Chinese professionals are seeking moral grounding, and finding it in traditional values
Chinese professionals in Shanghai and Beijing are concerned about the financial disaster that has spread from New York and London throughout the world. They read the Western press that blames both individual executive greed and false belief in the inherent self-control of the capitalist market system; they worry about their own real estate values dropping; they question Adam Smith's notion of the invisible hand of the market as Western governments nationalize private banks. And they shake their heads. The West has lost any moral high ground it has had, and some now are wondering whether China can save the world from collapse.
Although China cannot save the world economy, it may help reduce the extent of damage caused by the financial crisis. And China is certainly in a position to claim a larger voice in world organizations, seen for example in Zhou Xiaochuan, the central bank's governor, calling for a new world reserve currency.
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