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Jul 1, 2021 9 tweets 5 min read Read on X
July 1 marks 100 years since the founding of the Chinese Communist party, an event that ushered in a century of political and economic revolution. The FT’s @JKynge shares his insights on reporting on China for 35 years — and its future as a global power on.ft.com/3h803J1
In 1980, China’s annual GDP stood at a mere $191bn, or $195 per capita, making it one of the poorest countries in the world.

Almost 40 years later in 2019, GDP had increased 75 times to $14.3tn, or $10,261 per capita ft.com/content/6b3a72…
Deng Xiaoping, who became China’s paramount leader in 1978, is credited with the de-collectivisation of agriculture and opening China to foreign investment. But he also ushered in a series of lesser-known political reforms ft.com/content/6b3a72… Image
As a foreign student at a university in central China in 1982, the FT’s global China editor James Kynge remembers the palpable excitement that Deng’s early reforms brought ft.com/content/6b3a72… Image
Since Xi Jinping took power in 2012, many of Deng’s most consequential political reforms have been thrown out. Xi abolished presidential term limits, setting himself up to become the first Chinese leader since Mao to rule until he dies ft.com/content/6b3a72… Image
James Kynge regards the mantra behind these reforms as ‘akin to a basic line of software code that has determined the ebb and flow of China’s fortunes’ since the CCP came to power in 1949 ft.com/content/6b3a72… Image
Meanwhile, 1.4bn Chinese are surveilled by facial-recognition cameras on almost every street. The digital renminbi — which may launch next year — will let authorities monitor every transaction by every person in the country ft.com/content/6b3a72… Image
Rounding out the picture is the imposition last year of a National Security Law in Hong Kong and the internment of an estimated 1m Uyghurs and other ethnic minorities in camps in Xinjiang ft.com/content/6b3a72… Image
‘A thumping contradiction’ hangs over China’s future, writes James Kynge. Will it ever be able to reconcile economic growth with political stability? Read the full story: ft.com/content/6b3a72… Image

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More from @FinancialTimes

Jun 16, 2023
Four FT pieces were recognised at the 2023 Awards for Editorial Excellence by the Society of Publishers in Asia. Read the winning works 👇 (1/5) Image
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At his firm, once one of Europe’s largest hedge fund companies, he found many of his targets ft.com/content/e5d143… Image
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Mar 31, 2023
🧵'Dare to fight' — Xi Jinping used the phrase recently to sum up China's new foreign policy. We break down Beijing's bid to shape the world around its own interests 👇(1/7) on.ft.com/42T0VXA
Xi has adopted a more assertive stance on foreign relations in the past decade, militarising artificial islands in the disputed South China Sea and becoming more aggressive towards Taiwan (2/7) on.ft.com/42T0VXA China has adopted a more assertive stance on foreign relatio
Since 2013, China has sent more diplomatic missions to the Middle East than the west. This month, it convinced Iran and Saudi Arabia to resume diplomatic ties after a seven-year rift (3/7) on.ft.com/42T0VXA Beijing achieved a notable diplomatic success recently by me
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Mar 22, 2023
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🏦 After the takeover, UBS would become the second-largest private bank in the world after Morgan Stanley, with $3.4bn of wealth management assets (2/6) on.ft.com/40lq9M8
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Mar 15, 2023
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Mar 14, 2023
Silicon Valley Bank imploded last week under the strain of depositors pulling out their money in droves.

How did the chaos unfold? Here is a timeline of what happened 🗓
ft.com/content/56a8df…
Wednesday: Silicon Valley Bank, the US’s 16th-largest lender, said it lost about $1.8bn.

Customers got scared the bank would not be able to pay out their deposits and a bank run started ft.com/content/56a8df…
Thursday:
👉SVB’s share price fell 60%
👉The bank failed to raise capital
👉Customers withdrew $42bn in a single day ft.com/content/56a8df…
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