It's one thing for China to have a rather embarrassing episode during a
boat launch, or even when demonstrating the
pride of its airforce.
But when a part of the Great Wall Of China itself collapses, literally,
you know the proponents of the Chinese Soft-Landing scenario (leaving
aside that copper is now down 10% for the week) may want to reassess
their thesis. From
China Daily,
"The damaged portion of the Great Wall is located in a remote area near
the county of Laiyuan in Hebei Province, about 200 kilometers southwest
of Beijing. The area is home to a dozen small mines, with some
operating as close as 100 meters to the centuries-old wall.
Villagers
and local cultural heritage protection officials told Xinhua that about
700 meters of the wall, which was built during the reign of Emperor
Wanli during the Ming Dynasty (1573-1620), had already collapsed, and
more walls and even towers are likely to collapse if the mining
continues unchecked." And while this is admittedly a symbolic
development, we follow up this news with a piece from SocGen's Albert
Edwards who has some quite factual observations on why China is now in
stall speed and has little hope of a Hollywood ending.
But first, more on this highly ironic development, which confirms
just how little control over its economy the central government really
has: