, Chinese banks will generate more bad loans.