China's rise, fall and rise over 2,000 years
Michael Cembalest, a senior strategist at JP Morgan, the US investment bank, says in his latest weekly 'Eye on the Market' report that at a client event in Beijing last week, he had the opportunity to interview Henry Kissinger on the 40th anniversary of his secret 1971 mission to meet with Zhou Enlai, and 1972 summit meeting with Richard Nixon and Mao Zedong. Cembalest says that there are not many missions as impactful as this one was: within a few years, China’s re-opening began, propelled by Deng Xioping’s economic reforms. Reintegrating 20% of the world’s population following China’s central planning disasters of the 1950’s and 1960’s has not been easy for China or for the West, which has since benefited from lower imported goods prices from China, but saw an end to post-war manufacturing-led prosperity. The US-China relationship is likely to be one of the most important issues of the 21st century.
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